OVERSEA CHINESE BANKING Corp Ltd Trims Holdings in Occidental Petroleum Co. (NYSE:OXY)

OVERSEA CHINESE BANKING Corp Ltd lowered its holdings in Occidental Petroleum Co. (NYSE:OXY) by 35.8% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 5,419 shares of the oil and gas producer’s stock after selling 3,028 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Occidental Petroleum were worth $270,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Fortitude Family Office LLC lifted its stake in 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 worth $25,000 after acquiring an additional 304 shares during the period. New Covenant Trust Company N.A. bought a new position in Occidental Petroleum in the 1st quarter worth $44,000. LRI Investments LLC purchased a new stake in shares of Occidental Petroleum in the 1st quarter worth about $44,000. Strategic Financial Concepts LLC bought a new stake in shares of Occidental Petroleum during the 2nd quarter valued at about $53,000. Finally, Exchange Traded Concepts LLC purchased a new position in shares of Occidental Petroleum during the third quarter valued at about $87,000. 88.70% of the stock is currently owned by institutional investors.

Occidental Petroleum Stock Performance

OXY stock opened at $51.12 on Thursday. The stock has a market capitalization of $46.30 billion, a PE ratio of 13.31 and a beta of 1.58. The stock’s 50 day simple moving average is $51.97 and its 200 day simple moving average is $57.72. Occidental Petroleum Co. has a 12-month low of $48.42 and a 12-month high of $71.18. 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 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $0.88 annualized dividend and a dividend yield of 1.72%. Occidental Petroleum’s dividend payout ratio (DPR) is presently 22.92%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on OXY shares. UBS Group cut their price objective on Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 18th. Wells Fargo & Company dropped their price target on Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating on the stock in a research report on Friday, September 27th. TD Cowen decreased their price objective on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a report on Tuesday. Wolfe Research boosted their target price on shares of Occidental Petroleum from $73.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Raymond James decreased their price target 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. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $64.30.

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.