Texas Permanent School Fund Corp Reduces Stock Position in Occidental Petroleum Co. (NYSE:OXY)

Texas Permanent School Fund Corp lowered its position in shares of Occidental Petroleum Co. (NYSE:OXY) by 18.9% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 110,389 shares of the oil and gas producer’s stock after selling 25,701 shares during the period. Texas Permanent School Fund Corp’s holdings in Occidental Petroleum were worth $6,958,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in OXY. Cary Street Partners Investment Advisory LLC boosted its position in Occidental Petroleum by 13.2% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 5,932 shares of the oil and gas producer’s stock valued at $354,000 after buying an additional 691 shares during the period. Ieq Capital LLC boosted its position in Occidental Petroleum by 4.1% during the 4th quarter. Ieq Capital LLC now owns 22,322 shares of the oil and gas producer’s stock valued at $1,333,000 after buying an additional 888 shares during the period. Avantax Advisory Services Inc. lifted its position in shares of Occidental Petroleum by 7.5% in the 4th quarter. Avantax Advisory Services Inc. now owns 20,787 shares of the oil and gas producer’s stock worth $1,241,000 after purchasing an additional 1,451 shares during the period. Moran Wealth Management LLC lifted its position in shares of Occidental Petroleum by 20.1% in the 4th quarter. Moran Wealth Management LLC now owns 24,513 shares of the oil and gas producer’s stock worth $1,464,000 after purchasing an additional 4,097 shares during the period. Finally, Quotient Wealth Partners LLC purchased a new stake in shares of Occidental Petroleum in the 4th quarter worth about $216,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Price Performance

Shares of NYSE OXY opened at $51.39 on Wednesday. The company has a market capitalization of $46.54 billion, a price-to-earnings ratio of 14.04 and a beta of 1.58. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.75 and a current ratio of 1.04. The company has a 50 day simple moving average of $58.53 and a two-hundred day simple moving average of $61.78. Occidental Petroleum Co. has a fifty-two week low of $50.85 and a fifty-two week high of $71.18.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.26. The company had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.93 billion. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The firm’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.68 earnings per share. Analysts expect that Occidental Petroleum Co. will post 3.66 EPS for the current fiscal year.

Occidental Petroleum Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, September 10th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.71%. The ex-dividend date of this dividend is Tuesday, September 10th. Occidental Petroleum’s dividend payout ratio (DPR) is currently 24.04%.

Insider Activity at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc purchased 334,461 shares of Occidental Petroleum stock in a transaction that occurred on Monday, June 17th. The stock was bought at an average price of $59.75 per share, with a total value of $19,984,044.75. Following the completion of the transaction, the insider now directly owns 255,281,524 shares of the company’s stock, valued at $15,253,071,059. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Occidental Petroleum news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of Occidental Petroleum stock in a transaction that occurred 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 completion of the sale, the insider now owns 165,681,578 shares of the company’s stock, valued at approximately $5,923,116,413.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Berkshire Hathaway Inc bought 334,461 shares of the business’s stock in a transaction on Monday, June 17th. The stock was bought at an average cost of $59.75 per share, with a total value of $19,984,044.75. Following the transaction, the insider now owns 255,281,524 shares in the company, valued at approximately $15,253,071,059. The disclosure for this purchase can be found here. 0.31% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on OXY. UBS Group raised their target price on shares of Occidental Petroleum from $69.00 to $70.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Wolfe Research began coverage on shares of Occidental Petroleum in a research report on Thursday, July 18th. They issued an “outperform” rating and a $81.00 target price for the company. Scotiabank dropped their target price on shares of Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Wells Fargo & Company dropped their target price on shares of Occidental Petroleum from $68.00 to $65.00 and set an “equal weight” rating for the company in a research report on Friday, August 9th. Finally, Citigroup dropped their target price on shares of Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating for the company in a research report on Friday, May 24th. Ten equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Occidental Petroleum currently has an average rating of “Hold” and a consensus target price of $71.50.

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.