KLP Kapitalforvaltning AS Sells 6,600 Shares of Occidental Petroleum Corporation $OXY

KLP Kapitalforvaltning AS cut its holdings in shares of Occidental Petroleum Corporation (NYSE:OXY) by 3.7% during the second quarter, Holdings Channel.com reports. The fund owned 171,350 shares of the oil and gas producer’s stock after selling 6,600 shares during the period. KLP Kapitalforvaltning AS’s holdings in Occidental Petroleum were worth $7,233,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Grove Bank & Trust increased its holdings in shares of Occidental Petroleum by 129.2% in the first quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer’s stock worth $36,000 after purchasing an additional 407 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of Occidental Petroleum in the first quarter worth about $39,000. Spectrum Wealth Counsel LLC increased its holdings in shares of Occidental Petroleum by 5,000.0% in the first quarter. Spectrum Wealth Counsel LLC now owns 1,020 shares of the oil and gas producer’s stock worth $50,000 after purchasing an additional 1,000 shares during the last quarter. Ransom Advisory Ltd bought a new stake in shares of Occidental Petroleum in the first quarter worth about $54,000. Finally, Trifecta Capital Advisors LLC increased its holdings in shares of Occidental Petroleum by 4,393.9% in the first quarter. Trifecta Capital Advisors LLC now owns 1,483 shares of the oil and gas producer’s stock worth $73,000 after purchasing an additional 1,450 shares during the last quarter. 88.70% of the stock is owned by institutional investors.

Analysts Set New Price Targets

OXY has been the topic of several research reports. JPMorgan Chase & Co. lifted their target price on Occidental Petroleum from $47.00 to $48.00 and gave the stock a “neutral” rating in a report on Tuesday, July 15th. Melius Research initiated coverage on Occidental Petroleum in a report on Wednesday, August 20th. They issued a “hold” rating and a $64.00 target price on the stock. Mizuho upgraded Occidental Petroleum from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $58.00 to $60.00 in a research report on Friday, October 3rd. Weiss Ratings reiterated a “hold (c-)” rating on shares of Occidental Petroleum in a research report on Wednesday. Finally, Melius initiated coverage on Occidental Petroleum in a research report on Wednesday, August 20th. They issued a “hold” rating and a $64.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, sixteen have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $52.52.

Occidental Petroleum Stock Down 1.2%

Shares of NYSE:OXY opened at $44.50 on Friday. Occidental Petroleum Corporation has a 1 year low of $34.78 and a 1 year high of $55.24. The business has a 50 day simple moving average of $45.64 and a two-hundred day simple moving average of $43.74. The firm has a market capitalization of $43.80 billion, a PE ratio of 26.33 and a beta of 0.95. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.05 and a quick ratio of 0.83.

Occidental Petroleum (NYSE:OXY) last announced its earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%.The business had revenue of $6.41 billion during the quarter, compared to analyst estimates of $6.29 billion. During the same quarter in the previous year, the business earned $1.03 earnings per share. The company’s revenue for the quarter was down 6.1% compared to the same quarter last year. On average, equities analysts predict that Occidental Petroleum Corporation will post 3.58 EPS for the current year.

Occidental Petroleum Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, September 10th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Wednesday, September 10th. Occidental Petroleum’s payout ratio is 56.80%.

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.