Wolverine Asset Management LLC Sells 75,946 Shares of Occidental Petroleum Corporation (NYSE:OXY)

Key Points

• Wolverine Asset Management LLC has reduced its stake in Occidental Petroleum Corporation by 20%, selling 75,946 shares, leaving it with a total of 304,267 shares worth approximately $15 million.
• Major institutional investors, including Vanguard Group and Berkshire Hathaway, have increased their holdings in Occidental Petroleum, indicating a shift in investor sentiment.
• Occidental Petroleum announced a quarterly dividend of $0.24 per share, representing a 2.2% dividend yield, to be paid on October 15th.

Wolverine Asset Management LLC trimmed its holdings in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 20.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 304,267 shares of the oil and gas producer's stock after selling 75,946 shares during the quarter. Wolverine Asset Management LLC's holdings in Occidental Petroleum were worth $15,019,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of Occidental Petroleum by 17.8% during the 1st quarter. Vanguard Group Inc. now owns 80,230,989 shares of the oil and gas producer's stock worth $3,960,202,000 after acquiring an additional 12,107,285 shares in the last quarter. Berkshire Hathaway Inc raised its holdings in shares of Occidental Petroleum by 3.5% during the 4th quarter. Berkshire Hathaway Inc now owns 264,178,414 shares of the oil and gas producer's stock worth $13,053,055,000 after acquiring an additional 8,896,890 shares in the last quarter. Worldquant Millennium Advisors LLC raised its holdings in shares of Occidental Petroleum by 1,075.3% during the 4th quarter. Worldquant Millennium Advisors LLC now owns 1,930,776 shares of the oil and gas producer's stock worth $95,400,000 after acquiring an additional 1,766,491 shares in the last quarter. Marshall Wace LLP raised its holdings in shares of Occidental Petroleum by 48.1% during the 4th quarter. Marshall Wace LLP now owns 4,117,777 shares of the oil and gas producer's stock worth $203,459,000 after acquiring an additional 1,337,728 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Occidental Petroleum by 25.2% during the 4th quarter. Invesco Ltd. now owns 6,357,689 shares of the oil and gas producer's stock worth $314,133,000 after acquiring an additional 1,278,389 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors.

Occidental Petroleum Stock Performance

Shares of Occidental Petroleum stock opened at $43.57 on Friday. The stock's fifty day moving average is $43.86 and its two-hundred day moving average is $44.42. The company has a market capitalization of $42.88 billion, a PE ratio of 25.78 and a beta of 0.91. The company has a quick ratio of 0.79, a current ratio of 1.01 and a debt-to-equity ratio of 0.90. Occidental Petroleum Corporation has a 52 week low of $34.78 and a 52 week high of $59.31.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.38 by $0.01. Occidental Petroleum had a return on equity of 13.95% and a net margin of 8.79%. The business had revenue of $6.41 billion for the quarter, compared to the consensus estimate of $6.29 billion. During the same quarter in the prior year, the company earned $1.03 EPS. The business's revenue was down 6.1% compared to the same quarter last year. As a group, analysts expect that Occidental Petroleum Corporation will post 3.58 earnings per share for the current year.

Occidental Petroleum Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, September 10th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.2%. Occidental Petroleum's dividend payout ratio is presently 39.02%.

Analyst Upgrades and Downgrades

OXY has been the topic of several recent research reports. Barclays upped their price objective on Occidental Petroleum from $46.00 to $48.00 and gave the stock an "equal weight" rating in a report on Thursday, May 8th. Piper Sandler upped their price objective on Occidental Petroleum from $48.00 to $50.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. UBS Group cut their target price on Occidental Petroleum from $44.00 to $38.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 16th. Citigroup boosted their target price on Occidental Petroleum from $42.00 to $44.00 and gave the company a "neutral" rating in a research report on Monday, May 19th. Finally, JPMorgan Chase & Co. boosted their target price on Occidental Petroleum from $47.00 to $48.00 and gave the company a "neutral" rating in a research report on Tuesday, July 15th. Three investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $53.71.

Occidental Petroleum Profile

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.

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