Truist Financial Corp Reduces Stake in Occidental Petroleum Co. (NYSE:OXY)

Truist Financial Corp lowered its holdings in Occidental Petroleum Co. (NYSE:OXY) by 17.0% during the fourth quarter, HoldingsChannel reports. The fund owned 93,323 shares of the oil and gas producer’s stock after selling 19,159 shares during the period. Truist Financial Corp’s holdings in Occidental Petroleum were worth $5,572,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Occidental Petroleum during the 3rd quarter worth approximately $26,000. Orion Capital Management LLC purchased a new position in Occidental Petroleum during the 3rd quarter worth approximately $27,000. TLW Wealth Management LLC purchased a new position in Occidental Petroleum during the 4th quarter worth approximately $28,000. Grove Bank & Trust grew its stake in Occidental Petroleum by 86.0% during the 4th quarter. Grove Bank & Trust now owns 519 shares of the oil and gas producer’s stock worth $31,000 after buying an additional 240 shares during the last quarter. Finally, Criterion Capital Advisors LLC purchased a new position in Occidental Petroleum during the 4th quarter worth approximately $34,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Mizuho raised their price target on Occidental Petroleum from $69.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. Wells Fargo & Company increased their price objective on Occidental Petroleum from $62.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 11th. Scotiabank raised Occidental Petroleum from a “sector perform” rating to a “sector outperform” rating and increased their price objective for the stock from $63.00 to $90.00 in a research report on Thursday, April 11th. Susquehanna increased their price objective on Occidental Petroleum from $70.00 to $81.00 and gave the stock a “positive” rating in a research report on Monday, April 22nd. Finally, Stephens reaffirmed an “overweight” rating and set a $74.00 price objective on shares of Occidental Petroleum in a research report on Thursday, February 15th. Nine equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Occidental Petroleum presently has a consensus rating of “Hold” and a consensus target price of $71.94.

Occidental Petroleum Stock Down 0.4 %

OXY opened at $64.39 on Friday. The business has a 50 day simple moving average of $64.80 and a 200-day simple moving average of $61.42. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.92 and a quick ratio of 0.69. The stock has a market capitalization of $57.08 billion, a P/E ratio of 16.47 and a beta of 1.64. Occidental Petroleum Co. has a 12 month low of $55.12 and a 12 month high of $71.18.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Thursday, February 15th. The oil and gas producer reported $0.74 EPS for the quarter, hitting analysts’ consensus estimates of $0.74. The company had revenue of $7.53 billion for the quarter, compared to the consensus estimate of $6.93 billion. Occidental Petroleum had a return on equity of 20.63% and a net margin of 16.24%. Occidental Petroleum’s quarterly revenue was down 9.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.61 earnings per share. On average, equities analysts anticipate that Occidental Petroleum Co. will post 3.81 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

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 paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.88 annualized dividend and a yield of 1.37%. Occidental Petroleum’s payout ratio is currently 22.51%.

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.