OVERSEA CHINESE BANKING Corp Ltd Sells 3,028 Shares of Occidental Petroleum Co. (NYSE:OXY)

OVERSEA CHINESE BANKING Corp Ltd reduced its stake in Occidental Petroleum Co. (NYSE:OXY) by 35.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,419 shares of the oil and gas producer’s stock after selling 3,028 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Occidental Petroleum were worth $270,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in OXY. WealthPlan Investment Management LLC bought a new stake in shares of Occidental Petroleum during the third quarter valued at about $1,223,000. Entropy Technologies LP increased its holdings in Occidental Petroleum by 5.1% during the 3rd quarter. Entropy Technologies LP now owns 92,504 shares of the oil and gas producer’s stock worth $4,768,000 after acquiring an additional 4,501 shares during the period. Jeppson Wealth Management LLC lifted its stake in Occidental Petroleum by 3.3% in the 3rd quarter. Jeppson Wealth Management LLC now owns 46,238 shares of the oil and gas producer’s stock worth $2,383,000 after purchasing an additional 1,469 shares in the last quarter. Venturi Wealth Management LLC grew its position in shares of Occidental Petroleum by 16.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,920 shares of the oil and gas producer’s stock valued at $99,000 after purchasing an additional 278 shares in the last quarter. Finally, Kennebec Savings Bank bought a new position in shares of Occidental Petroleum in the third quarter worth $93,000. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on OXY. Wells Fargo & Company dropped their price objective on Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating for the company in a research note on Friday, September 27th. Barclays cut their price objective on Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Stephens raised their target price on shares of Occidental Petroleum from $70.00 to $71.00 and gave the company an “overweight” rating in a research note on Wednesday. Susquehanna decreased their price target on shares of Occidental Petroleum from $78.00 to $77.00 and set a “positive” rating on the stock in a report on Friday, October 18th. Finally, Bank of America started coverage on shares of Occidental Petroleum in a report on Thursday, October 17th. They set a “neutral” rating and a $57.00 price objective for the company. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Occidental Petroleum has an average rating of “Hold” and a consensus price target of $64.30.

Occidental Petroleum Price Performance

OXY opened at $51.12 on Thursday. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.04 and a quick ratio of 0.75. Occidental Petroleum Co. has a 1 year low of $48.42 and a 1 year high of $71.18. The stock’s 50 day simple moving average is $51.97 and its 200 day simple moving average is $57.72. The firm has a market cap of $46.30 billion, a price-to-earnings ratio of 13.31 and a beta of 1.58.

Occidental Petroleum Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.72%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum’s payout ratio is 22.92%.

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.