Drive Wealth Management LLC Lowers Stake in Occidental Petroleum Co. (NYSE:OXY)

Drive Wealth Management LLC lowered its stake in shares of Occidental Petroleum Co. (NYSE:OXY) by 3.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor 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 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Oppenheimer & Co. Inc. raised its position in Occidental Petroleum by 8.6% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 156,279 shares of the oil and gas producer’s stock worth $10,139,000 after purchasing an additional 12,349 shares during the period. SeaCrest Wealth Management LLC raised its position in Occidental Petroleum by 8.9% in the 4th quarter. SeaCrest Wealth Management LLC now owns 5,825 shares of the oil and gas producer’s stock worth $343,000 after purchasing an additional 474 shares during the period. J.P. Morgan Private Wealth Advisors LLC purchased a new position in Occidental Petroleum in the 3rd quarter worth $29,665,000. Cullen Investment Group LTD. purchased a new position in Occidental Petroleum in the 4th quarter worth $1,006,000. Finally, Koshinski Asset Management Inc. raised its position in Occidental Petroleum by 53.9% in the 4th quarter. Koshinski Asset Management Inc. now owns 48,179 shares of the oil and gas producer’s stock worth $2,877,000 after purchasing an additional 16,871 shares during the period. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Stock Down 0.1 %

NYSE:OXY traded down $0.10 during mid-day trading on Friday, hitting $67.78. 5,426,855 shares of the company’s stock were exchanged, compared to its average volume of 7,925,358. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.92 and a quick ratio of 0.69. The company has a market cap of $60.08 billion, a PE ratio of 17.34 and a beta of 1.64. Occidental Petroleum Co. has a one year low of $55.12 and a one year high of $71.18. The business has a fifty day moving average price of $64.27 and a 200 day moving average price of $61.37.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings data on Thursday, February 15th. The oil and gas producer reported $0.74 earnings per share for the quarter, meeting the consensus estimate 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 analysts’ expectations of $6.93 billion. During the same period in the previous year, the company earned $1.61 earnings per share. The firm’s quarterly revenue was down 9.6% on a year-over-year basis. Equities analysts predict that Occidental Petroleum Co. will post 3.85 EPS for the current year.

Occidental Petroleum Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 8th were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.30%. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Thursday, March 7th. Occidental Petroleum’s payout ratio is presently 22.51%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on OXY shares. HSBC started coverage on shares of Occidental Petroleum in a research report on Monday, April 8th. They issued a “hold” rating and a $65.00 price objective on the stock. Truist Financial boosted their price objective on shares of Occidental Petroleum from $77.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, April 5th. Morgan Stanley boosted their price objective on shares of Occidental Petroleum from $66.00 to $72.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Stephens restated an “overweight” rating and issued a $74.00 price objective on shares of Occidental Petroleum in a research report on Thursday, February 15th. Finally, StockNews.com upgraded shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research report on Friday, March 15th. Nine investment 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. According to MarketBeat, Occidental Petroleum presently has an average rating of “Hold” and an average price target of $71.94.

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.