Occidental Petroleum Co. (NYSE:OXY) Major Shareholder Carl C. Icahn Sells 3,500,000 Shares

Occidental Petroleum Co. (NYSE:OXY) major shareholder Carl C. Icahn sold 3,500,000 shares of the stock in a transaction dated Monday, April 5th. The stock was sold at an average price of $25.60, for a total transaction of $89,600,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Shares of Occidental Petroleum stock opened at $25.30 on Thursday. Occidental Petroleum Co. has a twelve month low of $8.52 and a twelve month high of $32.52. The company has a quick ratio of 0.86, a current ratio of 1.02 and a debt-to-equity ratio of 3.56. The company’s 50 day moving average is $27.80 and its 200 day moving average is $18.96. The company has a market cap of $23.62 billion, a price-to-earnings ratio of -1.47 and a beta of 2.35.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings results on Sunday, February 21st. The oil and gas producer reported ($0.78) earnings per share for the quarter, missing the consensus estimate of ($0.59) by ($0.19). Occidental Petroleum had a negative net margin of 76.17% and a negative return on equity of 15.55%. The firm had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $4.47 billion. During the same period in the previous year, the company earned ($0.30) earnings per share. Sell-side analysts expect that Occidental Petroleum Co. will post -3.74 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 15th. Shareholders of record on Wednesday, March 10th will be given a $0.01 dividend. The ex-dividend date of this dividend is Tuesday, March 9th. This represents a $0.04 annualized dividend and a yield of 0.16%. Occidental Petroleum’s payout ratio is presently 2.76%.

A number of equities research analysts have weighed in on the stock. Societe Generale assumed coverage on shares of Occidental Petroleum in a report on Tuesday, January 19th. They issued a “hold” rating and a $24.30 price objective on the stock. Truist boosted their price target on Occidental Petroleum from $11.00 to $25.00 in a research report on Thursday, January 21st. Bank of America raised their price objective on Occidental Petroleum from $29.00 to $31.00 and gave the company a “buy” rating in a research report on Monday, February 8th. Morgan Stanley boosted their target price on Occidental Petroleum from $18.00 to $31.00 and gave the stock an “equal weight” rating in a report on Wednesday, March 17th. Finally, Barclays raised their price target on Occidental Petroleum from $18.00 to $23.00 and gave the company an “equal weight” rating in a report on Thursday, January 14th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and ten have issued a buy rating to the company. Occidental Petroleum has a consensus rating of “Hold” and a consensus target price of $22.86.

Several institutional investors have recently modified their holdings of the company. Woodstock Corp bought a new stake in shares of Occidental Petroleum during the 1st quarter valued at $218,000. Legacy Wealth Asset Management LLC purchased a new position in shares of Occidental Petroleum during the 4th quarter valued at about $757,000. B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of Occidental Petroleum during the 4th quarter valued at approximately $945,000. Patron Partners Advisors LLC bought a new position in shares of Occidental Petroleum during the 4th quarter valued at approximately $270,000. Finally, Jeppson Wealth Management LLC boosted its position in shares of Occidental Petroleum by 61.0% in the fourth quarter. Jeppson Wealth Management LLC now owns 61,835 shares of the oil and gas producer’s stock worth $1,070,000 after purchasing an additional 23,433 shares during the period. Institutional investors and hedge funds own 66.64% of the company’s stock.

About Occidental Petroleum

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, Africa, and Latin America. The company operates through three segments: Oil and Gas, Chemical, and Marketing and Midstream.

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