Panagora Asset Management Inc. Sells 4,576 Shares of Occidental Petroleum Co. (NYSE:OXY)

Panagora Asset Management Inc. lessened its stake in shares of Occidental Petroleum Co. (NYSE:OXY) by 19.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,398 shares of the oil and gas producer’s stock after selling 4,576 shares during the quarter. Panagora Asset Management Inc.’s holdings in Occidental Petroleum were worth $1,160,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Swedbank AB bought a new position in shares of Occidental Petroleum during the 1st quarter worth about $12,547,000. Allspring Global Investments Holdings LLC increased its holdings in Occidental Petroleum by 139.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 78,529 shares of the oil and gas producer’s stock worth $5,104,000 after purchasing an additional 45,722 shares in the last quarter. Bridgefront Capital LLC bought a new stake in Occidental Petroleum during the 4th quarter worth approximately $763,000. Alberta Investment Management Corp increased its holdings in Occidental Petroleum by 143.2% during the 4th quarter. Alberta Investment Management Corp now owns 36,475 shares of the oil and gas producer’s stock worth $2,178,000 after purchasing an additional 21,475 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in Occidental Petroleum by 1.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 904,081 shares of the oil and gas producer’s stock worth $58,757,000 after purchasing an additional 8,863 shares in the last quarter. Institutional investors own 88.70% of the company’s stock.

Insiders Place Their Bets

In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the company’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total value of $697,125,000.00. Following the transaction, the insider now owns 165,681,578 shares of the company’s stock, valued at $5,923,116,413.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, major shareholder Berkshire Hathaway Inc acquired 524,340 shares of the stock in a transaction dated Wednesday, June 5th. The shares were purchased at an average cost of $59.75 per share, with a total value of $31,329,315.00. Following the transaction, the insider now directly owns 248,542,468 shares in the company, valued at $14,850,412,463. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of Occidental Petroleum stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total value of $697,125,000.00. Following the transaction, the insider now directly owns 165,681,578 shares in the company, valued at $5,923,116,413.50. The disclosure for this sale can be found here. Insiders have bought 4,656,747 shares of company stock worth $278,664,028 in the last three months. 0.31% of the stock is currently owned by corporate insiders.

Occidental Petroleum Price Performance

NYSE OXY opened at $56.98 on Monday. The company has a market cap of $51.60 billion, a PE ratio of 15.57 and a beta of 1.61. The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 0.77. The firm’s 50-day simple moving average is $59.80 and its two-hundred day simple moving average is $62.10. Occidental Petroleum Co. has a 52 week low of $55.04 and a 52 week high of $71.18.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.26. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The company had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.93 billion. During the same period in the previous year, the company posted $0.68 EPS. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. Research analysts predict that Occidental Petroleum Co. will post 3.69 earnings per share for the current year.

Occidental Petroleum Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, September 10th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date of this dividend is Tuesday, September 10th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 24.04%.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Truist Financial decreased their price objective on Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating for the company in a report on Monday, August 12th. Scotiabank decreased their price objective on Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Mizuho boosted their price objective on Occidental Petroleum from $70.00 to $71.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th. Wolfe Research assumed coverage on Occidental Petroleum in a report on Thursday, July 18th. They issued an “outperform” rating and a $81.00 target price for the company. Finally, Wells Fargo & Company reduced their target price on Occidental Petroleum from $68.00 to $65.00 and set an “equal weight” rating for the company in a report on Friday, August 9th. Ten investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $71.69.

About Occidental Petroleum

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.