Royal London Asset Management Ltd. Decreases Holdings in Occidental Petroleum Corporation $OXY

Royal London Asset Management Ltd. lowered its stake in shares of Occidental Petroleum Corporation (NYSE:OXY) by 1.2% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 833,612 shares of the oil and gas producer’s stock after selling 10,549 shares during the period. Royal London Asset Management Ltd. owned about 0.08% of Occidental Petroleum worth $40,489,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of OXY. Whittier Trust Co. of Nevada Inc. increased its stake in Occidental Petroleum by 12.5% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 1,765 shares of the oil and gas producer’s stock worth $111,000 after buying an additional 196 shares in the last quarter. Athena Wealth Management LLC lifted its position in shares of Occidental Petroleum by 1.2% in the first quarter. Athena Wealth Management LLC now owns 18,547 shares of the oil and gas producer’s stock valued at $1,206,000 after acquiring an additional 214 shares in the last quarter. Elevation Wealth Partners LLC lifted its position in shares of Occidental Petroleum by 15.8% in the second quarter. Elevation Wealth Partners LLC now owns 1,615 shares of the oil and gas producer’s stock valued at $78,000 after acquiring an additional 220 shares in the last quarter. HBK Sorce Advisory LLC boosted its stake in shares of Occidental Petroleum by 2.8% in the second quarter. HBK Sorce Advisory LLC now owns 8,210 shares of the oil and gas producer’s stock worth $442,000 after acquiring an additional 220 shares during the last quarter. Finally, Summit Securities Group LLC increased its position in shares of Occidental Petroleum by 18.5% during the fourth quarter. Summit Securities Group LLC now owns 1,469 shares of the oil and gas producer’s stock worth $60,000 after purchasing an additional 229 shares in the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Citigroup decreased their price objective on Occidental Petroleum from $62.00 to $60.00 and set a “neutral” rating on the stock in a report on Friday, July 17th. Susquehanna upped their target price on shares of Occidental Petroleum from $67.00 to $70.00 and gave the stock a “positive” rating in a report on Tuesday, August 11th. JPMorgan Chase & Co. decreased their price target on shares of Occidental Petroleum from $64.00 to $63.00 in a research note on Thursday, May 7th. Wall Street Zen upgraded shares of Occidental Petroleum from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Finally, Stephens decreased their target price on shares of Occidental Petroleum from $73.00 to $69.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 14th. Ten equities research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company. According to data from MarketBeat.com, Occidental Petroleum has a consensus rating of “Hold” and an average price target of $64.83.

Occidental Petroleum Trading Down 0.1%

Shares of OXY stock opened at $59.12 on Friday. Occidental Petroleum Corporation has a 1-year low of $38.80 and a 1-year high of $67.45. The firm has a market cap of $59.10 billion, a PE ratio of 9.15, a price-to-earnings-growth ratio of 0.94 and a beta of 0.15. The company has a 50-day moving average of $55.18 and a two-hundred day moving average of $55.95. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.13.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.83 by $0.57. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The business had revenue of $8.06 billion for the quarter, compared to the consensus estimate of $7.07 billion. During the same period in the previous year, the firm earned $0.39 EPS. The business’s revenue was up 53.4% on a year-over-year basis. On average, analysts predict that Occidental Petroleum Corporation will post 6.09 EPS for the current year.

Occidental Petroleum Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, September 10th will be given a $0.28 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 1.9%. Occidental Petroleum’s dividend payout ratio is presently 16.10%.

Insider Buying and Selling

In other news, CEO Richard A. Jackson purchased 4,770 shares of the stock in a transaction dated Tuesday, June 23rd. The stock was acquired at an average cost of $52.38 per share, for a total transaction of $249,852.60. Following the completion of the transaction, the chief executive officer directly owned 444,098 shares in the company, valued at approximately $23,261,853.24. This represents a 1.09% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 0.50% of the stock is owned by company insiders.

About Occidental Petroleum

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.