Perennial Investment Advisors LLC Sells 306 Shares of Occidental Petroleum Co. (NYSE:OXY)

Perennial Investment Advisors LLC decreased its stake in shares of Occidental Petroleum Co. (NYSE:OXY) by 7.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,891 shares of the oil and gas producer’s stock after selling 306 shares during the quarter. Perennial Investment Advisors LLC’s holdings in Occidental Petroleum were worth $245,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in OXY. Investment Research & Advisory Group Inc. boosted its holdings in shares of Occidental Petroleum by 75.2% in the first quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock valued at $25,000 after purchasing an additional 167 shares during the period. LifeSteps Financial Inc. purchased a new stake in shares of Occidental Petroleum in the 1st quarter worth $34,000. Able Wealth Management LLC bought a new position in shares of Occidental Petroleum during the 4th quarter worth $38,000. New Covenant Trust Company N.A. purchased a new position in shares of Occidental Petroleum during the first quarter valued at $44,000. Finally, LRI Investments LLC bought a new stake in shares of Occidental Petroleum in the first quarter valued at about $44,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total value of $697,125,000.00. Following the sale, the insider now owns 165,681,578 shares in the company, valued at $5,923,116,413.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.31% of the company’s stock.

Occidental Petroleum Stock Performance

OXY opened at $52.08 on Wednesday. The company has a market cap of $47.16 billion, a P/E ratio of 14.23 and a beta of 1.58. The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 0.77. The firm’s 50-day moving average price is $57.48 and its 200-day moving average price is $61.45. Occidental Petroleum Co. has a 52-week low of $49.90 and a 52-week high of $71.18.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.26. The business had revenue of $6.88 billion during the quarter, compared to analysts’ expectations of $6.93 billion. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The business’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the company posted $0.68 earnings per share. As a group, equities analysts anticipate that Occidental Petroleum Co. will post 3.71 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 10th will be paid a dividend of $0.22 per share. The ex-dividend date is Tuesday, September 10th. This represents a $0.88 annualized dividend and a yield of 1.69%. Occidental Petroleum’s payout ratio is presently 24.04%.

Wall Street Analyst Weigh In

A number of research firms have commented on OXY. Susquehanna cut their target price on shares of Occidental Petroleum from $81.00 to $78.00 and set a “positive” rating on the stock in a research report on Wednesday, September 4th. Scotiabank cut their price objective on shares of Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. Wolfe Research began coverage on Occidental Petroleum in a report on Thursday, July 18th. They set an “outperform” rating and a $81.00 target price for the company. UBS Group lifted their price target on Occidental Petroleum from $69.00 to $70.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Finally, Stephens restated an “overweight” rating and set a $76.00 price objective on shares of Occidental Petroleum in a research note on Thursday, August 8th. Nine equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $72.33.

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.