Cedar Wealth Management LLC Sells 1,410 Shares of Occidental Petroleum Co. (NYSE:OXY)

Cedar Wealth Management LLC trimmed its position in Occidental Petroleum Co. (NYSE:OXY) by 11.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,578 shares of the oil and gas producer’s stock after selling 1,410 shares during the period. Cedar Wealth Management LLC’s holdings in Occidental Petroleum were worth $545,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Fortitude Family Office LLC lifted its stake in shares of Occidental Petroleum by 160.0% in the third quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock valued at $25,000 after buying an additional 304 shares in the last quarter. Mizuho Securities Co. Ltd. bought a new position in Occidental Petroleum in the 3rd quarter valued at about $32,000. New Covenant Trust Company N.A. acquired a new position in Occidental Petroleum during the 1st quarter valued at about $44,000. LRI Investments LLC bought a new stake in Occidental Petroleum during the 1st quarter worth approximately $44,000. Finally, Exchange Traded Concepts LLC purchased a new stake in shares of Occidental Petroleum in the third quarter worth approximately $87,000. 88.70% of the stock is owned by institutional investors and hedge funds.

Occidental Petroleum Price Performance

Shares of NYSE:OXY opened at $50.50 on Wednesday. The company has a 50-day moving average price of $51.75 and a two-hundred day moving average price of $57.19. Occidental Petroleum Co. has a twelve month low of $48.42 and a twelve month high of $71.18. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $47.39 billion, a PE ratio of 13.15 and a beta of 1.58.

Occidental Petroleum Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.74%. Occidental Petroleum’s payout ratio is 22.92%.

Analyst Ratings Changes

Several research analysts recently issued reports on OXY shares. TD Cowen cut their target price on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a research report on Tuesday, November 12th. Wolfe Research lifted their price objective on shares of Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Scotiabank dropped their price target on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Bank of America began coverage on shares of Occidental Petroleum in a report on Thursday, October 17th. They set a “neutral” rating and a $57.00 price target on the stock. Finally, Raymond James decreased their price objective on shares of Occidental Petroleum from $85.00 to $77.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $63.65.

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.