Park Avenue Securities LLC Reduces Position in Occidental Petroleum Co. (NYSE:OXY)

Park Avenue Securities LLC decreased its position in Occidental Petroleum Co. (NYSE:OXY) by 33.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,430 shares of the oil and gas producer’s stock after selling 4,721 shares during the period. Park Avenue Securities LLC’s holdings in Occidental Petroleum were worth $613,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in OXY. Orion Capital Management LLC purchased a new stake in Occidental Petroleum in the third quarter valued at approximately $27,000. TLW Wealth Management LLC purchased a new stake in shares of Occidental Petroleum in the 4th quarter valued at $28,000. Grove Bank & Trust raised its holdings in shares of Occidental Petroleum by 86.0% during the fourth quarter. Grove Bank & Trust now owns 519 shares of the oil and gas producer’s stock worth $31,000 after purchasing an additional 240 shares during the last quarter. Criterion Capital Advisors LLC acquired a new position in Occidental Petroleum during the fourth quarter valued at $34,000. Finally, BKM Wealth Management LLC purchased a new stake in Occidental Petroleum in the fourth quarter valued at $35,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

Occidental Petroleum Price Performance

Shares of Occidental Petroleum stock opened at $62.70 on Friday. The stock has a market capitalization of $55.59 billion, a P/E ratio of 17.11 and a beta of 1.59. The business has a 50 day simple moving average of $63.08 and a two-hundred day simple moving average of $61.65. Occidental Petroleum Co. has a 12 month low of $55.12 and a 12 month high of $71.18. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.95 and a quick ratio of 0.71.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings data on Tuesday, May 7th. The oil and gas producer reported $0.63 EPS for the quarter, beating the consensus estimate of $0.62 by $0.01. Occidental Petroleum had a return on equity of 17.50% and a net margin of 15.62%. The firm had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $6.70 billion. During the same period in the prior year, the company earned $1.09 EPS. The firm’s revenue was down 17.2% compared to the same quarter last year. As a group, analysts predict that Occidental Petroleum Co. will post 3.88 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, June 10th will be paid a dividend of $0.22 per share. The ex-dividend date is Monday, June 10th. This represents a $0.88 annualized dividend and a yield of 1.40%. Occidental Petroleum’s dividend payout ratio is presently 24.04%.

Analysts Set New Price Targets

A number of research firms have weighed in on OXY. Wells Fargo & Company lifted their price objective on Occidental Petroleum from $68.00 to $69.00 and gave the company an “equal weight” rating in a research note on Friday, June 21st. Truist Financial lowered Occidental Petroleum from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $84.00 to $69.00 in a research report on Thursday, May 16th. StockNews.com raised shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Friday, March 15th. Mizuho increased their price target on shares of Occidental Petroleum from $70.00 to $71.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th. Finally, Barclays initiated coverage on shares of Occidental Petroleum in a report on Wednesday, April 10th. They issued an “equal weight” rating and a $73.00 price objective for the company. Eleven investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $71.56.

Insider Buying and Selling at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc purchased 1,386,844 shares of the company’s stock in a transaction dated Friday, June 7th. The stock was acquired at an average cost of $59.67 per share, for a total transaction of $82,752,981.48. Following the completion of the transaction, the insider now directly owns 250,583,605 shares of the company’s stock, valued at $14,952,323,710.35. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last quarter, insiders acquired 4,656,747 shares of company stock worth $278,664,028. Insiders own 0.31% of the company’s stock.

Occidental Petroleum 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.