Alpha Cubed Investments LLC Lowers Stake in Occidental Petroleum Co. (NYSE:OXY)

Alpha Cubed Investments LLC cut its stake in Occidental Petroleum Co. (NYSE:OXY) by 18.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,323 shares of the oil and gas producer’s stock after selling 950 shares during the period. Alpha Cubed Investments LLC’s holdings in Occidental Petroleum were worth $223,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Chemistry Wealth Management LLC increased its position in shares of Occidental Petroleum by 0.9% during the 3rd quarter. Chemistry Wealth Management LLC now owns 35,974 shares of the oil and gas producer’s stock valued at $1,854,000 after purchasing an additional 313 shares during the last quarter. Czech National Bank boosted its stake in Occidental Petroleum by 8.3% in the third quarter. Czech National Bank now owns 137,163 shares of the oil and gas producer’s stock worth $7,069,000 after buying an additional 10,456 shares in the last quarter. Regency Capital Management Inc. DE purchased a new position in shares of Occidental Petroleum during the third quarter worth approximately $392,000. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Occidental Petroleum by 87.7% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 2,754 shares of the oil and gas producer’s stock worth $142,000 after acquiring an additional 1,287 shares during the last quarter. Finally, Norman Fields Gottscho Capital Management LLC boosted its stake in shares of Occidental Petroleum by 1.3% in the 3rd quarter. Norman Fields Gottscho Capital Management LLC now owns 85,816 shares of the oil and gas producer’s stock valued at $4,423,000 after purchasing an additional 1,090 shares in the last quarter. Institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Stock Down 2.8 %

Shares of NYSE:OXY opened at $54.33 on Wednesday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.75 and a current ratio of 1.04. Occidental Petroleum Co. has a 52-week low of $49.75 and a 52-week high of $71.18. The firm has a market capitalization of $48.17 billion, a P/E ratio of 14.76 and a beta of 1.57. The stock has a 50 day moving average price of $54.99 and a 200-day moving average price of $60.52.

Occidental Petroleum (NYSE:OXY) last announced its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.26. The firm had revenue of $6.88 billion for the quarter, compared to analysts’ expectations of $6.93 billion. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The company’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.68 EPS. As a group, equities research analysts anticipate that Occidental Petroleum Co. will post 3.49 EPS for the current fiscal year.

Occidental Petroleum Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 10th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date is Tuesday, September 10th. Occidental Petroleum’s dividend payout ratio is 24.04%.

Wall Street Analyst Weigh In

Several research firms have weighed in on OXY. BMO Capital Markets lowered their price target on shares of Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating for the company in a research note on Friday, October 4th. StockNews.com cut Occidental Petroleum from a “hold” rating to a “sell” rating in a report on Saturday. Stephens reaffirmed an “overweight” rating and issued a $76.00 price target on shares of Occidental Petroleum in a research note on Thursday, August 8th. Truist Financial dropped their price objective on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a research note on Monday, September 30th. Finally, Wolfe Research began coverage on shares of Occidental Petroleum in a report on Thursday, July 18th. They set an “outperform” rating and a $81.00 price target for the company. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $67.18.

Insider Transactions at Occidental Petroleum

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the completion of the transaction, the insider now owns 165,681,578 shares of the company’s stock, valued at $5,923,116,413.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.31% 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, 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.