Occidental Petroleum Corporation (OXY) Position Lowered by Wedbush Securities Inc.
Wedbush Securities Inc. reduced its position in shares of Occidental Petroleum Corporation (NYSE:OXY) by 6.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,957 shares of the oil and gas producer’s stock after selling 1,087 shares during the period. Wedbush Securities Inc.’s holdings in Occidental Petroleum Corporation were worth $955,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in OXY. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Occidental Petroleum Corporation during the first quarter worth approximately $102,000. Grove Bank & Trust increased its position in Occidental Petroleum Corporation by 54.8% in the second quarter. Grove Bank & Trust now owns 1,758 shares of the oil and gas producer’s stock worth $105,000 after buying an additional 622 shares during the last quarter. Mosaic Family Wealth LLC increased its position in Occidental Petroleum Corporation by 4.0% in the first quarter. Mosaic Family Wealth LLC now owns 1,887 shares of the oil and gas producer’s stock worth $120,000 after buying an additional 72 shares during the last quarter. Oakworth Capital Inc. increased its position in Occidental Petroleum Corporation by 14.7% in the second quarter. Oakworth Capital Inc. now owns 1,952 shares of the oil and gas producer’s stock worth $117,000 after buying an additional 250 shares during the last quarter. Finally, Parallel Advisors LLC increased its position in Occidental Petroleum Corporation by 15.6% in the first quarter. Parallel Advisors LLC now owns 1,961 shares of the oil and gas producer’s stock worth $118,000 after buying an additional 264 shares during the last quarter. Institutional investors and hedge funds own 80.85% of the company’s stock.
Shares of Occidental Petroleum Corporation (OXY) opened at 59.08 on Wednesday. Occidental Petroleum Corporation has a 52-week low of $57.20 and a 52-week high of $78.48. The firm has a market capitalization of $45.17 billion, a PE ratio of 416.06 and a beta of 0.65. The firm’s 50-day moving average price is $60.41 and its 200-day moving average price is $61.97.
Occidental Petroleum Corporation (NYSE:OXY) last announced its quarterly earnings results on Wednesday, August 2nd. The oil and gas producer reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3 billion. Occidental Petroleum Corporation had a net margin of 0.91% and a return on equity of 0.13%. The company’s revenue for the quarter was up 40.9% compared to the same quarter last year. During the same quarter last year, the company earned ($0.18) earnings per share. On average, equities analysts predict that Occidental Petroleum Corporation will post $0.66 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Monday, September 11th will be paid a dividend of $0.77 per share. This is a boost from Occidental Petroleum Corporation’s previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Friday, September 8th. This represents a $3.08 dividend on an annualized basis and a yield of 5.21%. Occidental Petroleum Corporation’s dividend payout ratio (DPR) is currently 2,338.46%.
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A number of research analysts have recently commented on the company. Jefferies Group LLC set a $58.00 price objective on Occidental Petroleum Corporation and gave the company a “hold” rating in a report on Tuesday. Piper Jaffray Companies set a $55.00 price objective on Occidental Petroleum Corporation and gave the company a “hold” rating in a report on Friday, August 25th. BidaskClub downgraded Occidental Petroleum Corporation from a “sell” rating to a “strong sell” rating in a report on Thursday, August 24th. Cowen and Company reiterated a “buy” rating and issued a $75.00 price objective on shares of Occidental Petroleum Corporation in a report on Tuesday, August 22nd. Finally, Barclays PLC set a $38.00 price objective on Occidental Petroleum Corporation and gave the company a “sell” rating in a report on Friday, August 4th. Four investment analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the stock. Occidental Petroleum Corporation currently has an average rating of “Hold” and an average price target of $65.14.
In other news, CFO Cedric W. Burgher acquired 1,700 shares of the company’s stock in a transaction dated Wednesday, June 7th. The stock was bought at an average price of $59.85 per share, with a total value of $101,745.00. Following the completion of the acquisition, the chief financial officer now owns 44,124 shares in the company, valued at approximately $2,640,821.40. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director William R. Klesse acquired 10,000 shares of the company’s stock in a transaction dated Wednesday, August 9th. The shares were purchased at an average cost of $61.58 per share, with a total value of $615,800.00. Following the acquisition, the director now owns 70,692 shares of the company’s stock, valued at approximately $4,353,213.36. The disclosure for this purchase can be found here. 0.32% of the stock is owned by company insiders.
About Occidental Petroleum Corporation
Occidental Petroleum Corporation (Occidental) is an oil and gas exploration and production company. The Company operates through three segments: oil and gas, chemical (OxyChem), and midstream and marketing. The oil and gas segment explores for, develops and produces oil and condensate, natural gas liquids (NGLs) and natural gas.
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