Occidental Petroleum Corporation (NYSE:OXY) Shares Sold by Kovitz Investment Group Partners LLC

Kovitz Investment Group Partners LLC lowered its stake in shares of Occidental Petroleum Corporation (NYSE:OXY — Free Report) by 21.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 80,301 shares of the oil and gas producer’s stock after selling 22,311 shares during the quarter. Kovitz Investment Group Partners LLC’s holdings in Occidental Petroleum were worth $3,964,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in shares of Occidental Petroleum during the 1st quarter worth about $1,274,000. Kestra Private Wealth Services LLC grew its holdings in shares of Occidental Petroleum by 5.6% during the 1st quarter. Kestra Private Wealth Services LLC now owns 17,086 shares of the oil and gas producer’s stock worth $843,000 after purchasing an additional 906 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Occidental Petroleum by 9.7% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,596,699 shares of the oil and gas producer’s stock worth $78,813,000 after purchasing an additional 140,528 shares during the period. Northern Trust Corp grew its holdings in shares of Occidental Petroleum by 7.5% during the 4th quarter. Northern Trust Corp now owns 7,065,061 shares of the oil and gas producer’s stock worth $349,085,000 after purchasing an additional 491,797 shares during the period. Finally, swisspartners Advisors Ltd purchased a new stake in shares of Occidental Petroleum during the 1st quarter worth about $6,006,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

Occidental Petroleum Price Performance

OXY opened at $44.61 on Friday. The company has a 50-day moving average of $44.17 and a 200-day moving average of $44.16. The company has a market capitalization of $43.92 billion, a P/E ratio of 26.40 and a beta of 0.91. Occidental Petroleum Corporation has a 1-year low of $34.78 and a 1-year high of $58.47. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.83 and a current ratio of 1.05.

Occidental Petroleum (NYSE:OXY — Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01. The business had revenue of $6.41 billion for the quarter, compared to analyst estimates of $6.29 billion. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%. The business’s revenue was down 6.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.03 EPS. Equities analysts expect that Occidental Petroleum Corporation will post 3.58 EPS for the current fiscal year.

Occidental Petroleum Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, September 10th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Wednesday, September 10th. Occidental Petroleum’s dividend payout ratio is currently 56.80%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Mizuho decreased their target price on Occidental Petroleum from $60.00 to $58.00 and set a “neutral” rating for the company in a report on Tuesday, May 13th. Susquehanna decreased their target price on Occidental Petroleum from $59.00 to $55.00 and set a “positive” rating for the company in a report on Tuesday, April 22nd. Wells Fargo & Company decreased their price target on Occidental Petroleum from $47.00 to $46.00 and set an “equal weight” rating for the company in a report on Tuesday, July 15th. Barclays upped their price target on Occidental Petroleum from $46.00 to $48.00 and gave the stock an “equal weight” rating in a report on Thursday, May 8th. Finally, JPMorgan Chase & Co. upped their price target on Occidental Petroleum from $47.00 to $48.00 and gave the stock a “neutral” rating in a report on Tuesday, July 15th. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $53.71.

View Our Latest Research Report on OXY

About Occidental Petroleum

(Free Report)

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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