Occidental Petroleum Co. (NYSE:OXY) Shares Sold by Drive Wealth Management LLC

Drive Wealth Management LLC reduced its position in Occidental Petroleum Co. (NYSE:OXY) by 3.9% in the 1st quarter, HoldingsChannel.com reports. The firm owned 7,400 shares of the oil and gas producer’s stock after selling 301 shares during the quarter. Drive Wealth Management LLC’s holdings in Occidental Petroleum were worth $483,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Investment Research & Advisory Group Inc. lifted its stake in shares of Occidental Petroleum by 75.2% in the 1st 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. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Occidental Petroleum in the 3rd quarter valued at $26,000. Orion Capital Management LLC acquired a new position in shares of Occidental Petroleum in the 3rd quarter valued at $27,000. TLW Wealth Management LLC acquired a new position in shares of Occidental Petroleum in the 4th quarter valued at $28,000. Finally, Grove Bank & Trust lifted its stake in shares of Occidental Petroleum by 86.0% in the 4th quarter. Grove Bank & Trust now owns 519 shares of the oil and gas producer’s stock valued at $31,000 after purchasing an additional 240 shares during the period. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Occidental Petroleum Price Performance

Shares of Occidental Petroleum stock traded down $0.10 during trading hours on Friday, reaching $67.78. 5,426,855 shares of the company’s stock were exchanged, compared to its average volume of 7,925,358. Occidental Petroleum Co. has a 1 year low of $55.12 and a 1 year high of $71.18. The company has a market capitalization of $60.08 billion, a P/E ratio of 17.34 and a beta of 1.64. The business has a fifty day moving average of $64.27 and a two-hundred day moving average of $61.37. The company has a quick ratio of 0.69, a current ratio of 0.92 and a debt-to-equity ratio of 0.84.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data on Thursday, February 15th. The oil and gas producer reported $0.74 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.74. Occidental Petroleum had a net margin of 16.24% and a return on equity of 20.63%. The firm had revenue of $7.53 billion during the quarter, compared to analyst estimates of $6.93 billion. During the same quarter in the prior year, the firm posted $1.61 earnings per share. Occidental Petroleum’s quarterly revenue was down 9.6% on a year-over-year basis. As a group, research analysts predict that Occidental Petroleum Co. will post 3.85 earnings per share for the current fiscal year.

Occidental Petroleum Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 8th were issued a $0.22 dividend. The ex-dividend date was Thursday, March 7th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.30%. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.18. Occidental Petroleum’s dividend payout ratio is currently 22.51%.

Analysts Set New Price Targets

Several research firms recently issued reports on OXY. Wells Fargo & Company boosted their target price on shares of Occidental Petroleum from $62.00 to $70.00 and gave the company an “equal weight” rating in a research note on Thursday, April 11th. Barclays assumed coverage on shares of Occidental Petroleum in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $73.00 price objective for the company. Stephens restated an “overweight” rating and set a $74.00 price objective on shares of Occidental Petroleum in a research report on Thursday, February 15th. Morgan Stanley upped their price objective on shares of Occidental Petroleum from $66.00 to $72.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Finally, HSBC assumed coverage on shares of Occidental Petroleum in a research report on Monday, April 8th. They set a “hold” rating and a $65.00 price objective for the company. Nine research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Occidental Petroleum has a consensus rating of “Hold” and a consensus price target of $71.94.

Occidental Petroleum Company 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.