Calamos Advisors LLC Trims Holdings in Occidental Petroleum Co. (NYSE:OXY)

Calamos Advisors LLC cut its holdings in Occidental Petroleum Co. (NYSE:OXY) by 2.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 267,557 shares of the oil and gas producer’s stock after selling 5,849 shares during the quarter. Calamos Advisors LLC’s holdings in Occidental Petroleum were worth $16,864,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Investment Research & Advisory Group Inc. grew its position in shares of Occidental Petroleum by 75.2% in the 1st quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock worth $25,000 after buying an additional 167 shares during the period. LifeSteps Financial Inc. purchased a new stake in shares of Occidental Petroleum in the 1st quarter worth about $34,000. Able Wealth Management LLC purchased a new stake in Occidental Petroleum during the 4th quarter valued at about $38,000. New Covenant Trust Company N.A. purchased a new stake in Occidental Petroleum during the 1st quarter valued at about $44,000. Finally, LRI Investments LLC purchased a new stake in Occidental Petroleum during the 1st quarter valued at about $44,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently commented on OXY shares. Mizuho increased their price objective on shares of Occidental Petroleum from $70.00 to $71.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. Wells Fargo & Company cut their price objective on shares of Occidental Petroleum from $68.00 to $65.00 and set an “equal weight” rating on the stock in a research report on Friday, August 9th. UBS Group raised their price target on shares of Occidental Petroleum from $69.00 to $70.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Citigroup dropped their price target on shares of Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating on the stock in a report on Friday, May 24th. Finally, Stephens reaffirmed an “overweight” rating and set a $76.00 price target on shares of Occidental Petroleum in a report on Thursday, August 8th. Ten equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $71.69.

Occidental Petroleum Price Performance

Shares of NYSE:OXY opened at $57.24 on Monday. The firm’s 50 day moving average price is $60.22 and its 200-day moving average price is $62.13. Occidental Petroleum Co. has a twelve month low of $55.04 and a twelve month high of $71.18. 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 stock has a market capitalization of $50.75 billion, a PE ratio of 15.64 and a beta of 1.61.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.26. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The company had revenue of $6.88 billion for the quarter, compared to analysts’ expectations of $6.93 billion. During the same quarter last year, the business earned $0.68 EPS. The firm’s revenue was up 2.2% compared to the same quarter last year. Equities research analysts expect that Occidental Petroleum Co. will post 3.7 EPS for the current year.

Occidental Petroleum Announces Dividend

The company 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 yield of 1.54%. The ex-dividend date of this dividend is Tuesday, September 10th. Occidental Petroleum’s payout ratio is 24.04%.

Insiders Place Their Bets

In other Occidental Petroleum 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 shares were sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the sale, the insider now owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, major shareholder Berkshire Hathaway Inc acquired 765,899 shares of Occidental Petroleum stock in a transaction dated Wednesday, June 12th. The shares were purchased at an average price of $60.28 per share, for a total transaction of $46,168,391.72. Following the completion of the transaction, the insider now directly owns 252,333,913 shares in the company, valued at approximately $15,210,688,275.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 transaction of $697,125,000.00. Following the sale, the insider now owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. The disclosure for this sale can be found here. In the last 90 days, insiders have bought 4,656,747 shares of company stock worth $278,664,028. Company insiders own 0.31% of the company’s stock.

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.