Carmel Capital Partners LLC Sells 7,899 Shares of Occidental Petroleum Co. (NYSE:OXY)

Carmel Capital Partners LLC lowered its position in Occidental Petroleum Co. (NYSE:OXY) by 23.9% during the 3rd quarter, Holdings Channel reports. The fund owned 25,100 shares of the oil and gas producer’s stock after selling 7,899 shares during the period. Carmel Capital Partners LLC’s holdings in Occidental Petroleum were worth $1,294,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in OXY. Fortitude Family Office LLC lifted its holdings in shares of Occidental Petroleum by 160.0% in the third quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock valued at $25,000 after purchasing an additional 304 shares in the last quarter. New Covenant Trust Company N.A. bought a new position in shares of Occidental Petroleum in the first quarter valued at approximately $44,000. LRI Investments LLC bought a new position in shares of Occidental Petroleum in the first quarter valued at approximately $44,000. Strategic Financial Concepts LLC bought a new position in shares of Occidental Petroleum in the second quarter valued at approximately $53,000. Finally, Exchange Traded Concepts LLC bought a new position in shares of Occidental Petroleum in the third quarter valued at approximately $87,000. Institutional investors own 88.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on OXY. UBS Group dropped their target price on Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating on the stock in a report on Wednesday, September 18th. Bank of America began coverage on Occidental Petroleum in a research report on Thursday, October 17th. They set a “neutral” rating and a $57.00 price target for the company. Susquehanna decreased their price target on Occidental Petroleum from $78.00 to $77.00 and set a “positive” rating for the company in a research report on Friday, October 18th. The Goldman Sachs Group began coverage on Occidental Petroleum in a research report on Wednesday, October 2nd. They set a “neutral” rating and a $55.00 price target for the company. Finally, Barclays decreased their price target on Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $64.78.

Insider Activity

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of Occidental Petroleum stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the completion of the sale, the insider now owns 165,681,578 shares of the company’s stock, valued at approximately $5,923,116,413.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.31% of the stock is owned by company insiders.

Occidental Petroleum Price Performance

Shares of NYSE OXY opened at $50.52 on Friday. The stock has a market cap of $45.75 billion, a PE ratio of 12.44 and a beta of 1.58. Occidental Petroleum Co. has a fifty-two week low of $49.51 and a fifty-two week high of $71.18. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.75 and a current ratio of 1.04. The stock has a fifty day moving average of $52.20 and a 200-day moving average of $58.09.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.26. The company had revenue of $6.88 billion during the quarter, compared to analysts’ expectations of $6.93 billion. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The firm’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.68 earnings per share. Equities research analysts anticipate that Occidental Petroleum Co. will post 3.29 earnings per share for the current year.

Occidental Petroleum Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.74%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 21.67%.

Occidental Petroleum 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.