Occidental Petroleum Corporation $OXY Shares Sold by Korea Investment CORP

Korea Investment CORP cut its holdings in shares of Occidental Petroleum Corporation (NYSE:OXY) by 63.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 164,303 shares of the oil and gas producer’s stock after selling 285,680 shares during the period. Korea Investment CORP’s holdings in Occidental Petroleum were worth $6,902,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Sumitomo Mitsui Financial Group Inc. acquired a new position in Occidental Petroleum during the 2nd quarter valued at about $51,000. Elgethun Capital Management purchased a new stake in shares of Occidental Petroleum during the second quarter worth about $5,431,000. Quadrant Capital Group LLC increased its holdings in shares of Occidental Petroleum by 141.9% during the second quarter. Quadrant Capital Group LLC now owns 23,969 shares of the oil and gas producer’s stock valued at $1,007,000 after acquiring an additional 14,061 shares in the last quarter. Choreo LLC raised its position in shares of Occidental Petroleum by 35.0% in the 2nd quarter. Choreo LLC now owns 59,969 shares of the oil and gas producer’s stock valued at $2,533,000 after purchasing an additional 15,536 shares during the last quarter. Finally, J.W. Cole Advisors Inc. boosted its stake in Occidental Petroleum by 32.1% in the 2nd quarter. J.W. Cole Advisors Inc. now owns 14,600 shares of the oil and gas producer’s stock worth $613,000 after purchasing an additional 3,547 shares in the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

Occidental Petroleum Price Performance

NYSE:OXY opened at $42.32 on Tuesday. The company has a 50 day moving average price of $42.74 and a 200-day moving average price of $43.75. Occidental Petroleum Corporation has a 1-year low of $34.78 and a 1-year high of $53.20. The firm has a market cap of $41.69 billion, a price-to-earnings ratio of 25.04 and a beta of 0.91. 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 posted its earnings results on Monday, November 10th. The oil and gas producer reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.16. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%.The firm had revenue of $6.62 billion for the quarter, compared to analysts’ expectations of $6.66 billion. During the same period last year, the firm earned $1.00 EPS. The company’s quarterly revenue was down 6.1% on a year-over-year basis. Equities research analysts forecast that Occidental Petroleum Corporation will post 3.58 EPS for the current year.

Occidental Petroleum Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 10th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Wednesday, December 10th. Occidental Petroleum’s dividend payout ratio (DPR) is 70.59%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Raymond James Financial reaffirmed an “outperform” rating and issued a $50.00 price target on shares of Occidental Petroleum in a report on Tuesday, November 25th. Roth Capital raised their target price on Occidental Petroleum from $45.00 to $46.00 and gave the stock a “neutral” rating in a research note on Thursday, October 2nd. Wells Fargo & Company lowered their price target on Occidental Petroleum from $42.00 to $40.00 and set an “underweight” rating for the company in a research report on Wednesday, November 12th. Bank of America increased their price objective on Occidental Petroleum from $44.00 to $47.00 and gave the company a “neutral” rating in a report on Monday, October 6th. Finally, HSBC decreased their target price on Occidental Petroleum from $55.00 to $54.00 and set a “buy” rating for the company in a report on Wednesday, November 12th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, fourteen have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $50.52.

About Occidental Petroleum

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.