Rafferty Asset Management LLC Sells 43,116 Shares of Occidental Petroleum Corporation $OXY

Rafferty Asset Management LLC cut its stake in Occidental Petroleum Corporation (NYSE:OXY) by 14.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 246,085 shares of the oil and gas producer’s stock after selling 43,116 shares during the period. Rafferty Asset Management LLC’s holdings in Occidental Petroleum were worth $12,147,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. OVERSEA CHINESE BANKING Corp Ltd bought a new stake in Occidental Petroleum in the 1st quarter valued at $1,274,000. Kestra Private Wealth Services LLC boosted its holdings in Occidental Petroleum by 5.6% in the 1st quarter. Kestra Private Wealth Services LLC now owns 17,086 shares of the oil and gas producer’s stock valued at $843,000 after purchasing an additional 906 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Occidental Petroleum by 9.7% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,596,699 shares of the oil and gas producer’s stock valued at $78,813,000 after purchasing an additional 140,528 shares during the period. Northern Trust Corp boosted its holdings in Occidental Petroleum by 7.5% in the 4th quarter. Northern Trust Corp now owns 7,065,061 shares of the oil and gas producer’s stock valued at $349,085,000 after purchasing an additional 491,797 shares during the period. Finally, swisspartners Advisors Ltd bought a new position in shares of Occidental Petroleum during the 1st quarter worth about $6,006,000. 88.70% of the stock is owned by institutional investors.

Occidental Petroleum Price Performance

Shares of Occidental Petroleum stock opened at $46.91 on Thursday. The company has a current ratio of 1.05, a quick ratio of 0.83 and a debt-to-equity ratio of 0.84. The stock has a market capitalization of $46.18 billion, a price-to-earnings ratio of 27.76 and a beta of 0.91. Occidental Petroleum Corporation has a 1-year low of $34.78 and a 1-year high of $57.57. The firm’s 50-day moving average price is $44.21 and its two-hundred day moving average price is $44.07.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. The firm had revenue of $6.41 billion for the quarter, compared to analysts’ expectations of $6.29 billion. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. The company’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.03 earnings per share. On average, equities analysts predict that Occidental Petroleum Corporation will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, September 10th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.0%. The ex-dividend date is Wednesday, September 10th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 56.80%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. UBS Group raised their price objective on shares of Occidental Petroleum from $42.00 to $45.00 and gave the stock a “neutral” rating in a report on Wednesday, August 20th. Piper Sandler raised their price objective on shares of Occidental Petroleum from $48.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, July 17th. Mizuho reduced their price objective on shares of Occidental Petroleum from $60.00 to $58.00 and set a “neutral” rating for the company in a report on Tuesday, May 13th. Morgan Stanley reaffirmed an “equal weight” rating and set a $52.00 price objective on shares of Occidental Petroleum in a report on Monday, August 18th. Finally, Melius Research assumed coverage on shares of Occidental Petroleum in a report on Wednesday, August 20th. They set a “hold” rating and a $64.00 price objective for the company. Four research analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Occidental Petroleum presently has an average rating of “Hold” and a consensus target price of $54.65.

Occidental Petroleum Company 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.