OVERSEA CHINESE BANKING Corp Ltd Decreases Stock Holdings in Occidental Petroleum Corporation $OXY

OVERSEA CHINESE BANKING Corp Ltd lowered its position in shares of Occidental Petroleum Corporation (NYSE:OXY) by 74.2% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 6,641 shares of the oil and gas producer’s stock after selling 19,094 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Occidental Petroleum were worth $287,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of OXY. Northeast Financial Consultants Inc boosted its holdings in shares of Occidental Petroleum by 0.4% during the first quarter. Northeast Financial Consultants Inc now owns 58,549 shares of the oil and gas producer’s stock worth $2,890,000 after purchasing an additional 242 shares during the period. Inspire Investing LLC raised its position in Occidental Petroleum by 3.8% during the 2nd quarter. Inspire Investing LLC now owns 6,720 shares of the oil and gas producer’s stock valued at $282,000 after purchasing an additional 247 shares during the last quarter. S.A. Mason LLC grew its position in shares of Occidental Petroleum by 5.9% in the 2nd quarter. S.A. Mason LLC now owns 5,306 shares of the oil and gas producer’s stock worth $223,000 after buying an additional 295 shares during the last quarter. Moody National Bank Trust Division grew its position in shares of Occidental Petroleum by 2.0% in the 2nd quarter. Moody National Bank Trust Division now owns 15,326 shares of the oil and gas producer’s stock worth $644,000 after buying an additional 300 shares during the last quarter. Finally, Verdence Capital Advisors LLC increased its stake in shares of Occidental Petroleum by 3.7% during the second quarter. Verdence Capital Advisors LLC now owns 8,437 shares of the oil and gas producer’s stock valued at $354,000 after buying an additional 300 shares during the period. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on OXY. HSBC upgraded shares of Occidental Petroleum from a “hold” rating to a “buy” rating and lifted their price target for the company from $48.00 to $55.00 in a report on Friday, October 3rd. Roth Capital boosted their price target on shares of Occidental Petroleum from $45.00 to $46.00 and gave the company a “neutral” rating in a research report on Thursday, October 2nd. Bank of America increased their price target on shares of Occidental Petroleum from $44.00 to $47.00 and gave the stock a “neutral” rating in a research note on Monday, October 6th. JPMorgan Chase & Co. lifted their price objective on Occidental Petroleum from $49.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, October 14th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Occidental Petroleum in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, fifteen have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $52.26.

Occidental Petroleum Stock Performance

Shares of OXY opened at $40.89 on Wednesday. The company has a quick ratio of 0.83, a current ratio of 1.05 and a debt-to-equity ratio of 0.84. The stock has a market cap of $40.25 billion, a P/E ratio of 24.19 and a beta of 0.95. The business’s 50 day moving average price is $45.11 and its 200-day moving average price is $43.55. Occidental Petroleum Corporation has a 52 week low of $34.78 and a 52 week high of $53.20.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings data on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%.The company had revenue of $6.41 billion during the quarter, compared to analyst estimates of $6.29 billion. During the same quarter last year, the company earned $1.03 EPS. The firm’s revenue for the quarter was down 6.1% on a year-over-year basis. Equities research analysts anticipate that Occidental Petroleum Corporation will post 3.58 earnings per share for the current fiscal year.

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.