Occidental Petroleum Co. (NYSE:OXY) Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. reduced its position in Occidental Petroleum Co. (NYSE:OXY) by 12.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 131,735 shares of the oil and gas producer’s stock after selling 19,298 shares during the period. Pinnacle Associates Ltd.’s holdings in Occidental Petroleum were worth $6,790,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. First Trust Direct Indexing L.P. boosted its stake in shares of Occidental Petroleum by 9.9% during the first quarter. First Trust Direct Indexing L.P. now owns 20,755 shares of the oil and gas producer’s stock valued at $1,349,000 after acquiring an additional 1,865 shares during the last quarter. Everett Harris & Co. CA lifted its stake in shares of Occidental Petroleum by 16.7% during the 1st quarter. Everett Harris & Co. CA now owns 5,195 shares of the oil and gas producer’s stock worth $338,000 after purchasing an additional 742 shares during the period. SpiderRock Advisors LLC purchased a new stake in shares of Occidental Petroleum in the first quarter valued at $276,000. J.W. Cole Advisors Inc. lifted its position in Occidental Petroleum by 7.1% during the first quarter. J.W. Cole Advisors Inc. now owns 9,167 shares of the oil and gas producer’s stock worth $596,000 after buying an additional 609 shares during the period. Finally, Lodestone Wealth Management LLC increased its position in Occidental Petroleum by 0.4% during the first quarter. Lodestone Wealth Management LLC now owns 50,256 shares of the oil and gas producer’s stock worth $3,266,000 after purchasing an additional 206 shares during the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

Wall Street Analyst Weigh In

OXY has been the topic of a number of research reports. Scotiabank cut their target price on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Mizuho dropped their price target on shares of Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. Truist Financial cut their target price on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a research report on Monday, September 30th. Stephens restated an “overweight” rating and issued a $76.00 price target on shares of Occidental Petroleum in a research note on Thursday, August 8th. Finally, The Goldman Sachs Group started coverage on shares of Occidental Petroleum in a report on Wednesday, October 2nd. They set a “neutral” rating and a $55.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Occidental Petroleum currently has an average rating of “Hold” and an average target price of $65.72.

Occidental Petroleum Price Performance

Shares of NYSE:OXY opened at $50.18 on Thursday. The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 0.77. The business has a 50 day moving average price of $53.09 and a 200 day moving average price of $58.83. The company has a market cap of $45.44 billion, a price-to-earnings ratio of 12.36 and a beta of 1.57. Occidental Petroleum Co. has a twelve month low of $49.75 and a twelve month high of $71.18.

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

Insider Buying and Selling

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

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.