Industry News

Fisher Asset Management LLC Sells 67,088 Shares of Occidental Petroleum Co. (NYSE:OXY)

By August 19, 2019 No Comments

Fisher Asset Management LLC cut its position in Occidental Petroleum Co. (NYSE:OXY) by 7.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 863,227 shares of the oil and gas producer’s stock after selling 67,088 shares during the quarter. Fisher Asset Management LLC owned approximately 0.12% of Occidental Petroleum worth $43,403,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the stock. Global Trust Asset Management LLC lifted its holdings in shares of Occidental Petroleum by 2,725.6% during the 2nd quarter. Global Trust Asset Management LLC now owns 12,122 shares of the oil and gas producer’s stock worth $33,000 after acquiring an additional 11,693 shares during the period. Harvest Group Wealth Management LLC bought a new position in shares of Occidental Petroleum during the 1st quarter worth about $34,000. Hanson McClain Inc. lifted its holdings in shares of Occidental Petroleum by 77.9% during the 2nd quarter. Hanson McClain Inc. now owns 902 shares of the oil and gas producer’s stock worth $45,000 after acquiring an additional 395 shares during the period. Cornerstone Advisors Inc. lifted its holdings in Occidental Petroleum by 110.9% during the 1st quarter. Cornerstone Advisors Inc. now owns 694 shares of the oil and gas producer’s stock valued at $46,000 after purchasing an additional 365 shares during the last quarter. Finally, Meridian Wealth Management LLC bought a new position in Occidental Petroleum during the 1st quarter valued at about $46,000. Institutional investors and hedge funds own 81.12% of the company’s stock.

NYSE OXY traded up $0.61 during trading on Friday, reaching $44.57. 8,366,200 shares of the stock traded hands, compared to its average volume of 11,026,965. The firm has a market cap of $32.90 billion, a price-to-earnings ratio of 8.90, a price-to-earnings-growth ratio of 2.47 and a beta of 0.82. The stock’s 50-day moving average price is $49.69 and its 200 day moving average price is $57.62. The company has a quick ratio of 1.00, a current ratio of 1.20 and a debt-to-equity ratio of 0.50. Occidental Petroleum Co. has a fifty-two week low of $43.08 and a fifty-two week high of $83.35.

Occidental Petroleum (NYSE:OXY) last issued 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. The firm had revenue of $4.48 billion during the quarter, compared to analysts’ expectations of $4.39 billion. Occidental Petroleum had a net margin of 19.65% and a return on equity of 17.06%. During the same quarter in the previous year, the company earned $1.10 earnings per share. The business’s revenue for the quarter was up 8.4% on a year-over-year basis. Analysts anticipate that Occidental Petroleum Co. will post 3.48 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders 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 represents a $3.16 dividend on an annualized basis and a yield of 7.09%. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.78. Occidental Petroleum’s payout ratio is presently 62.28%.

OXY has been the subject of several analyst reports. TheStreet downgraded shares of Occidental Petroleum from a “b-” rating to a “c+” rating in a report on Friday, May 24th. Jefferies Financial Group cut shares of Occidental Petroleum from a “buy” rating to a “hold” rating and lowered their price objective for the company from $74.00 to $66.00 in a research report on Monday, April 29th. Morgan Stanley lowered their price objective on shares of Occidental Petroleum from $55.00 to $52.00 and set an “equal weight” rating for the company in a research report on Friday, July 12th. KeyCorp cut shares of Occidental Petroleum from an “overweight” rating to a “sector weight” rating in a research report on Wednesday, April 24th. Finally, Argus cut shares of Occidental Petroleum from a “buy” rating to a “hold” rating and set a $54.61 price objective for the company. in a research report on Thursday, May 16th. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $69.88.

In related news, insider Vicki A. Hollub purchased 37,460 shares of the business’s stock in a transaction on Monday, June 10th. The shares were purchased at an average price of $48.15 per share, with a total value of $1,803,699.00. Following the completion of the purchase, the insider now owns 248,326 shares in the company, valued at approximately $11,956,896.90. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Marcia E. Backus purchased 10,000 shares of the business’s stock in a transaction on Monday, June 10th. The stock was bought at an average cost of $48.09 per share, for a total transaction of $480,900.00. Following the purchase, the senior vice president now owns 101,248 shares of the company’s stock, valued at approximately $4,869,016.32. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 104,160 shares of company stock worth $5,023,276. Insiders own 0.15% of the company’s stock.

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 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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