Industrial Alliance Investment Management Inc. Sells 1,470 Shares of Occidental Petroleum Co. (NYSE:OXY)

Industrial Alliance Investment Management Inc. trimmed its holdings in shares of Occidental Petroleum Co. (NYSE:OXY) by 69.0% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 660 shares of the oil and gas producer’s stock after selling 1,470 shares during the period. Industrial Alliance Investment Management Inc.’s holdings in Occidental Petroleum were worth $42,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of OXY. Swedbank AB acquired a new stake in Occidental Petroleum in the first quarter worth $12,547,000. Allspring Global Investments Holdings LLC grew its stake in shares of Occidental Petroleum by 139.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 78,529 shares of the oil and gas producer’s stock valued at $5,104,000 after buying an additional 45,722 shares during the period. Bridgefront Capital LLC bought a new stake in Occidental Petroleum in the 4th quarter valued at about $763,000. Alberta Investment Management Corp raised its stake in Occidental Petroleum by 143.2% during the 4th quarter. Alberta Investment Management Corp now owns 36,475 shares of the oil and gas producer’s stock worth $2,178,000 after buying an additional 21,475 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Occidental Petroleum by 1.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 904,081 shares of the oil and gas producer’s stock worth $58,757,000 after acquiring an additional 8,863 shares in the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

Occidental Petroleum Stock Performance

Shares of Occidental Petroleum stock traded down $0.23 during trading hours on Friday, hitting $56.98. 9,613,670 shares of the company’s stock traded hands, compared to its average volume of 8,303,792. The company has a fifty day simple moving average of $59.88 and a 200-day simple moving average of $62.05. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.04 and a quick ratio of 0.75. The stock has a market capitalization of $50.52 billion, a price-to-earnings ratio of 15.57 and a beta of 1.61. Occidental Petroleum Co. has a 12-month low of $55.04 and a 12-month high of $71.18.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, topping the consensus estimate of $0.77 by $0.26. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The business had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.93 billion. During the same quarter in the previous year, the firm posted $0.68 earnings per share. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. Equities research analysts anticipate that Occidental Petroleum Co. will post 3.7 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 10th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.54%. The ex-dividend date of this dividend is Tuesday, September 10th. Occidental Petroleum’s dividend payout ratio (DPR) is 24.04%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on OXY shares. Stephens reaffirmed an “overweight” rating and set a $76.00 target price on shares of Occidental Petroleum in a research report on Thursday, August 8th. Wolfe Research assumed coverage on shares of Occidental Petroleum in a report on Thursday, July 18th. They set an “outperform” rating and a $81.00 price objective on the stock. Scotiabank decreased their target price on shares of Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Truist Financial dropped their price target on shares of Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating on the stock in a research report on Monday, August 12th. Finally, Wells Fargo & Company decreased their price objective on Occidental Petroleum from $68.00 to $65.00 and set an “equal weight” rating for the company in a report on Friday, August 9th. Ten 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 stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $71.69.

Insiders Place Their Bets

In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the completion of the transaction, the insider now owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, major shareholder Berkshire Hathaway Inc bought 334,461 shares of the company’s stock in a transaction on Monday, June 17th. The shares were purchased at an average price of $59.75 per share, for a total transaction of $19,984,044.75. Following the completion of the transaction, the insider now directly owns 255,281,524 shares in the company, valued at approximately $15,253,071,059. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of Occidental Petroleum stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total value of $697,125,000.00. Following the completion of the transaction, the insider now owns 165,681,578 shares of the company’s stock, valued at $5,923,116,413.50. The disclosure for this sale can be found here. Insiders bought 4,656,747 shares of company stock valued at $278,664,028 over the last ninety days. 0.31% of the stock is currently owned by insiders.

Occidental Petroleum Profile

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.