Occidental Petroleum Co. (NYSE:OXY) is Sterling Investment Management LLC’s 10th Largest Position

Sterling Investment Management LLC trimmed its holdings in Occidental Petroleum Co. (NYSE:OXY) by 6.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 65,149 shares of the oil and gas producer’s stock after selling 4,495 shares during the quarter. Occidental Petroleum comprises approximately 2.5% of Sterling Investment Management LLC’s portfolio, making the stock its 10th largest holding. Sterling Investment Management LLC’s holdings in Occidental Petroleum were worth $3,358,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Ballentine Partners LLC purchased a new stake in shares of Occidental Petroleum in the first quarter valued at about $216,000. Global Assets Advisory LLC acquired a new position in Occidental Petroleum in the 1st quarter valued at about $1,527,000. Riverview Trust Co acquired a new stake in shares of Occidental Petroleum during the 1st quarter worth approximately $63,000. Kingswood Wealth Advisors LLC raised its position in shares of Occidental Petroleum by 70.2% during the 1st quarter. Kingswood Wealth Advisors LLC now owns 25,200 shares of the oil and gas producer’s stock valued at $1,638,000 after buying an additional 10,394 shares during the period. Finally, Chemistry Wealth Management LLC lifted its holdings in Occidental Petroleum by 34.0% in the first quarter. Chemistry Wealth Management LLC now owns 29,651 shares of the oil and gas producer’s stock valued at $1,927,000 after acquiring an additional 7,524 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 165,681,578 shares of the company’s stock, valued at approximately $5,923,116,413.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.31% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on OXY shares. Stephens reissued an “overweight” rating and set a $76.00 target price on shares of Occidental Petroleum in a research note on Thursday, August 8th. Wells Fargo & Company dropped their price objective on shares of Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating for the company in a report on Friday, September 27th. UBS Group reduced their target price on shares of Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating on the stock in a report on Wednesday, September 18th. Scotiabank dropped their price target on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Finally, Bank of America initiated coverage on Occidental Petroleum in a research note on Thursday. They issued a “neutral” rating and a $57.00 price objective on the stock. Two 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 a consensus rating of “Hold” and a consensus price target of $65.72.

Occidental Petroleum Stock Performance

Shares of OXY opened at $51.66 on Monday. The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 0.77. Occidental Petroleum Co. has a 52-week low of $49.75 and a 52-week high of $71.18. The stock has a 50 day moving average price of $54.08 and a 200 day moving average price of $59.75. The company has a market capitalization of $45.80 billion, a price-to-earnings ratio of 14.11 and a beta of 1.57.

Occidental Petroleum (NYSE:OXY) last posted its 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 net margin of 16.62% and a return on equity of 17.91%. The firm had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.93 billion. During the same period last year, the firm posted $0.68 EPS. The company’s revenue was up 2.2% on a year-over-year basis. Research analysts predict that Occidental Petroleum Co. will post 3.48 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Tuesday, September 10th were given a $0.22 dividend. The ex-dividend date was Tuesday, September 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.70%. Occidental Petroleum’s dividend payout ratio (DPR) is presently 24.04%.

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.