Occidental Petroleum Co. (NYSE:OXY) Stake Cut by Public Employees Retirement Association of Colorado

Public Employees Retirement Association of Colorado trimmed its holdings in shares of Occidental Petroleum Co. (NYSE:OXY) by 0.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 93,032 shares of the oil and gas producer’s stock after selling 761 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Occidental Petroleum were worth $5,864,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of OXY. Investment Research & Advisory Group Inc. lifted its holdings in Occidental Petroleum by 75.2% in the first quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock worth $25,000 after acquiring an additional 167 shares during the last quarter. LifeSteps Financial Inc. acquired a new position in Occidental Petroleum during the 1st quarter valued at approximately $34,000. Able Wealth Management LLC acquired a new position in Occidental Petroleum during the 4th quarter valued at approximately $38,000. New Covenant Trust Company N.A. acquired a new stake in Occidental Petroleum in the first quarter worth $44,000. Finally, LRI Investments LLC acquired a new stake in Occidental Petroleum in the first quarter worth $44,000. 88.70% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on OXY shares. Mizuho reduced their target price on shares of Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating for the company in a research note on Monday, September 16th. Scotiabank lowered their target price on shares of Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. Stephens reaffirmed an “overweight” rating and issued a $76.00 price target on shares of Occidental Petroleum in a research note on Thursday, August 8th. Truist Financial lowered their price objective on shares of Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating on the stock in a research note on Monday, August 12th. Finally, StockNews.com downgraded Occidental Petroleum from a “hold” rating to a “sell” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, eight have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $71.60.

Occidental Petroleum Trading Down 0.7 %

Shares of OXY opened at $51.64 on Monday. The business’s 50-day moving average price is $56.91 and its 200 day moving average price is $61.26. The stock has a market capitalization of $45.79 billion, a P/E ratio of 14.11 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. Occidental Petroleum Co. has a 1-year low of $49.90 and a 1-year high of $71.18.

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

Occidental Petroleum Dividend Announcement

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

Insider Transactions at Occidental Petroleum

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of Occidental Petroleum stock in a transaction on Wednesday, August 14th. The stock was 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 owns 165,681,578 shares of the company’s stock, valued at $5,923,116,413.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.31% of the stock is currently owned by company insiders.

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.