Guinness Asset Management Ltd reduced its stake in Occidental Petroleum Corp. (NYSE:OXY) by 7.6% during the second quarter, Holdings Channel reports. The firm owned 146,550 shares of the company’s stock after selling 12,000 shares during the period. Occidental Petroleum Corp. makes up 3.0% of Guinness Asset Management Ltd’s investment portfolio, making the stock its 12th largest position. Guinness Asset Management Ltd’s holdings in Occidental Petroleum Corp. were worth $11,073,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Kistler Tiffany Companies LLC raised its position in shares of Occidental Petroleum Corp. by 1.4% in the second quarter. Kistler Tiffany Companies LLC now owns 1,346 shares of the company’s stock valued at $102,000 after buying an additional 19 shares during the period. Oakworth Capital Inc. raised its position in shares of Occidental Petroleum Corp. by 7.0% in the second quarter. Oakworth Capital Inc. now owns 1,521 shares of the company’s stock valued at $115,000 after buying an additional 100 shares during the period. Integrated Investment Consultants LLC raised its position in shares of Occidental Petroleum Corp. by 10.7% in the second quarter. Integrated Investment Consultants LLC now owns 1,619 shares of the company’s stock valued at $122,000 after buying an additional 157 shares during the period. Duncker Streett & Co. Inc. raised its position in shares of Occidental Petroleum Corp. by 8.5% in the second quarter. Duncker Streett & Co. Inc. now owns 1,657 shares of the company’s stock valued at $125,000 after buying an additional 130 shares during the period. Finally, Iowa State Bank purchased a new position in shares of Occidental Petroleum Corp. during the second quarter valued at $163,000. 80.87% of the stock is currently owned by institutional investors and hedge funds.

Occidental Petroleum Corp. (NYSE:OXY) traded down 1.72% during trading on Friday, reaching $71.03. The company had a trading volume of 5,411,328 shares. The stock’s market cap is $54.26 billion. The firm has a 50-day moving average price of $75.69 and a 200 day moving average price of $74.23. Occidental Petroleum Corp. has a 12-month low of $58.24 and a 12-month high of $78.48.

Occidental Petroleum Corp. (NYSE:OXY) last issued its earnings results on Wednesday, August 3rd. The company reported ($0.18) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.18). The company earned $2.53 billion during the quarter, compared to analyst estimates of $2.73 billion. Occidental Petroleum Corp. had a negative net margin of 71.82% and a negative return on equity of 2.64%. The company’s revenue for the quarter was down 27.0% on a year-over-year basis. During the same quarter last year, the business posted $0.21 EPS. Equities research analysts predict that Occidental Petroleum Corp. will post ($0.69) EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 9th will be paid a dividend of $0.76 per share. The ex-dividend date of this dividend is Wednesday, September 7th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.28%. This is a positive change from Occidental Petroleum Corp.’s previous quarterly dividend of $0.75. Occidental Petroleum Corp.’s dividend payout ratio (DPR) is -29.57%.

Several research analysts recently weighed in on OXY shares. Credit Agricole SA reaffirmed a “buy” rating on shares of Occidental Petroleum Corp. in a research report on Tuesday, August 16th. Morgan Stanley lowered Occidental Petroleum Corp. from an “overweight” rating to an “equal weight” rating and increased their target price for the stock from $58.24 to $70.00 in a research report on Monday, June 13th. They noted that the move was a valuation call. Credit Suisse Group AG reaffirmed a “hold” rating and issued a $72.00 target price on shares of Occidental Petroleum Corp. in a research report on Monday, September 12th. Deutsche Bank AG downgraded Occidental Petroleum Corp. from a “buy” rating to a “hold” rating and set a $78.59 price target for the company. in a report on Friday, August 5th. Finally, Jefferies Group reiterated a “hold” rating on shares of Occidental Petroleum Corp. in a report on Thursday, August 4th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $75.59.

In related news, Director Stephen I. Chazen sold 5,000 shares of the firm’s stock in a transaction dated Thursday, June 23rd. The shares were sold at an average price of $77.39, for a total transaction of $386,950.00. Following the transaction, the director now directly owns 1,770,119 shares of the company’s stock, valued at $136,989,509.41. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Stephen I. Chazen sold 9,000 shares of the firm’s stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $74.21, for a total transaction of $667,890.00. Following the transaction, the director now directly owns 1,729,119 shares in the company, valued at $128,317,920.99. The disclosure for this sale can be found here. Company insiders own 0.35% of the company’s stock.

About Occidental Petroleum Corp.

Occidental Petroleum Corporation is an oil and gas exploration and production company. The Company operates through three segments: oil and gas, chemical (OxyChem), and midstream and marketing. The oil and gas segment explores for, develops and produces oil and condensate, natural gas liquids (NGLs) and natural gas.

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