Sentry Investment Management LLC cut its position in shares of Occidental Petroleum Co. (NYSE:OXY) by 8.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 46,557 shares of the oil and gas producer’s stock after selling 4,106 shares during the period. Sentry Investment Management LLC’s holdings in Occidental Petroleum were worth $3,082,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of OXY. Vanguard Group Inc raised its position in shares of Occidental Petroleum by 2.2% in the 3rd quarter. Vanguard Group Inc now owns 62,477,713 shares of the oil and gas producer’s stock worth $5,133,793,000 after acquiring an additional 1,370,841 shares in the last quarter. Macquarie Group Ltd. raised its position in shares of Occidental Petroleum by 7.9% in the 4th quarter. Macquarie Group Ltd. now owns 10,146,677 shares of the oil and gas producer’s stock worth $622,804,000 after acquiring an additional 744,802 shares in the last quarter. Northern Trust Corp raised its position in shares of Occidental Petroleum by 2.6% in the 4th quarter. Northern Trust Corp now owns 9,890,631 shares of the oil and gas producer’s stock worth $607,087,000 after acquiring an additional 246,720 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Occidental Petroleum by 3.6% in the 4th quarter. Geode Capital Management LLC now owns 9,152,375 shares of the oil and gas producer’s stock worth $560,842,000 after acquiring an additional 316,507 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Occidental Petroleum in the 4th quarter worth $475,929,000. 84.05% of the stock is owned by institutional investors and hedge funds.
OXY has been the subject of several recent research reports. Royal Bank of Canada boosted their price target on Occidental Petroleum to $76.00 in a research report on Tuesday, May 7th. Morgan Stanley set a $72.00 price target on Occidental Petroleum and gave the stock a “buy” rating in a research report on Thursday, February 14th. Mizuho reissued a “buy” rating and issued a $82.00 price target on shares of Occidental Petroleum in a research report on Wednesday, February 13th. Zacks Investment Research raised Occidental Petroleum from a “hold” rating to a “buy” rating and set a $71.00 price target for the company in a research report on Tuesday, April 16th. Finally, ValuEngine raised Occidental Petroleum from a “sell” rating to a “hold” rating in a research report on Wednesday, February 20th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $75.01.
Occidental Petroleum (NYSE:OXY) last announced its earnings results on Sunday, May 5th. The oil and gas producer reported $0.84 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.12. Occidental Petroleum had a return on equity of 17.70% and a net margin of 21.17%. The company had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.02 billion. During the same period in the prior year, the company posted $0.92 EPS. The firm’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, analysts expect that Occidental Petroleum Co. will post 3.89 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, June 10th will be given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 5.84%. The ex-dividend date of this dividend is Friday, June 7th. Occidental Petroleum’s dividend payout ratio is currently 62.28%.
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 and internationally. The company operates through three segments: Oil and Gas, Chemical, 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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