State of Alaska Department of Revenue Trims Stake in Occidental Petroleum Co. (NYSE:OXY)

State of Alaska Department of Revenue reduced its position in shares of Occidental Petroleum Co. (NYSE:OXY) by 5.6% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 87,538 shares of the oil and gas producer’s stock after selling 5,160 shares during the quarter. State of Alaska Department of Revenue’s holdings in Occidental Petroleum were worth $5,688,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of OXY. AQR Capital Management LLC increased its holdings in Occidental Petroleum by 3.9% during the 3rd quarter. AQR Capital Management LLC now owns 111,118 shares of the oil and gas producer’s stock worth $7,209,000 after purchasing an additional 4,164 shares during the period. Glenmede Trust Co. NA boosted its position in Occidental Petroleum by 3.6% during the 3rd quarter. Glenmede Trust Co. NA now owns 11,533 shares of the oil and gas producer’s stock valued at $748,000 after acquiring an additional 406 shares in the last quarter. Advisors Asset Management Inc. boosted its position in Occidental Petroleum by 1.8% during the 3rd quarter. Advisors Asset Management Inc. now owns 30,440 shares of the oil and gas producer’s stock valued at $1,975,000 after acquiring an additional 534 shares in the last quarter. AXQ Capital LP bought a new stake in Occidental Petroleum during the 3rd quarter valued at $227,000. Finally, Earnest Partners LLC boosted its position in Occidental Petroleum by 377.1% during the 3rd quarter. Earnest Partners LLC now owns 31,853 shares of the oil and gas producer’s stock valued at $2,067,000 after acquiring an additional 25,176 shares in the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Occidental Petroleum Stock Performance

Shares of OXY stock opened at $62.30 on Thursday. The business has a fifty day moving average of $62.76 and a 200 day moving average of $61.83. The firm has a market capitalization of $55.24 billion, a price-to-earnings ratio of 17.02 and a beta of 1.61. Occidental Petroleum Co. has a 1 year low of $55.12 and a 1 year high of $71.18. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.95 and a quick ratio of 0.71.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings data on Tuesday, May 7th. The oil and gas producer reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.01. The business had revenue of $6.01 billion during 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 company’s revenue was down 17.2% on a year-over-year basis. During the same quarter last year, the business posted $1.09 EPS. As a group, research analysts expect that Occidental Petroleum Co. will post 3.88 earnings per share 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 paid a dividend of $0.22 per share. The ex-dividend date is Monday, June 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.41%. Occidental Petroleum’s payout ratio is currently 24.04%.

Insider Buying and Selling at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc acquired 1,386,844 shares of Occidental Petroleum stock in a transaction on Friday, June 7th. The stock was acquired at an average price of $59.67 per share, for a total transaction of $82,752,981.48. Following the purchase, the insider now owns 250,583,605 shares of the company’s stock, valued at approximately $14,952,323,710.35. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last quarter, insiders purchased 4,656,747 shares of company stock worth $278,664,028. Insiders own 0.48% of the company’s stock.

Analysts Set New Price Targets

OXY has been the topic of several recent research reports. Scotiabank raised Occidental Petroleum from a “sector perform” rating to a “sector outperform” rating and increased their target price for the company from $63.00 to $90.00 in a research report on Thursday, April 11th. StockNews.com raised Occidental Petroleum from a “sell” rating to a “hold” rating in a research report on Friday, March 15th. Citigroup lowered their price objective on Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating for the company in a research report on Friday, May 24th. Barclays initiated coverage on Occidental Petroleum in a research report on Wednesday, April 10th. They issued an “equal weight” rating and a $73.00 price objective for the company. Finally, Truist Financial cut Occidental Petroleum from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $84.00 to $69.00 in a research report on Thursday, May 16th. Eleven research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $71.56.

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.