Cove Street Capital LLC Has $659,000 Position in Occidental Petroleum Corporation $OXY

Cove Street Capital LLC lowered its stake in Occidental Petroleum Corporation (NYSE:OXY) by 36.4% in the first quarter, HoldingsChannel.com reports. The firm owned 13,345 shares of the oil and gas producer’s stock after selling 7,624 shares during the quarter. Cove Street Capital LLC’s holdings in Occidental Petroleum were worth $659,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Alliancebernstein L.P. boosted its stake in Occidental Petroleum by 5.1% in the first quarter. Alliancebernstein L.P. now owns 835,657 shares of the oil and gas producer’s stock valued at $41,248,000 after acquiring an additional 40,310 shares during the last quarter. Banque Transatlantique SA bought a new position in Occidental Petroleum in the first quarter valued at approximately $385,000. AQR Capital Management LLC boosted its stake in Occidental Petroleum by 172.5% in the first quarter. AQR Capital Management LLC now owns 773,679 shares of the oil and gas producer’s stock valued at $38,181,000 after acquiring an additional 489,767 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in Occidental Petroleum by 49.1% in the first quarter. Advisors Asset Management Inc. now owns 77,703 shares of the oil and gas producer’s stock valued at $3,835,000 after acquiring an additional 25,576 shares during the last quarter. Finally, Amundi boosted its stake in Occidental Petroleum by 13.5% in the first quarter. Amundi now owns 2,692,649 shares of the oil and gas producer’s stock valued at $132,909,000 after acquiring an additional 319,430 shares during the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on OXY shares. Melius started coverage on shares of Occidental Petroleum in a research note on Wednesday, August 20th. They issued a “hold” rating and a $64.00 price objective on the stock. Wells Fargo & Company reduced their price objective on shares of Occidental Petroleum from $47.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 15th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $52.00 price objective on shares of Occidental Petroleum in a research note on Monday, August 18th. Mizuho reduced their price objective on shares of Occidental Petroleum from $60.00 to $58.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 13th. Finally, Piper Sandler lifted their price target on shares of Occidental Petroleum from $48.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, July 17th. Four equities research analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $54.65.

Occidental Petroleum Trading Down 3.6%

Shares of NYSE OXY opened at $46.33 on Thursday. The company’s fifty day moving average is $44.56 and its 200-day moving average is $44.05. The stock has a market cap of $45.61 billion, a price-to-earnings ratio of 27.42 and a beta of 1.04. Occidental Petroleum Corporation has a twelve month low of $34.78 and a twelve month high of $56.49. The company has a quick ratio of 0.83, a current ratio of 1.05 and a debt-to-equity ratio of 0.84.

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

Occidental Petroleum Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, September 10th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Wednesday, September 10th. Occidental Petroleum’s payout ratio is currently 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.