Clear Harbor Asset Management LLC Lowers Holdings in Occidental Petroleum Corporation $OXY

Clear Harbor Asset Management LLC lowered its position in shares of Occidental Petroleum Corporation (NYSE:OXY) by 78.5% in the fourth quarter, Holdings Channel reports. The institutional investor owned 5,900 shares of the oil and gas producer’s stock after selling 21,565 shares during the period. Clear Harbor Asset Management LLC’s holdings in Occidental Petroleum were worth $243,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in OXY. Woodline Partners LP raised its holdings in Occidental Petroleum by 40.7% during the first quarter. Woodline Partners LP now owns 57,079 shares of the oil and gas producer’s stock worth $2,817,000 after purchasing an additional 16,506 shares in the last quarter. Marshall Wace LLP purchased a new stake in Occidental Petroleum in the 2nd quarter valued at approximately $4,584,000. Federated Hermes Inc. increased its position in Occidental Petroleum by 696.7% during the 2nd quarter. Federated Hermes Inc. now owns 23,997 shares of the oil and gas producer’s stock worth $1,008,000 after purchasing an additional 20,985 shares during the period. Daiwa Securities Group Inc. raised its stake in shares of Occidental Petroleum by 7.4% during the 2nd quarter. Daiwa Securities Group Inc. now owns 105,767 shares of the oil and gas producer’s stock worth $4,443,000 after buying an additional 7,285 shares in the last quarter. Finally, AXA S.A. raised its stake in shares of Occidental Petroleum by 24.3% during the 2nd quarter. AXA S.A. now owns 136,625 shares of the oil and gas producer’s stock worth $5,740,000 after buying an additional 26,741 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Key Occidental Petroleum News

Here are the key news stories impacting Occidental Petroleum this week:

• Positive Sentiment: Barclays upgraded Occidental Petroleum (OXY) from Equal Weight to Overweight and raised its price target, signaling improved Wall Street confidence in the stock.
• Positive Sentiment: OXY was added to the Zacks Rank #1 (Strong Buy) list, and it also appeared on Zacks’ best income stocks list, which may be encouraging momentum and income-focused investors.
• Positive Sentiment: Recent commentary from Jim Cramer calling Occidental his “second top oil stock” is adding to the upbeat sentiment around the shares.
• Positive Sentiment: One catalyst for the stock’s recent strength is rising oil prices, which can lift expectations for Occidental’s upstream earnings and cash flow.
• Neutral Sentiment: Zacks.com traffic and “trending stock” coverage suggest investors are paying closer attention to OXY, but this is more of a sentiment signal than a fundamental update.
• Neutral Sentiment: Analyst report coverage noted Occidental as a candidate for a better entry point, which may imply valuation is still a consideration despite the positive backdrop.

Occidental Petroleum Price Performance

Shares of NYSE:OXY opened at $59.13 on Wednesday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.01 and a current ratio of 1.21. The business’s fifty day moving average price is $58.87 and its two-hundred day moving average price is $50.15. The stock has a market cap of $58.81 billion, a PE ratio of 14.89 and a beta of 0.14. Occidental Petroleum Corporation has a one year low of $38.80 and a one year high of $67.45.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.46. The company had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $5.44 billion. Occidental Petroleum had a return on equity of 9.65% and a net margin of 19.98%.The business’s revenue for the quarter was down 8.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.14 earnings per share. On average, analysts forecast that Occidental Petroleum Corporation will post 5.5 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Wednesday, June 10th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Wednesday, June 10th. Occidental Petroleum’s dividend payout ratio is 26.20%.

Wall Street Analyst Weigh In

OXY has been the topic of a number of analyst reports. Raymond James Financial lifted their price target on Occidental Petroleum from $64.00 to $75.00 and gave the company an “outperform” rating in a research note on Monday, May 4th. Truist Financial reduced their target price on Occidental Petroleum from $65.00 to $57.00 and set a “hold” rating for the company in a report on Friday, May 8th. JPMorgan Chase & Co. lowered their price target on shares of Occidental Petroleum from $64.00 to $63.00 in a research note on Thursday, May 7th. BMO Capital Markets increased their price target on shares of Occidental Petroleum from $60.00 to $65.00 and gave the company a “market perform” rating in a report on Tuesday, April 7th. Finally, Stephens raised their price objective on shares of Occidental Petroleum from $59.00 to $74.00 and gave the company an “overweight” rating in a research note on Tuesday, March 31st. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Occidental Petroleum presently has a consensus rating of “Hold” and a consensus target price of $63.74.

Occidental Petroleum Profile

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental’s operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.