Park Avenue Securities LLC Sells 4,721 Shares of Occidental Petroleum Co. (NYSE:OXY)

Park Avenue Securities LLC cut its stake in shares of Occidental Petroleum Co. (NYSE:OXY) by 33.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,430 shares of the oil and gas producer’s stock after selling 4,721 shares during the period. Park Avenue Securities LLC’s holdings in Occidental Petroleum were worth $613,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Apella Capital LLC bought a new position in Occidental Petroleum in the 1st quarter valued at $232,000. BCS Wealth Management bought a new stake in Occidental Petroleum during the first quarter valued at $229,000. MADDEN SECURITIES Corp raised its holdings in shares of Occidental Petroleum by 50.0% in the 1st quarter. MADDEN SECURITIES Corp now owns 15,000 shares of the oil and gas producer’s stock valued at $975,000 after acquiring an additional 5,000 shares in the last quarter. New Capital Management LP purchased a new position in shares of Occidental Petroleum during the first quarter worth about $592,000. Finally, GAMMA Investing LLC increased its position in shares of Occidental Petroleum by 23.0% in the first quarter. GAMMA Investing LLC now owns 3,583 shares of the oil and gas producer’s stock worth $233,000 after purchasing an additional 671 shares during the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

Occidental Petroleum Stock Performance

Occidental Petroleum stock opened at $62.70 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.71 and a debt-to-equity ratio of 0.82. The firm has a market cap of $55.59 billion, a P/E ratio of 17.11 and a beta of 1.59. Occidental Petroleum Co. has a 1-year low of $55.12 and a 1-year high of $71.18. The firm has a 50-day moving average of $63.08 and a 200-day moving average of $61.65.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Tuesday, May 7th. The oil and gas producer reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.01. The firm had revenue of $6.01 billion for the quarter, compared to analyst estimates of $6.70 billion. Occidental Petroleum had a return on equity of 17.50% and a net margin of 15.62%. The business’s quarterly revenue was down 17.2% compared to the same quarter last year. During the same period last year, the company earned $1.09 EPS. Sell-side analysts expect that Occidental Petroleum Co. will post 3.88 EPS for the current year.

Occidental Petroleum Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, June 10th will be issued a $0.22 dividend. The ex-dividend date is Monday, June 10th. This represents a $0.88 annualized dividend and a yield of 1.40%. Occidental Petroleum’s dividend payout ratio (DPR) is presently 24.04%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on OXY shares. Susquehanna boosted their price target on shares of Occidental Petroleum from $70.00 to $81.00 and gave the stock a “positive” rating in a research note on Monday, April 22nd. Citigroup reduced their target price on Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating on the stock in a research note on Friday, May 24th. StockNews.com raised Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Friday, March 15th. Mizuho increased their price objective on Occidental Petroleum from $70.00 to $71.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. Finally, Truist Financial downgraded Occidental Petroleum from a “buy” rating to a “hold” rating and dropped their target price for the stock from $84.00 to $69.00 in a research report on Thursday, May 16th. Eleven analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $71.56.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc acquired 524,340 shares of the stock in a transaction on Wednesday, June 5th. The stock was acquired at an average cost of $59.75 per share, for a total transaction of $31,329,315.00. Following the completion of the acquisition, the insider now directly owns 248,542,468 shares of the company’s stock, valued at approximately $14,850,412,463. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last 90 days, insiders have purchased 4,656,747 shares of company stock valued at $278,664,028. Corporate insiders own 0.31% of the company’s stock.

Occidental Petroleum Company 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.