Readystate Asset Management LP Sells 9,243 Shares of Occidental Petroleum Corporation (NYSE:OXY)

Readystate Asset Management LP cut its stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 56.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,043 shares of the oil and gas producer's stock after selling 9,243 shares during the quarter. Readystate Asset Management LP's holdings in Occidental Petroleum were worth $348,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of OXY. Thrivent Financial for Lutherans boosted its holdings in Occidental Petroleum by 1.7% in the fourth quarter. Thrivent Financial for Lutherans now owns 57,688 shares of the oil and gas producer's stock worth $2,860,000 after purchasing an additional 976 shares in the last quarter. Teacher Retirement System of Texas boosted its holdings in Occidental Petroleum by 740.1% in the fourth quarter. Teacher Retirement System of Texas now owns 37,393 shares of the oil and gas producer's stock worth $1,848,000 after purchasing an additional 32,942 shares in the last quarter. Corebridge Financial Inc. boosted its holdings in Occidental Petroleum by 2.0% in the fourth quarter. Corebridge Financial Inc. now owns 189,986 shares of the oil and gas producer's stock worth $9,387,000 after purchasing an additional 3,691 shares in the last quarter. Murphy & Mullick Capital Management Corp bought a new stake in Occidental Petroleum in the fourth quarter worth $53,000. Finally, Ausdal Financial Partners Inc. boosted its holdings in Occidental Petroleum by 41.2% in the fourth quarter. Ausdal Financial Partners Inc. now owns 12,634 shares of the oil and gas producer's stock worth $624,000 after purchasing an additional 3,687 shares in the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Citigroup upped their price objective on shares of Occidental Petroleum from $42.00 to $44.00 and gave the stock a "neutral" rating in a report on Monday, May 19th. Barclays increased their target price on shares of Occidental Petroleum from $46.00 to $48.00 and gave the company an "equal weight" rating in a research note on Thursday, May 8th. Wells Fargo & Company reduced their target price on shares of Occidental Petroleum from $47.00 to $46.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 15th. TD Cowen cut shares of Occidental Petroleum from a "buy" rating to a "hold" rating and reduced their target price for the company from $68.00 to $45.00 in a research note on Tuesday, April 8th. Finally, UBS Group reduced their target price on shares of Occidental Petroleum from $44.00 to $38.00 and set a "neutral" rating for the company in a research note on Wednesday, April 16th. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Occidental Petroleum presently has an average rating of "Hold" and a consensus price target of $53.71.

Occidental Petroleum Price Performance

Shares of Occidental Petroleum stock traded up $0.08 during midday trading on Friday, reaching $44.71. The company had a trading volume of 5,626,932 shares, compared to its average volume of 10,707,318. The company has a current ratio of 1.01, a quick ratio of 0.79 and a debt-to-equity ratio of 0.90. The company has a market capitalization of $44.00 billion, a price-to-earnings ratio of 18.18 and a beta of 0.84. The stock has a fifty day simple moving average of $43.43 and a 200 day simple moving average of $44.92. Occidental Petroleum Corporation has a 1-year low of $34.78 and a 1-year high of $61.35.

Occidental Petroleum (NYSE:OXY - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The oil and gas producer reported $0.87 earnings per share for the quarter, beating analysts' consensus estimates of $0.74 by $0.13. The business had revenue of $6.80 billion during the quarter, compared to analyst estimates of $6.97 billion. Occidental Petroleum had a net margin of 11.20% and a return on equity of 16.60%. Occidental Petroleum's revenue for the quarter was up 13.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.63 earnings per share. As a group, equities research analysts forecast that Occidental Petroleum Corporation will post 3.58 earnings per share for the current year.

Occidental Petroleum Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Tuesday, June 10th were paid a $0.24 dividend. The ex-dividend date of this dividend was Tuesday, June 10th. This represents a $0.96 dividend on an annualized basis and a yield of 2.15%. Occidental Petroleum's payout ratio is presently 39.02%.

About Occidental Petroleum

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.