Cove Street Capital LLC Sells 7,624 Shares of Occidental Petroleum Corporation $OXY
Cove Street Capital LLC lessened its stake in Occidental Petroleum Corporation (NYSE:OXY — Free Report) by 36.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 13,345 shares of the oil and gas producer’s stock after selling 7,624 shares during the period. Cove Street Capital LLC’s holdings in Occidental Petroleum were worth $659,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. MassMutual Private Wealth & Trust FSB lifted its stake in Occidental Petroleum by 20.2% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,631 shares of the oil and gas producer’s stock worth $81,000 after purchasing an additional 274 shares during the period. Freestone Capital Holdings LLC lifted its stake in Occidental Petroleum by 4.2% during the first quarter. Freestone Capital Holdings LLC now owns 7,521 shares of the oil and gas producer’s stock worth $371,000 after purchasing an additional 304 shares during the period. World Investment Advisors lifted its stake in Occidental Petroleum by 6.6% during the first quarter. World Investment Advisors now owns 4,912 shares of the oil and gas producer’s stock worth $242,000 after purchasing an additional 306 shares during the period. Koshinski Asset Management Inc. lifted its stake in Occidental Petroleum by 1.0% during the first quarter. Koshinski Asset Management Inc. now owns 32,736 shares of the oil and gas producer’s stock worth $1,616,000 after purchasing an additional 309 shares during the period. Finally, Aaron Wealth Advisors LLC lifted its stake in Occidental Petroleum by 4.9% during the first quarter. Aaron Wealth Advisors LLC now owns 6,663 shares of the oil and gas producer’s stock worth $329,000 after purchasing an additional 310 shares during the period. Institutional investors own 88.70% of the company’s stock.
Occidental Petroleum Stock Performance
NYSE OXY opened at $46.33 on Thursday. The firm has a market cap of $45.61 billion, a price-to-earnings ratio of 27.42 and a beta of 1.04. The company has a 50 day moving average of $44.56 and a 200-day moving average of $44.05. The company has a current ratio of 1.05, a quick ratio of 0.83 and a debt-to-equity ratio of 0.84. Occidental Petroleum Corporation has a 1-year low of $34.78 and a 1-year high of $56.49.
Occidental Petroleum (NYSE:OXY — Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. The company had revenue of $6.41 billion during the quarter, compared to analyst estimates of $6.29 billion. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. The company’s revenue was down 6.1% on a year-over-year basis. During the same quarter last year, the business posted $1.03 earnings per share. On average, equities analysts forecast that Occidental Petroleum Corporation will post 3.58 earnings per share for the current fiscal year.
Occidental Petroleum Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, September 10th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.1%. Occidental Petroleum’s dividend payout ratio (DPR) is currently 56.80%.
Wall Street Analyst Weigh In
A number of research analysts have commented on the stock. Melius assumed coverage on shares of Occidental Petroleum in a research note on Wednesday, August 20th. They set a “hold” rating and a $64.00 price target for the company. Piper Sandler raised their price target on shares of Occidental Petroleum from $48.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, July 17th. JPMorgan Chase & Co. raised their price target on shares of Occidental Petroleum from $47.00 to $48.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 15th. Scotiabank raised their price target on shares of Occidental Petroleum from $40.00 to $45.00 and gave the stock a “sector perform” rating in a research note on Friday, July 11th. Finally, Citigroup raised their price objective on shares of Occidental Petroleum from $42.00 to $44.00 and gave the stock a “neutral” rating in a report on Monday, May 19th. Four research analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $54.65.
Read Our Latest Stock Analysis on OXY
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.
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