Sterling Investment Management LLC Sells 1,060 Shares of Occidental Petroleum Co. (NYSE:OXY)

Sterling Investment Management LLC reduced its position in shares of Occidental Petroleum Co. (NYSE:OXY) by 1.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 62,990 shares of the oil and gas producer’s stock after selling 1,060 shares during the period. Occidental Petroleum makes up about 2.2% of Sterling Investment Management LLC’s portfolio, making the stock its 14th biggest holding. Sterling Investment Management LLC’s holdings in Occidental Petroleum were worth $3,109,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Kestra Private Wealth Services LLC raised its holdings in Occidental Petroleum by 62.3% in the 4th quarter. Kestra Private Wealth Services LLC now owns 16,180 shares of the oil and gas producer’s stock valued at $799,000 after acquiring an additional 6,212 shares in the last quarter. Savant Capital LLC raised its holdings in shares of Occidental Petroleum by 3.6% during the 4th quarter. Savant Capital LLC now owns 24,407 shares of the oil and gas producer’s stock worth $1,206,000 after buying an additional 840 shares in the last quarter. Stonebridge Financial Group LLC acquired a new position in shares of Occidental Petroleum during the 4th quarter worth $75,000. Portfolio Design Labs LLC acquired a new position in shares of Occidental Petroleum during the 4th quarter worth $209,000. Finally, Avestar Capital LLC acquired a new position in shares of Occidental Petroleum during the 4th quarter worth $225,000. 88.70% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on OXY shares. Piper Sandler lowered their price target on Occidental Petroleum from $50.00 to $48.00 and set a “neutral” rating for the company in a report on Tuesday, April 22nd. Morgan Stanley set a $58.00 target price on Occidental Petroleum and gave the stock an “overweight” rating in a report on Wednesday, March 26th. Wall Street Zen lowered Occidental Petroleum from a “hold” rating to a “sell” rating in a research report on Thursday, February 27th. Stephens reduced their price target on Occidental Petroleum from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 15th. Finally, Susquehanna reduced their price target on Occidental Petroleum from $59.00 to $55.00 and set a “positive” rating on the stock in a research report on Tuesday, April 22nd. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $53.14.

Occidental Petroleum Price Performance

Shares of NYSE OXY opened at $44.84 on Thursday. The stock has a fifty day simple moving average of $40.72 and a two-hundred day simple moving average of $45.92. Occidental Petroleum Co. has a 1-year low of $34.79 and a 1-year high of $64.76. The firm has a market cap of $44.13 billion, a price-to-earnings ratio of 18.38 and a beta of 0.87. The company has a current ratio of 0.95, a quick ratio of 0.76 and a debt-to-equity ratio of 0.95.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings results on Wednesday, May 7th. The oil and gas producer reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.13. The firm had revenue of $6.80 billion during the quarter, compared to analyst estimates of $6.97 billion. Occidental Petroleum had a return on equity of 16.33% and a net margin of 11.37%. The business’s revenue for the quarter was up 13.9% on a year-over-year basis. During the same period last year, the company earned $0.63 earnings per share. Analysts anticipate that Occidental Petroleum Co. will post 3.58 earnings per share for the current year.

Occidental Petroleum Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, June 10th will be given a dividend of $0.24 per share. The ex-dividend date is Tuesday, June 10th. This represents a $0.96 dividend on an annualized basis and a yield of 2.14%. Occidental Petroleum’s payout ratio is 39.02%.

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.