Brookstone Capital Management Decreases Stock Position in Occidental Petroleum Co. (NYSE:OXY)

Brookstone Capital Management decreased its position in shares of Occidental Petroleum Co. (NYSE:OXY) by 11.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,263 shares of the oil and gas producer’s stock after selling 1,366 shares during the period. Brookstone Capital Management’s holdings in Occidental Petroleum were worth $529,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in OXY. Investment Research & Advisory Group Inc. increased its position in shares of Occidental Petroleum by 75.2% during the first quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock worth $25,000 after acquiring an additional 167 shares during the last quarter. Able Wealth Management LLC acquired a new position in shares of Occidental Petroleum in the 4th quarter valued at approximately $38,000. New Covenant Trust Company N.A. purchased a new position in shares of Occidental Petroleum during the 1st quarter valued at approximately $44,000. LRI Investments LLC acquired a new stake in shares of Occidental Petroleum during the first quarter worth approximately $44,000. Finally, Riverview Trust Co bought a new stake in shares of Occidental Petroleum in the first quarter worth $63,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on OXY. UBS Group decreased their price objective on shares of Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating for the company in a report on Wednesday, September 18th. The Goldman Sachs Group started coverage on Occidental Petroleum in a report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price objective for the company. Susquehanna reduced their target price on Occidental Petroleum from $81.00 to $78.00 and set a “positive” rating on the stock in a report on Wednesday, September 4th. BMO Capital Markets lowered their price target on Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating for the company in a report on Friday, October 4th. Finally, StockNews.com cut Occidental Petroleum from a “hold” rating to a “sell” rating in a research note on Saturday, October 5th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $66.29.

Insider Activity

In other Occidental Petroleum news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the business’s 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 sale, the insider now directly owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.31% of the company’s stock.

Occidental Petroleum Stock Performance

OXY opened at $54.76 on Monday. The company has a current ratio of 1.04, a quick ratio of 0.75 and a debt-to-equity ratio of 0.77. The business’s 50 day moving average is $54.58 and its 200-day moving average is $60.25. The stock has a market cap of $48.55 billion, a PE ratio of 14.96 and a beta of 1.57. Occidental Petroleum Co. has a twelve month low of $49.75 and a twelve month high of $71.18.

Occidental Petroleum (NYSE:OXY) last announced its 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 firm had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.93 billion. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.68 EPS. On average, analysts predict that Occidental Petroleum Co. will post 3.49 earnings per share for the current year.

Occidental Petroleum Dividend Announcement

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. The ex-dividend date is Tuesday, September 10th. This represents a $0.88 annualized dividend and a yield of 1.61%. Occidental Petroleum’s payout ratio is 24.04%.

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.