Davis Selected Advisers cut its holdings in shares of Occidental Petroleum Corporation (NYSE:OXY) by 4.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,232,951 shares of the oil and gas producer’s stock after selling 258,405 shares during the quarter. Occidental Petroleum comprises approximately 1.7% of Davis Selected Advisers’ portfolio, making the stock its 18th biggest holding. Davis Selected Advisers owned approximately 0.81% of Occidental Petroleum worth $400,487,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Cetera Advisor Networks LLC lifted its position in Occidental Petroleum by 10.4% during the third quarter. Cetera Advisor Networks LLC now owns 8,878 shares of the oil and gas producer’s stock worth $570,000 after buying an additional 835 shares during the period. Stonebridge Capital Advisors LLC purchased a new position in Occidental Petroleum during the third quarter worth about $233,000. Griffin Asset Management Inc. purchased a new position in Occidental Petroleum during the third quarter worth about $567,000. Piedmont Investment Advisors LLC lifted its position in Occidental Petroleum by 0.9% during the third quarter. Piedmont Investment Advisors LLC now owns 164,832 shares of the oil and gas producer’s stock worth $10,584,000 after buying an additional 1,518 shares during the period. Finally, California Public Employees Retirement System lifted its position in Occidental Petroleum by 3.3% during the third quarter. California Public Employees Retirement System now owns 2,047,285 shares of the oil and gas producer’s stock worth $131,456,000 after buying an additional 64,533 shares during the period. Hedge funds and other institutional investors own 80.34% of the company’s stock.
OXY has been the topic of a number of research reports. Goldman Sachs Group upgraded Occidental Petroleum from a “neutral” rating to a “buy” rating in a report on Friday, November 17th. Zacks Investment Research downgraded Occidental Petroleum from a “hold” rating to a “sell” rating in a report on Thursday, August 31st. Jefferies Group set a $58.00 price objective on Occidental Petroleum and gave the stock a “hold” rating in a report on Tuesday, August 29th. Bank of America raised their price objective on Occidental Petroleum from $70.00 to $76.00 and gave the stock a “buy” rating in a report on Friday, October 13th. Finally, Barclays raised their price objective on Occidental Petroleum from $38.00 to $40.00 and gave the stock an “underweight” rating in a report on Wednesday, October 11th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $66.07.
Shares of Occidental Petroleum Corporation (NYSE OXY) traded down $0.06 during trading hours on Thursday, hitting $69.97. The company had a trading volume of 3,985,800 shares, compared to its average volume of 4,495,845. The stock has a market cap of $53,540.00, a P/E ratio of 200.09, a P/E/G ratio of 14.10 and a beta of 0.65. The company has a current ratio of 1.11, a quick ratio of 0.95 and a debt-to-equity ratio of 0.45. Occidental Petroleum Corporation has a 1-year low of $57.20 and a 1-year high of $73.51.
Occidental Petroleum (NYSE:OXY) last announced its earnings results on Wednesday, November 1st. The oil and gas producer reported $0.18 EPS for the quarter, beating the consensus estimate of $0.11 by $0.07. The business had revenue of $3 billion for the quarter, compared to the consensus estimate of $3.13 billion. Occidental Petroleum had a return on equity of 1.31% and a net margin of 4.33%. The company’s revenue was up 13.3% on a year-over-year basis. During the same period last year, the business posted ($0.15) EPS. equities research analysts expect that Occidental Petroleum Corporation will post 0.76 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Monday, December 11th will be issued a dividend of $0.77 per share. The ex-dividend date of this dividend is Friday, December 8th. This represents a $3.08 annualized dividend and a dividend yield of 4.40%. Occidental Petroleum’s payout ratio is currently 433.80%.
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Occidental Petroleum 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.
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