Sterling Investment Management LLC Lowers Stake in Occidental Petroleum Corporation $OXY

Sterling Investment Management LLC trimmed its stake in Occidental Petroleum Corporation (NYSE:OXY) by 5.7% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 59,375 shares of the oil and gas producer’s stock after selling 3,615 shares during the quarter. Occidental Petroleum comprises 1.7% of Sterling Investment Management LLC’s portfolio, making the stock its 23rd largest position. Sterling Investment Management LLC’s holdings in Occidental Petroleum were worth $2,494,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Brookstone Capital Management grew its holdings in Occidental Petroleum by 34.0% in the second quarter. Brookstone Capital Management now owns 16,968 shares of the oil and gas producer’s stock valued at $713,000 after purchasing an additional 4,301 shares during the period. Gables Capital Management Inc. grew its holdings in Occidental Petroleum by 286.7% in the second quarter. Gables Capital Management Inc. now owns 4,316 shares of the oil and gas producer’s stock valued at $181,000 after purchasing an additional 3,200 shares during the period. Schwartz Investment Counsel Inc. grew its holdings in Occidental Petroleum by 31.1% in the second quarter. Schwartz Investment Counsel Inc. now owns 418,750 shares of the oil and gas producer’s stock valued at $17,592,000 after purchasing an additional 99,320 shares during the period. Liberty One Investment Management LLC grew its holdings in Occidental Petroleum by 21.5% in the second quarter. Liberty One Investment Management LLC now owns 6,908 shares of the oil and gas producer’s stock valued at $290,000 after purchasing an additional 1,223 shares during the period. Finally, Mid American Wealth Advisory Group Inc. purchased a new stake in Occidental Petroleum in the second quarter valued at approximately $55,000. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Occidental Petroleum Trading Down 0.2%

NYSE OXY opened at $40.93 on Wednesday. The company’s fifty day simple moving average is $45.34 and its 200-day simple moving average is $43.37. Occidental Petroleum Corporation has a 52 week low of $34.78 and a 52 week high of $53.20. The company has a current ratio of 1.05, a quick ratio of 0.83 and a debt-to-equity ratio of 0.84. The stock has a market cap of $40.29 billion, a P/E ratio of 24.22 and a beta of 0.95.

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

Occidental Petroleum Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Wednesday, September 10th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend was Wednesday, September 10th. Occidental Petroleum’s payout ratio is presently 56.80%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. boosted their target price on shares of Occidental Petroleum from $49.00 to $50.00 and gave the company a “neutral” rating in a report on Tuesday, October 14th. Wall Street Zen cut shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Occidental Petroleum in a research report on Wednesday, October 8th. Bank of America lifted their price target on shares of Occidental Petroleum from $44.00 to $47.00 and gave the company a “neutral” rating in a research report on Monday, October 6th. Finally, UBS Group reduced their price target on shares of Occidental Petroleum from $46.00 to $45.00 and set a “neutral” rating on the stock in a research report on Friday, October 3rd. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, fifteen have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $52.26.

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.