Heritage Wealth Management Inc. Sells 800 Shares of Occidental Petroleum Co. (NYSE:OXY)

Heritage Wealth Management Inc. lowered its stake in Occidental Petroleum Co. (NYSE:OXY) by 11.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,968 shares of the oil and gas producer’s stock after selling 800 shares during the quarter. Heritage Wealth Management Inc.’s holdings in Occidental Petroleum were worth $308,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Fortitude Family Office LLC boosted its position 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 valued at $25,000 after buying an additional 304 shares in the last quarter. New Covenant Trust Company N.A. bought a new position in Occidental Petroleum in the first quarter valued at about $44,000. LRI Investments LLC acquired a new stake in shares of Occidental Petroleum during the first quarter valued at about $44,000. Strategic Financial Concepts LLC bought a new stake in shares of Occidental Petroleum during the second quarter worth about $53,000. Finally, Exchange Traded Concepts LLC acquired a new position in shares of Occidental Petroleum in the third quarter valued at approximately $87,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Occidental Petroleum

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the business’s stock in a transaction on 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 sale, the insider now directly owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.48% of the company’s stock.

Occidental Petroleum Stock Performance

OXY traded down $0.64 during trading hours on Friday, hitting $50.57. The stock had a trading volume of 823,262 shares, compared to its average volume of 9,187,417. Occidental Petroleum Co. has a 1 year low of $49.51 and a 1 year high of $71.18. The company’s fifty day simple moving average is $52.44 and its 200 day simple moving average is $58.25. The stock has a market cap of $45.80 billion, a PE ratio of 12.61 and a beta of 1.58. The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 0.77.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.26. The company had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.93 billion. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.68 earnings per share. Equities analysts anticipate that Occidental Petroleum Co. will post 3.29 earnings per share for the current year.

Occidental Petroleum Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be given a dividend of $0.22 per share. The ex-dividend date is Tuesday, December 10th. This represents a $0.88 annualized dividend and a dividend yield of 1.74%. Occidental Petroleum’s dividend payout ratio is currently 21.67%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on OXY shares. Bank of America started coverage on shares of Occidental Petroleum in a report on Thursday, October 17th. They set a “neutral” rating and a $57.00 price target on the stock. Truist Financial decreased their target price on shares of Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a research report on Monday, September 30th. UBS Group cut their price target on shares of Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 18th. Scotiabank dropped their price objective on Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $56.00 target price on shares of Occidental Petroleum in a report on Friday. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $64.78.

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.