Manning & Napier Advisors LLC Cuts Holdings in Occidental Petroleum Corporation $OXY

Manning & Napier Advisors LLC reduced its position in shares of Occidental Petroleum Corporation (NYSE:OXY) by 41.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 137,180 shares of the oil and gas producer’s stock after selling 98,173 shares during the quarter. Manning & Napier Advisors LLC’s holdings in Occidental Petroleum were worth $6,598,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Occidental Petroleum by 10.3% during the second quarter. Vanguard Group Inc. now owns 88,504,019 shares of the oil and gas producer’s stock worth $3,718,054,000 after purchasing an additional 8,273,030 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Occidental Petroleum by 22.0% during the 2nd quarter. Geode Capital Management LLC now owns 18,089,878 shares of the oil and gas producer’s stock valued at $756,796,000 after buying an additional 3,267,269 shares in the last quarter. Swedbank AB acquired a new stake in Occidental Petroleum in the 3rd quarter valued at $35,517,000. Kingstone Capital Partners Texas LLC purchased a new stake in Occidental Petroleum in the 2nd quarter worth $28,584,000. Finally, American Century Companies Inc. raised its position in Occidental Petroleum by 22.3% during the second quarter. American Century Companies Inc. now owns 3,552,655 shares of the oil and gas producer’s stock worth $149,247,000 after acquiring an additional 647,243 shares during the period. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on OXY shares. UBS Group cut their target price on shares of Occidental Petroleum from $45.00 to $43.00 and set a “neutral” rating for the company in a research note on Friday, December 12th. Morgan Stanley lowered their price objective on Occidental Petroleum from $52.00 to $51.00 and set an “equal weight” rating on the stock in a report on Thursday, November 20th. Wall Street Zen cut Occidental Petroleum from a “hold” rating to a “sell” rating in a report on Sunday. Piper Sandler lowered their price target on Occidental Petroleum from $47.00 to $46.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 18th. Finally, Wells Fargo & Company reduced their price objective on Occidental Petroleum from $42.00 to $40.00 and set an “underweight” rating for the company in a research note on Wednesday, November 12th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twelve have assigned a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $49.55.

Insiders Place Their Bets

In other news, Director William R. Klesse purchased 5,000 shares of the company’s stock in a transaction dated Tuesday, December 16th. The stock was acquired at an average price of $38.98 per share, with a total value of $194,900.00. Following the purchase, the director directly owned 218,913 shares in the company, valued at approximately $8,533,228.74. This represents a 2.34% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 0.31% of the stock is owned by insiders.

Occidental Petroleum Price Performance

NYSE:OXY opened at $44.29 on Thursday. Occidental Petroleum Corporation has a one year low of $34.78 and a one year high of $52.78. The stock has a market cap of $43.64 billion, a PE ratio of 32.57 and a beta of 0.38. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.71 and a current ratio of 0.94. The stock has a 50 day moving average price of $41.46 and a 200 day moving average price of $43.38.

Occidental Petroleum (NYSE:OXY) last issued its earnings results on Monday, November 10th. The oil and gas producer reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.16. Occidental Petroleum had a return on equity of 12.35% and a net margin of 7.81%.The company had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6.66 billion. During the same period in the prior year, the business earned $1.00 EPS. The firm’s quarterly revenue was down 6.1% on a year-over-year basis. Equities research analysts expect that Occidental Petroleum Corporation will post 3.58 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 10th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, December 10th. This represents a $0.96 dividend on an annualized basis and a yield of 2.2%. Occidental Petroleum’s payout ratio is 70.59%.

Occidental Petroleum Profile

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental’s operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.