Quintet Private Bank Europe S.A. Cuts Holdings in Occidental Petroleum Co. (NYSE:OXY)

Quintet Private Bank Europe S.A. reduced its position in Occidental Petroleum Co. (NYSE:OXY) by 58.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,125 shares of the oil and gas producer’s stock after selling 12,995 shares during the period. Quintet Private Bank Europe S.A.’s holdings in Occidental Petroleum were worth $470,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Himalaya Capital Management LLC bought a new position in shares of Occidental Petroleum during the 2nd quarter valued at approximately $92,433,000. Clean Energy Transition LLP purchased a new stake in Occidental Petroleum during the first quarter valued at $67,601,000. Sarasin & Partners LLP bought a new position in Occidental Petroleum during the second quarter valued at $63,880,000. Scharf Investments LLC bought a new stake in shares of Occidental Petroleum in the 2nd quarter worth about $42,744,000. Finally, American Century Companies Inc. raised its position in shares of Occidental Petroleum by 16.8% during the 2nd quarter. American Century Companies Inc. now owns 3,707,555 shares of the oil and gas producer’s stock valued at $233,687,000 after buying an additional 532,318 shares in the last quarter. 88.70% of the stock is owned by institutional investors.

Occidental Petroleum Stock Up 1.4 %

OXY stock traded up $0.69 on Monday, hitting $50.26. 2,949,512 shares of the company’s stock were exchanged, compared to its average volume of 9,132,003. The firm has a 50 day moving average price of $52.82 and a two-hundred day moving average price of $58.53. The stock has a market cap of $45.52 billion, a P/E ratio of 12.43 and a beta of 1.58. Occidental Petroleum Co. has a 12-month low of $49.51 and a 12-month high of $71.18. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.75 and a current ratio of 1.04.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share for the quarter, beating 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 business 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 company earned $0.68 earnings per share. The company’s revenue was up 2.2% on a year-over-year basis. As a group, equities research analysts expect that Occidental Petroleum Co. will post 3.29 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have issued reports on OXY. Truist Financial decreased their price objective on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a research report on Monday, September 30th. Stephens reaffirmed an “overweight” rating and set a $76.00 price objective on shares of Occidental Petroleum in a research note on Thursday, August 8th. Susquehanna reduced their target price on shares of Occidental Petroleum from $78.00 to $77.00 and set a “positive” rating on the stock in a research note on Friday, October 18th. StockNews.com cut shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a research note on Saturday, October 5th. Finally, BMO Capital Markets decreased their price objective on shares of Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating for the company in a research note on Friday, October 4th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $65.72.

Insiders Place Their Bets

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were 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 $5,923,116,413.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.31% of the company’s stock.

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.