Lincoln Capital LLC Reduces Stock Position in Occidental Petroleum Corporation $OXY

Lincoln Capital LLC trimmed its holdings in shares of Occidental Petroleum Corporation (NYSE:OXY) by 49.2% during the 1st quarter, Holdings Channel reports. The institutional investor owned 63,423 shares of the oil and gas producer’s stock after selling 61,397 shares during the quarter. Occidental Petroleum makes up 0.8% of Lincoln Capital LLC’s holdings, making the stock its 29th biggest holding. Lincoln Capital LLC’s holdings in Occidental Petroleum were worth $4,128,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Woodline Partners LP raised its position in Occidental Petroleum by 40.7% during the first quarter. Woodline Partners LP now owns 57,079 shares of the oil and gas producer’s stock valued at $2,817,000 after purchasing an additional 16,506 shares during the period. Marshall Wace LLP bought a new position in shares of Occidental Petroleum during the 2nd quarter valued at approximately $4,584,000. Federated Hermes Inc. increased its position in shares of Occidental Petroleum by 696.7% during the 2nd quarter. Federated Hermes Inc. now owns 23,997 shares of the oil and gas producer’s stock valued at $1,008,000 after purchasing an additional 20,985 shares during the last quarter. Daiwa Securities Group Inc. lifted its position in Occidental Petroleum by 7.4% in the second quarter. Daiwa Securities Group Inc. now owns 105,767 shares of the oil and gas producer’s stock worth $4,443,000 after buying an additional 7,285 shares during the last quarter. Finally, AXA S.A. lifted its position in Occidental Petroleum by 24.3% in the second quarter. AXA S.A. now owns 136,625 shares of the oil and gas producer’s stock worth $5,740,000 after buying an additional 26,741 shares during the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Trading Up 1.1%

OXY stock traded up $0.56 during trading on Friday, hitting $52.87. The company had a trading volume of 6,607,526 shares, compared to its average volume of 9,225,030. The firm has a market capitalization of $52.58 billion, a P/E ratio of 13.32 and a beta of 0.15. Occidental Petroleum Corporation has a 52-week low of $38.80 and a 52-week high of $67.45. The company has a 50 day simple moving average of $55.01 and a 200-day simple moving average of $52.46. The company has a quick ratio of 1.01, a current ratio of 1.21 and a debt-to-equity ratio of 0.49.

Occidental Petroleum (NYSE:OXY) last issued its earnings results on Tuesday, May 5th. The oil and gas producer reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.46. The business had revenue of $5.11 billion for the quarter, compared to the consensus estimate of $5.44 billion. Occidental Petroleum had a net margin of 19.98% and a return on equity of 9.65%. The company’s revenue for the quarter was down 8.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.14 EPS. As a group, research analysts forecast that Occidental Petroleum Corporation will post 5.93 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Wednesday, June 10th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Wednesday, June 10th. This represents a $1.04 annualized dividend and a yield of 2.0%. Occidental Petroleum’s dividend payout ratio is 26.20%.

Wall Street Analyst Weigh In

OXY has been the topic of several recent analyst reports. Evercore raised shares of Occidental Petroleum from an “in-line” rating to an “outperform” rating and set a $65.00 target price on the stock in a research note on Wednesday. Mizuho upped their price target on shares of Occidental Petroleum from $72.00 to $75.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Raymond James Financial increased their price objective on shares of Occidental Petroleum from $64.00 to $75.00 and gave the stock an “outperform” rating in a research report on Monday, May 4th. BMO Capital Markets boosted their target price on Occidental Petroleum from $60.00 to $65.00 and gave the company a “market perform” rating in a research report on Tuesday, April 7th. Finally, Scotiabank upped their target price on Occidental Petroleum from $46.00 to $57.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 22nd. Ten investment analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company. According to data from MarketBeat, Occidental Petroleum has an average rating of “Hold” and an average price target of $64.48.

Insider Buying and Selling

In other news, CEO Richard A. Jackson acquired 4,770 shares of Occidental Petroleum stock in a transaction on Tuesday, June 23rd. The shares were bought at an average cost of $52.38 per share, for a total transaction of $249,852.60. Following the acquisition, the chief executive officer directly owned 444,098 shares of the company’s stock, valued at $23,261,853.24. This trade represents a 1.09% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.50% of the stock is owned by insiders.

Occidental Petroleum Profile

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental’s operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.