Meyer Handelman Co. Trims Holdings in Occidental Petroleum Co. (NYSE:OXY)

Meyer Handelman Co. reduced its stake in shares of Occidental Petroleum Co. (NYSE:OXYGet Rating) by 4.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,632 shares of the oil and gas producer’s stock after selling 2,300 shares during the period. Meyer Handelman Co.’s holdings in Occidental Petroleum were worth $2,863,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Lazard Asset Management LLC raised its holdings in Occidental Petroleum by 1.5% in the first quarter. Lazard Asset Management LLC now owns 11,920 shares of the oil and gas producer’s stock valued at $676,000 after buying an additional 180 shares during the period. Lincoln National Corp raised its holdings in Occidental Petroleum by 3.0% in the first quarter. Lincoln National Corp now owns 7,571 shares of the oil and gas producer’s stock valued at $430,000 after buying an additional 222 shares during the period. IndexIQ Advisors LLC grew its position in Occidental Petroleum by 5.7% in the first quarter. IndexIQ Advisors LLC now owns 4,180 shares of the oil and gas producer’s stock valued at $237,000 after acquiring an additional 224 shares in the last quarter. Quadrant Capital Group LLC grew its position in Occidental Petroleum by 5.5% in the first quarter. Quadrant Capital Group LLC now owns 4,728 shares of the oil and gas producer’s stock valued at $268,000 after acquiring an additional 245 shares in the last quarter. Finally, Lido Advisors LLC grew its position in Occidental Petroleum by 2.6% in the first quarter. Lido Advisors LLC now owns 9,937 shares of the oil and gas producer’s stock valued at $563,000 after acquiring an additional 250 shares in the last quarter. 78.83% of the stock is currently owned by hedge funds and other institutional investors.

Occidental Petroleum Stock Performance

Occidental Petroleum stock traded down $3.11 during trading hours on Friday, reaching $58.77. 855,394 shares of the company were exchanged, compared to its average volume of 23,702,980. The firm has a market cap of $55.08 billion, a price-to-earnings ratio of 5.75, a PEG ratio of 0.37 and a beta of 1.83. The company has a current ratio of 1.07, a quick ratio of 0.91 and a debt-to-equity ratio of 1.20. The stock has a 50-day moving average of $65.44 and a 200 day moving average of $62.08. Occidental Petroleum Co. has a 12 month low of $26.05 and a 12 month high of $77.13.

Occidental Petroleum (NYSE:OXYGet Rating) last announced its earnings results on Tuesday, August 2nd. The oil and gas producer reported $3.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.93 by $0.23. Occidental Petroleum had a return on equity of 60.25% and a net margin of 32.25%. The firm had revenue of $10.74 billion during the quarter, compared to analysts’ expectations of $9.74 billion. During the same quarter in the prior year, the business earned $0.32 earnings per share. As a group, research analysts anticipate that Occidental Petroleum Co. will post 11.01 earnings per share for the current year.

Occidental Petroleum Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Monday, September 12th will be given a $0.13 dividend. The ex-dividend date is Friday, September 9th. This represents a $0.52 annualized dividend and a dividend yield of 0.88%. Occidental Petroleum’s dividend payout ratio is 5.13%.

Insider Activity at Occidental Petroleum

In related news, major shareholder Petroleum Corp /De/ Occidental sold 10,000,000 shares of the company’s stock in a transaction on Thursday, July 21st. The stock was sold at an average price of $25.25, for a total value of $252,500,000.00. Following the completion of the transaction, the insider now directly owns 190,281,578 shares in the company, valued at $4,804,609,844.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Occidental Petroleum news, major shareholder Petroleum Corp /De/ Occidental sold 10,000,000 shares of the stock in a transaction on Thursday, July 21st. The stock was sold at an average price of $25.25, for a total transaction of $252,500,000.00. Following the completion of the transaction, the insider now directly owns 190,281,578 shares in the company, valued at $4,804,609,844.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Berkshire Hathaway Inc acquired 538,020 shares of the company’s stock in a transaction on Monday, August 8th. The shares were bought at an average price of $59.67 per share, with a total value of $32,103,653.40. Following the completion of the purchase, the insider now directly owns 188,366,460 shares of the company’s stock, valued at $11,239,826,668.20. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 23,166,303 shares of company stock worth $1,354,436,524. 0.31% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on OXY shares. Citigroup downgraded shares of Occidental Petroleum from a “buy” rating to a “neutral” rating and increased their price objective for the company from $65.00 to $67.00 in a research report on Monday, September 12th. Tudor Pickering downgraded shares of Occidental Petroleum from a “buy” rating to a “hold” rating in a research report on Friday, August 19th. The Goldman Sachs Group downgraded shares of Occidental Petroleum from a “buy” rating to a “neutral” rating and set a $70.00 price target for the company. in a research report on Monday, July 11th. MKM Partners restated a “neutral” rating and set a $65.00 price objective on shares of Occidental Petroleum in a research note on Wednesday, July 20th. Finally, Morgan Stanley raised their price objective on Occidental Petroleum from $70.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Tuesday, September 6th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $71.74.

About Occidental Petroleum

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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, Africa, and Latin America. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing.

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Institutional Ownership by Quarter for Occidental Petroleum (NYSE:OXY)

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