Traynor Capital Management Inc. Sells 2,294 Shares of Occidental Petroleum Co. (NYSE:OXY)

Traynor Capital Management Inc. trimmed its stake in Occidental Petroleum Co. (NYSE:OXY) by 28.7% during the 3rd quarter, HoldingsChannel reports. The fund owned 5,706 shares of the oil and gas producer’s stock after selling 2,294 shares during the quarter. Traynor Capital Management Inc.’s holdings in Occidental Petroleum were worth $294,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. CapWealth Advisors LLC raised its holdings in Occidental Petroleum by 2.7% in the 1st quarter. CapWealth Advisors LLC now owns 6,105 shares of the oil and gas producer’s stock worth $397,000 after acquiring an additional 162 shares during the last quarter. Meeder Advisory Services Inc. raised its stake in shares of Occidental Petroleum by 2.0% in the first quarter. Meeder Advisory Services Inc. now owns 8,503 shares of the oil and gas producer’s stock worth $553,000 after purchasing an additional 164 shares during the last quarter. Earnest Partners LLC lifted its holdings in shares of Occidental Petroleum by 2.6% during the first quarter. Earnest Partners LLC now owns 6,850 shares of the oil and gas producer’s stock valued at $445,000 after purchasing an additional 173 shares in the last quarter. Proficio Capital Partners LLC boosted its position in shares of Occidental Petroleum by 0.8% during the first quarter. Proficio Capital Partners LLC now owns 20,911 shares of the oil and gas producer’s stock valued at $1,359,000 after buying an additional 175 shares during the last quarter. Finally, Commerzbank Aktiengesellschaft FI increased its holdings in Occidental Petroleum by 2.0% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 9,088 shares of the oil and gas producer’s stock worth $573,000 after buying an additional 175 shares in the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

Occidental Petroleum Trading Down 1.1 %

OXY stock opened at $50.08 on Wednesday. Occidental Petroleum Co. has a 1-year low of $49.75 and a 1-year high of $71.18. The business has a 50 day simple moving average of $53.21 and a two-hundred day simple moving average of $58.89. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.04 and a quick ratio of 0.75. The company has a market capitalization of $45.35 billion, a price-to-earnings ratio of 12.33 and a beta of 1.57.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.26. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The company had revenue of $6.88 billion during the quarter, compared to analyst estimates of $6.93 billion. During the same period in the prior year, the company earned $0.68 earnings per share. The firm’s revenue was up 2.2% on a year-over-year basis. Research analysts anticipate that Occidental Petroleum Co. will post 3.31 EPS for the current fiscal year.

Insider Activity at Occidental Petroleum

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the company’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the sale, the insider now owns 165,681,578 shares of the company’s stock, valued at $5,923,116,413.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.48% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on OXY. Evercore ISI dropped their price target on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a report on Monday, September 30th. Mizuho dropped their target price on shares of Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. Scotiabank cut their target price on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. BMO Capital Markets lowered their price target on Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating on the stock in a report on Friday, October 4th. Finally, The Goldman Sachs Group started coverage on Occidental Petroleum in a report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Occidental Petroleum has an average rating of “Hold” and a consensus price target of $65.72.

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, 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.