Belpointe Asset Management LLC Sells 782 Shares of Occidental Petroleum Corporation $OXY

Belpointe Asset Management LLC trimmed its stake in shares of Occidental Petroleum Corporation (NYSE:OXY) by 6.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,266 shares of the oil and gas producer’s stock after selling 782 shares during the quarter. Belpointe Asset Management LLC’s holdings in Occidental Petroleum were worth $473,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Capital Investment Advisors LLC boosted its stake in Occidental Petroleum by 48.7% in the 1st quarter. Capital Investment Advisors LLC now owns 7,305 shares of the oil and gas producer’s stock valued at $361,000 after buying an additional 2,391 shares in the last quarter. Daymark Wealth Partners LLC bought a new position in shares of Occidental Petroleum during the first quarter valued at $215,000. Pallas Capital Advisors LLC acquired a new stake in shares of Occidental Petroleum in the 1st quarter valued at $291,000. Yousif Capital Management LLC grew its holdings in shares of Occidental Petroleum by 1.6% in the 1st quarter. Yousif Capital Management LLC now owns 89,767 shares of the oil and gas producer’s stock worth $4,431,000 after purchasing an additional 1,447 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Occidental Petroleum by 28.4% during the 1st quarter. GAMMA Investing LLC now owns 6,816 shares of the oil and gas producer’s stock worth $336,000 after purchasing an additional 1,507 shares in the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

Occidental Petroleum Price Performance

Shares of OXY opened at $44.50 on Friday. The stock has a 50 day simple moving average of $45.64 and a 200 day simple moving average of $43.74. Occidental Petroleum Corporation has a 52-week low of $34.78 and a 52-week high of $55.24. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.83 and a current ratio of 1.05. The firm has a market capitalization of $43.80 billion, a PE ratio of 26.33 and a beta of 0.95.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results 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 net margin of 8.79% and a return on equity of 13.78%. The firm had revenue of $6.41 billion for the quarter, compared to analyst estimates of $6.29 billion. During the same quarter in the previous year, the firm posted $1.03 earnings per share. The business’s revenue was down 6.1% on a year-over-year basis. Sell-side analysts predict that Occidental Petroleum Corporation will post 3.58 EPS for the current fiscal year.

Occidental Petroleum Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, September 10th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $0.96 annualized dividend and a dividend yield of 2.2%. Occidental Petroleum’s dividend payout ratio (DPR) is currently 56.80%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on OXY shares. 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. Wells Fargo & Company cut their price objective on Occidental Petroleum from $47.00 to $46.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 15th. Piper Sandler boosted their price objective on Occidental Petroleum from $48.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, July 17th. Melius started coverage on Occidental Petroleum in a research note on Wednesday, August 20th. They issued a “hold” rating and a $64.00 target price for the company. Finally, Hsbc Global Res raised Occidental Petroleum from a “hold” rating to a “strong-buy” rating in a report on Friday, October 3rd. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, sixteen have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Occidental Petroleum has an average rating of “Hold” and an average price target of $52.52.

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.