Wellington Shields Capital Management LLC Has $448,000 Stock Holdings in Occidental Petroleum Co. (NYSE:OXY)

Wellington Shields Capital Management LLC reduced its stake in Occidental Petroleum Co. (NYSE:OXY) by 17.1% during the second quarter, HoldingsChannel reports. The firm owned 7,106 shares of the oil and gas producer’s stock after selling 1,469 shares during the quarter. Wellington Shields Capital Management LLC’s holdings in Occidental Petroleum were worth $448,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of OXY. Investment Research & Advisory Group Inc. increased its stake 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 buying an additional 167 shares during the period. LifeSteps Financial Inc. acquired a new position in shares of Occidental Petroleum during the first quarter worth $34,000. Able Wealth Management LLC bought a new stake in shares of Occidental Petroleum in the fourth quarter worth $38,000. New Covenant Trust Company N.A. acquired a new stake in Occidental Petroleum in the first quarter valued at $44,000. Finally, LRI Investments LLC bought a new position in Occidental Petroleum during the 1st quarter worth $44,000. Institutional investors own 88.70% of the company’s stock.

Insider Transactions at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of Occidental Petroleum stock in a transaction dated 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, major shareholder Berkshire Hathaway Inc purchased 584,550 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The shares were bought at an average cost of $60.26 per share, with a total value of $35,224,983.00. Following the completion of the transaction, the insider now directly owns 251,168,155 shares of the company’s stock, valued at $15,135,393,020.30. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the company’s stock in a transaction dated 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 sale, the insider now directly 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 acquired a total of 2,745,563 shares of company stock valued at $164,581,732 over the last three months. Corporate insiders own 0.31% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Truist Financial reduced their price target on Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating on the stock in a research report on Monday, August 12th. Scotiabank reduced their target price on 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 initiated coverage on shares of Occidental Petroleum in a report on Thursday, July 18th. They set an “outperform” rating and a $81.00 price target for the company. Susquehanna reduced their price objective on shares of Occidental Petroleum from $81.00 to $78.00 and set a “positive” rating on the stock in a research note on Wednesday. Finally, Wells Fargo & Company lowered their target price on shares of Occidental Petroleum from $68.00 to $65.00 and set an “equal weight” rating for the company in a research note on Friday, August 9th. Ten research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $71.50.

Occidental Petroleum Stock Up 0.6 %

OXY stock traded up $0.33 during trading on Friday, reaching $54.07. 1,017,084 shares of the stock were exchanged, compared to its average volume of 8,348,443. The firm’s 50 day moving average is $59.18 and its 200 day moving average is $61.94. The firm has a market cap of $48.97 billion, a P/E ratio of 14.68 and a beta of 1.58. The company has a current ratio of 1.04, a quick ratio of 0.75 and a debt-to-equity ratio of 0.77. Occidental Petroleum Co. has a twelve month low of $53.56 and a twelve month high of $71.18.

Occidental Petroleum (NYSE:OXY) last issued its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.26. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The company had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.93 billion. During the same period in the prior year, the firm earned $0.68 earnings per share. Occidental Petroleum’s revenue for the quarter was up 2.2% on a year-over-year basis. As a group, research analysts forecast that Occidental Petroleum Co. will post 3.69 EPS for the current year.

Occidental Petroleum Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, September 10th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date is Tuesday, September 10th. Occidental Petroleum’s dividend payout ratio is currently 24.04%.

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.