Arizona State Retirement System cut its position in shares of Occidental Petroleum Co. (NYSE:OXY) by 3.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 305,164 shares of the oil and gas producer’s stock after selling 10,335 shares during the period. Arizona State Retirement System’s holdings in Occidental Petroleum were worth $20,202,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. UBS Oconnor LLC purchased a new position in shares of Occidental Petroleum during the 4th quarter worth about $4,604,000. American Trust Investment Advisors LLC purchased a new position in shares of Occidental Petroleum during the 4th quarter worth about $2,435,000. Gradient Investments LLC boosted its stake in shares of Occidental Petroleum by 1,754.1% during the 4th quarter. Gradient Investments LLC now owns 129,026 shares of the oil and gas producer’s stock worth $7,920,000 after purchasing an additional 122,067 shares during the period. United Capital Management of KS Inc. boosted its stake in shares of Occidental Petroleum by 19.7% during the 4th quarter. United Capital Management of KS Inc. now owns 3,630 shares of the oil and gas producer’s stock worth $223,000 after purchasing an additional 597 shares during the period. Finally, Providence Wealth Advisors LLC boosted its stake in shares of Occidental Petroleum by 18.3% during the 1st quarter. Providence Wealth Advisors LLC now owns 11,584 shares of the oil and gas producer’s stock worth $774,000 after purchasing an additional 1,791 shares during the period. 84.05% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE OXY traded down $0.73 during trading hours on Wednesday, hitting $52.78. 13,295,915 shares of the stock were exchanged, compared to its average volume of 7,189,219. The company has a quick ratio of 1.03, a current ratio of 1.23 and a debt-to-equity ratio of 0.50. Occidental Petroleum Co. has a 12 month low of $52.47 and a 12 month high of $87.67. The firm has a market cap of $39.46 billion, a PE ratio of 10.53, a price-to-earnings-growth ratio of 2.72 and a beta of 0.76.
Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings results on Sunday, May 5th. The oil and gas producer reported $0.84 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.12. Occidental Petroleum had a net margin of 21.17% and a return on equity of 17.70%. The business had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.02 billion. During the same quarter in the prior year, the business posted $0.92 EPS. Occidental Petroleum’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, equities research analysts anticipate that Occidental Petroleum Co. will post 3.89 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, June 10th will be paid a dividend of $0.78 per share. The ex-dividend date is Friday, June 7th. This represents a $3.12 dividend on an annualized basis and a yield of 5.91%. Occidental Petroleum’s payout ratio is 62.28%.
A number of equities analysts recently commented on the stock. ValuEngine cut shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a research note on Wednesday, April 10th. Morgan Stanley set a $69.00 price objective on shares of Occidental Petroleum and gave the company a “buy” rating in a research report on Wednesday, May 8th. Wolfe Research cut shares of Occidental Petroleum from an “outperform” rating to a “peer perform” rating and lowered their price objective for the company from $85.00 to $65.00 in a research report on Monday, May 13th. 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. Finally, Citigroup cut shares of Occidental Petroleum from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $80.00 to $72.00 in a research report on Tuesday, February 19th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $75.01.
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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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