Hartford Investment Management Co. Lowers Stock Holdings in Occidental Petroleum Co. (NYSE:OXY)

Hartford Investment Management Co. reduced its position in Occidental Petroleum Co. (NYSE:OXY) by 1.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 44,492 shares of the oil and gas producer’s stock after selling 722 shares during the quarter. Hartford Investment Management Co.’s holdings in Occidental Petroleum were worth $2,657,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Occidental Petroleum in the third quarter worth approximately $26,000. Orion Capital Management LLC purchased a new stake in shares of Occidental Petroleum in the 3rd quarter valued at $27,000. TLW Wealth Management LLC bought a new position in shares of Occidental Petroleum during the 4th quarter valued at $28,000. Resurgent Financial Advisors LLC purchased a new position in Occidental Petroleum in the 4th quarter worth $35,000. Finally, BKM Wealth Management LLC bought a new stake in Occidental Petroleum in the fourth quarter worth $35,000. 88.70% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on OXY. Wells Fargo & Company lifted their price objective on Occidental Petroleum from $59.00 to $62.00 and gave the stock an “equal weight” rating in a report on Friday, February 16th. Morgan Stanley lifted their price target on Occidental Petroleum from $66.00 to $72.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Mizuho raised their target price on shares of Occidental Petroleum from $63.00 to $69.00 and gave the stock a “neutral” rating in a report on Friday, March 22nd. JPMorgan Chase & Co. decreased their target price on shares of Occidental Petroleum from $78.00 to $73.00 and set a “neutral” rating on the stock in a research note on Friday, December 8th. Finally, Truist Financial dropped their price target on shares of Occidental Petroleum from $80.00 to $77.00 and set a “buy” rating for the company in a research report on Friday, February 16th. Eight analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $70.20.

Occidental Petroleum Price Performance

OXY opened at $67.63 on Friday. The company has a current ratio of 0.92, a quick ratio of 0.69 and a debt-to-equity ratio of 0.84. The company has a market cap of $59.95 billion, a price-to-earnings ratio of 17.30 and a beta of 1.64. The stock has a fifty day simple moving average of $60.95 and a two-hundred day simple moving average of $60.83. Occidental Petroleum Co. has a 12-month low of $55.12 and a 12-month high of $68.18.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings results on Thursday, February 15th. The oil and gas producer reported $0.74 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.74. Occidental Petroleum had a net margin of 16.24% and a return on equity of 20.63%. The company had revenue of $7.53 billion during the quarter, compared to analyst estimates of $6.93 billion. During the same period last year, the business earned $1.61 EPS. Occidental Petroleum’s quarterly revenue was down 9.6% compared to the same quarter last year. Research analysts predict that Occidental Petroleum Co. will post 3.55 earnings per share for the current fiscal year.

Occidental Petroleum Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Friday, March 8th will be paid a $0.22 dividend. The ex-dividend date is Thursday, March 7th. This represents a $0.88 annualized dividend and a dividend yield of 1.30%. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.18. Occidental Petroleum’s dividend payout ratio is presently 22.51%.

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.