Clear Harbor Asset Management LLC lessened its position in shares of Occidental Petroleum Co. (NYSE:OXY) by 6.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,428 shares of the oil and gas producer’s stock after selling 400 shares during the quarter. Clear Harbor Asset Management LLC’s holdings in Occidental Petroleum were worth $273,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of OXY. AMF Pensionsforsakring AB acquired a new position in Occidental Petroleum in the second quarter valued at about $29,186,000. First Trust Advisors LP increased its holdings in shares of Occidental Petroleum by 91.2% in the first quarter. First Trust Advisors LP now owns 1,058,169 shares of the oil and gas producer’s stock worth $70,051,000 after acquiring an additional 504,837 shares in the last quarter. Hexavest Inc. bought a new stake in shares of Occidental Petroleum in the first quarter worth about $32,993,000. Great West Life Assurance Co. Can increased its holdings in shares of Occidental Petroleum by 17.3% in the first quarter. Great West Life Assurance Co. Can now owns 2,528,844 shares of the oil and gas producer’s stock worth $166,932,000 after acquiring an additional 373,166 shares in the last quarter. Finally, King Luther Capital Management Corp increased its holdings in shares of Occidental Petroleum by 18.2% in the first quarter. King Luther Capital Management Corp now owns 2,266,805 shares of the oil and gas producer’s stock worth $150,062,000 after acquiring an additional 348,546 shares in the last quarter. 80.49% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have issued reports on OXY. Jefferies Financial Group restated a “hold” rating and issued a $47.00 price target on shares of Occidental Petroleum in a report on Friday. ValuEngine downgraded Occidental Petroleum from a “sell” rating to a “strong sell” rating in a report on Tuesday, April 30th. Wolfe Research downgraded Occidental Petroleum from an “outperform” rating to a “peer perform” rating and lowered their price target for the stock from $85.00 to $65.00 in a report on Monday, May 13th. Piper Jaffray Companies set a $59.00 price target on Occidental Petroleum and gave the stock a “buy” rating in a report on Friday, August 16th. Finally, Argus downgraded Occidental Petroleum from a “buy” rating to a “hold” rating and set a $54.61 price objective for the company. in a report on Thursday, May 16th. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $66.51.
Shares of OXY traded down $2.33 during mid-day trading on Friday, reaching $42.37. The company’s stock had a trading volume of 11,495,105 shares, compared to its average volume of 11,445,466. Occidental Petroleum Co. has a 1-year low of $42.17 and a 1-year high of $83.35. The stock has a market cap of $33.45 billion, a P/E ratio of 8.46, a PEG ratio of 2.69 and a beta of 0.82. The business has a 50-day simple moving average of $48.99 and a two-hundred day simple moving average of $56.97. The company has a current ratio of 1.20, a quick ratio of 1.00 and a debt-to-equity ratio of 0.50.
Occidental Petroleum (NYSE:OXY) last released its quarterly earnings data on Wednesday, July 31st. The oil and gas producer reported $0.97 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.91 by $0.06. Occidental Petroleum had a return on equity of 17.06% and a net margin of 19.65%. The company had revenue of $4.48 billion during the quarter, compared to analysts’ expectations of $4.39 billion. During the same period last year, the firm posted $1.10 earnings per share. The business’s revenue was up 8.4% on a year-over-year basis. Research analysts anticipate that Occidental Petroleum Co. will post 3.23 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, September 10th will be issued a dividend of $0.79 per share. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.78. This represents a $3.16 annualized dividend and a yield of 7.46%. The ex-dividend date is Monday, September 9th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 62.28%.
In other news, Director William R. Klesse purchased 5,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was acquired at an average cost of $44.96 per share, with a total value of $224,800.00. Following the acquisition, the director now owns 96,203 shares in the company, valued at approximately $4,325,286.88. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Cedric W. Burgher purchased 4,100 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The shares were purchased at an average cost of $49.61 per share, with a total value of $203,401.00. Following the completion of the acquisition, the chief financial officer now owns 76,842 shares in the company, valued at approximately $3,812,131.62. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 109,160 shares of company stock valued at $5,246,126. 0.15% of the stock is currently owned by insiders.
Occidental Petroleum Profile
Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States and internationally. The company operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.
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