Formidable Asset Management LLC cut its stake in shares of Occidental Petroleum Corporation (NYSE:OXY) by 11.4% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 3,893 shares of the oil and gas producer’s stock after selling 499 shares during the period. Formidable Asset Management LLC’s holdings in Occidental Petroleum Corporation were worth $236,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. American Century Companies Inc. raised its position in shares of Occidental Petroleum Corporation by 11.4% in the first quarter. American Century Companies Inc. now owns 9,135,714 shares of the oil and gas producer’s stock valued at $578,839,000 after buying an additional 936,625 shares in the last quarter. Swiss National Bank raised its position in shares of Occidental Petroleum Corporation by 25.6% in the first quarter. Swiss National Bank now owns 2,907,043 shares of the oil and gas producer’s stock valued at $184,190,000 after buying an additional 592,000 shares in the last quarter. Sound Shore Management Inc. CT raised its position in shares of Occidental Petroleum Corporation by 22.5% in the first quarter. Sound Shore Management Inc. CT now owns 3,216,111 shares of the oil and gas producer’s stock valued at $203,773,000 after buying an additional 591,638 shares in the last quarter. Flossbach Von Storch AG raised its position in shares of Occidental Petroleum Corporation by 274.0% in the first quarter. Flossbach Von Storch AG now owns 631,200 shares of the oil and gas producer’s stock valued at $39,993,000 after buying an additional 462,440 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Occidental Petroleum Corporation by 2.7% in the first quarter. Bank of New York Mellon Corp now owns 13,615,738 shares of the oil and gas producer’s stock valued at $862,693,000 after buying an additional 360,721 shares in the last quarter. Institutional investors and hedge funds own 81.50% of the company’s stock.
Occidental Petroleum Corporation (OXY) opened at 60.03 on Friday. The stock has a 50 day moving average price of $60.12 and a 200 day moving average price of $63.46. The stock’s market cap is $45.90 billion. Occidental Petroleum Corporation has a 52-week low of $57.20 and a 52-week high of $78.48.
Occidental Petroleum Corporation (NYSE:OXY) last issued its quarterly earnings data on Thursday, May 4th. The oil and gas producer reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.01. Occidental Petroleum Corporation had a negative return on equity of 1.04% and a negative net margin of 4.82%. The company had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $2.96 billion. During the same quarter last year, the company earned ($0.47) earnings per share. The firm’s revenue for the quarter was up 30.6% compared to the same quarter last year. Analysts expect that Occidental Petroleum Corporation will post $0.65 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, September 11th will be given a dividend of $0.77 per share. The ex-dividend date of this dividend is Friday, September 8th. This represents a $3.08 dividend on an annualized basis and a yield of 5.13%. This is an increase from Occidental Petroleum Corporation’s previous quarterly dividend of $0.76. Occidental Petroleum Corporation’s dividend payout ratio (DPR) is presently -428.17%.
TRADEMARK VIOLATION NOTICE: “Occidental Petroleum Corporation (NYSE:OXY) Position Reduced by Formidable Asset Management LLC” was reported by StockNewsTimes and is the sole property of of StockNewsTimes. If you are viewing this news story on another website, it was stolen and reposted in violation of US & international copyright and trademark legislation. The legal version of this news story can be accessed at https://stocknewstimes.com/2017/07/22/occidental-petroleum-corporation-nyseoxy-position-reduced-by-formidable-asset-management-llc.html.
Several brokerages have commented on OXY. BMO Capital Markets lowered their price objective on Occidental Petroleum Corporation from $60.00 to $55.00 and set a “market perform” rating for the company in a research report on Friday, July 14th. Wolfe Research raised Occidental Petroleum Corporation from a “market perform” rating to an “outperform” rating in a research report on Monday, July 17th. Cowen and Company set a $75.00 price objective on Occidental Petroleum Corporation and gave the company a “buy” rating in a research report on Wednesday. Scotiabank reissued a “hold” rating and set a $60.00 price objective on shares of Occidental Petroleum Corporation in a research report on Friday, June 30th. Finally, Citigroup Inc. lowered Occidental Petroleum Corporation from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $60.52 to $58.00 in a research report on Friday. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $68.51.
In related news, Director Stephen I. Chazen sold 4,000 shares of the firm’s stock in a transaction dated Thursday, May 4th. The stock was sold at an average price of $59.47, for a total transaction of $237,880.00. Following the sale, the director now owns 1,464,619 shares of the company’s stock, valued at $87,100,891.93. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Cedric W. Burgher acquired 1,700 shares of the company’s stock in a transaction that occurred on Wednesday, June 7th. The shares were bought at an average cost of $59.85 per share, for a total transaction of $101,745.00. Following the transaction, the chief financial officer now owns 44,124 shares of the company’s stock, valued at $2,640,821.40. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 12,000 shares of company stock worth $727,080. 0.32% of the stock is owned by corporate insiders.
Occidental Petroleum Corporation Company Profile
Occidental Petroleum Corporation (Occidental) is an oil and gas exploration and production company. The Company operates through three segments: oil and gas, chemical (OxyChem), and midstream and marketing. The oil and gas segment explores for, develops and produces oil and condensate, natural gas liquids (NGLs) and natural gas.
Want to see what other hedge funds are holding OXY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Occidental Petroleum Corporation (NYSE:OXY).
Receive News & Ratings for Occidental Petroleum Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Occidental Petroleum Corporation and related companies with MarketBeat.com's FREE daily email newsletter.
