Elo Mutual Pension Insurance Co Reduces Stock Holdings in Occidental Petroleum Co. (NYSE:OXY)

Elo Mutual Pension Insurance Co cut its holdings in Occidental Petroleum Co. (NYSE:OXY) by 19.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 56,381 shares of the oil and gas producer’s stock after selling 13,663 shares during the period. Elo Mutual Pension Insurance Co’s holdings in Occidental Petroleum were worth $3,554,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Swedbank AB purchased a new stake in shares of Occidental Petroleum in the first quarter valued at about $12,547,000. Allspring Global Investments Holdings LLC lifted its stake in Occidental Petroleum by 139.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 78,529 shares of the oil and gas producer’s stock valued at $5,104,000 after buying an additional 45,722 shares in the last quarter. Bridgefront Capital LLC purchased a new stake in Occidental Petroleum in the 4th quarter valued at approximately $763,000. Alberta Investment Management Corp grew its holdings in Occidental Petroleum by 143.2% during the 4th quarter. Alberta Investment Management Corp now owns 36,475 shares of the oil and gas producer’s stock valued at $2,178,000 after buying an additional 21,475 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in Occidental Petroleum by 1.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 904,081 shares of the oil and gas producer’s stock worth $58,757,000 after buying an additional 8,863 shares in the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

Occidental Petroleum Price Performance

Shares of Occidental Petroleum stock opened at $51.77 on Thursday. The stock has a market capitalization of $46.88 billion, a P/E ratio of 14.14 and a beta of 1.58. The company has a current ratio of 1.04, a quick ratio of 0.75 and a debt-to-equity ratio of 0.77. The business’s fifty day moving average price is $57.29 and its 200 day moving average price is $61.38. Occidental Petroleum Co. has a twelve month low of $49.90 and a twelve month high of $71.18.

Occidental Petroleum (NYSE:OXY) last issued its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.26. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The business had revenue of $6.88 billion during the quarter, compared to analysts’ expectations of $6.93 billion. During the same quarter in the previous year, the business earned $0.68 EPS. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. As a group, research analysts anticipate that Occidental Petroleum Co. will post 3.71 earnings per share for the current year.

Occidental Petroleum Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, September 10th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.70%. The ex-dividend date is Tuesday, September 10th. Occidental Petroleum’s payout ratio is currently 24.04%.

Insider Activity

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the company’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the completion of the sale, the insider now directly owns 165,681,578 shares of the company’s stock, valued at approximately $5,923,116,413.50. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.31% of the company’s stock.

Wall Street Analysts Forecast Growth

OXY has been the topic of several recent research reports. UBS Group reduced their price objective on Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating on the stock in a research report on Wednesday. Truist Financial reduced their target price on shares of Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating on the stock in a report on Monday, August 12th. Stephens reiterated an “overweight” rating and set a $76.00 price target on shares of Occidental Petroleum in a report on Thursday, August 8th. Wolfe Research assumed coverage on shares of Occidental Petroleum in a research note on Thursday, July 18th. They set an “outperform” rating and a $81.00 price objective on the stock. Finally, Citigroup lowered their target price on shares of Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating for the company in a research note on Friday, May 24th. Nine equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Occidental Petroleum presently has a consensus rating of “Hold” and a consensus target price of $71.60.

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.