Lazari Capital Management Inc. Has $709,000 Position in Occidental Petroleum Co. (NYSE:OXY)

Lazari Capital Management Inc. decreased its stake in Occidental Petroleum Co. (NYSE:OXY) by 2.6% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,256 shares of the oil and gas producer’s stock after selling 295 shares during the quarter. Lazari Capital Management Inc.’s holdings in Occidental Petroleum were worth $709,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Investment Research & Advisory Group Inc. grew its stake 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 valued at $25,000 after purchasing an additional 167 shares in the last quarter. LifeSteps Financial Inc. bought a new position in Occidental Petroleum during the first quarter valued at approximately $34,000. Able Wealth Management LLC acquired a new stake in Occidental Petroleum in the fourth quarter valued at approximately $38,000. New Covenant Trust Company N.A. bought a new stake in Occidental Petroleum in the first quarter worth approximately $44,000. Finally, LRI Investments LLC bought a new position in shares of Occidental Petroleum during the 1st quarter valued at $44,000. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Occidental Petroleum 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 value of $697,125,000.00. Following the completion of the transaction, the insider now owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.31% of the stock is currently owned by corporate insiders.

Occidental Petroleum Stock Performance

NYSE OXY opened at $53.25 on Wednesday. The stock has a market cap of $47.21 billion, a P/E ratio of 14.55 and a beta of 1.58. The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 0.77. Occidental Petroleum Co. has a twelve month low of $49.75 and a twelve month high of $71.18. The company’s 50-day simple moving average is $55.42 and its 200 day simple moving average is $60.77.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $6.93 billion. During the same quarter last year, the company earned $0.68 EPS. Occidental Petroleum’s revenue was up 2.2% on a year-over-year basis. As a group, research analysts forecast that Occidental Petroleum Co. will post 3.57 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The company also recently disclosed 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 1.65%. The ex-dividend date is Tuesday, September 10th. Occidental Petroleum’s payout ratio is 24.04%.

Analysts Set New Price Targets

OXY has been the subject of a number of recent research reports. Truist Financial decreased their price objective on shares of Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a report on Monday. Wells Fargo & Company reduced their target price on Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating for the company in a report on Friday, September 27th. Scotiabank lowered their price target on Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. Susquehanna reduced their price objective on shares of Occidental Petroleum from $81.00 to $78.00 and set a “positive” rating for the company in a research note on Wednesday, September 4th. Finally, Evercore ISI cut their target price on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company in a research report on Monday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Occidental Petroleum currently has an average rating of “Hold” and a consensus target price of $69.13.

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.