Industry News

DNB Asset Management AS Trims Stake in Occidental Petroleum Co. (NYSE:OXY)

By August 18, 2019 No Comments

DNB Asset Management AS cut its holdings in Occidental Petroleum Co. (NYSE:OXY) by 8.9% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 84,502 shares of the oil and gas producer’s stock after selling 8,295 shares during the quarter. DNB Asset Management AS’s holdings in Occidental Petroleum were worth $4,249,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Nachman Norwood & Parrott Inc boosted its holdings in Occidental Petroleum by 0.6% during the first quarter. Nachman Norwood & Parrott Inc now owns 25,427 shares of the oil and gas producer’s stock worth $1,683,000 after buying an additional 160 shares during the last quarter. Essex Savings Bank boosted its holdings in Occidental Petroleum by 16.8% during the first quarter. Essex Savings Bank now owns 1,216 shares of the oil and gas producer’s stock worth $80,000 after buying an additional 175 shares during the last quarter. OLD Second National Bank of Aurora boosted its holdings in Occidental Petroleum by 0.3% during the first quarter. OLD Second National Bank of Aurora now owns 54,908 shares of the oil and gas producer’s stock worth $3,635,000 after buying an additional 178 shares during the last quarter. Wetherby Asset Management Inc. boosted its holdings in Occidental Petroleum by 1.1% during the first quarter. Wetherby Asset Management Inc. now owns 16,215 shares of the oil and gas producer’s stock worth $1,074,000 after buying an additional 182 shares during the last quarter. Finally, CX Institutional boosted its holdings in Occidental Petroleum by 1.8% during the first quarter. CX Institutional now owns 10,505 shares of the oil and gas producer’s stock worth $695,000 after buying an additional 183 shares during the last quarter. Institutional investors own 81.12% of the company’s stock.

OXY has been the topic of a number of recent analyst reports. Royal Bank of Canada raised their target price on Occidental Petroleum to $76.00 in a report on Tuesday, May 7th. Raymond James set a $80.00 price objective on Occidental Petroleum and gave the company a “buy” rating in a report on Thursday, May 23rd. Wolfe Research cut Occidental Petroleum from an “outperform” rating to a “peer perform” rating and cut their price objective for the company from $85.00 to $65.00 in a report on Monday, May 13th. Morgan Stanley cut their price objective on Occidental Petroleum from $55.00 to $52.00 and set an “equal weight” rating on the stock in a report on Friday, July 12th. Finally, Atlantic Securities cut Occidental Petroleum from an “overweight” rating to a “neutral” rating and set a $61.50 price objective on the stock. in a report on Thursday, April 25th. Three equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have assigned a buy rating to the company. Occidental Petroleum has a consensus rating of “Hold” and an average target price of $71.95.

Shares of NYSE:OXY traded up $0.61 during trading on Friday, hitting $44.57. 8,366,200 shares of the company were exchanged, compared to its average volume of 11,043,772. The company has a current ratio of 1.20, a quick ratio of 1.00 and a debt-to-equity ratio of 0.50. The stock has a market cap of $32.70 billion, a price-to-earnings ratio of 8.90, a P/E/G ratio of 2.61 and a beta of 0.82. Occidental Petroleum Co. has a fifty-two week low of $43.08 and a fifty-two week high of $83.35. The firm has a fifty day moving average price of $49.69 and a two-hundred day moving average price of $57.62.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Wednesday, July 31st. The oil and gas producer reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.06. The business had revenue of $4.48 billion for the quarter, compared to analyst estimates of $4.39 billion. Occidental Petroleum had a return on equity of 17.06% and a net margin of 19.65%. The firm’s revenue was up 8.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.10 EPS. As a group, research analysts predict that Occidental Petroleum Co. will post 3.56 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 paid a $0.79 dividend. The ex-dividend date of this dividend is Monday, September 9th. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.78. This represents a $3.16 annualized dividend and a yield of 7.09%. Occidental Petroleum’s payout ratio is 62.28%.

In other news, Director William R. Klesse purchased 5,000 shares of Occidental Petroleum stock in a transaction that occurred on Monday, August 12th. The stock was acquired at an average cost of $44.96 per share, for a total transaction of $224,800.00. Following the purchase, the director now directly owns 96,203 shares of the company’s stock, valued at approximately $4,325,286.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Marcia E. Backus purchased 10,000 shares of Occidental Petroleum stock in a transaction that occurred on Monday, June 10th. The stock was purchased at an average price of $48.09 per share, with a total value of $480,900.00. Following the completion of the purchase, the senior vice president now directly owns 101,248 shares in the company, valued at $4,869,016.32. The disclosure for this purchase can be found here. Insiders purchased a total of 104,160 shares of company stock valued at $5,023,276 over the last 90 days. 0.15% of the stock is currently owned by corporate 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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Institutional Ownership by Quarter for Occidental Petroleum (NYSE:OXY)

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