Kovack Advisors Inc. Cuts Position in Occidental Petroleum Co. (NYSE:OXY)

Kovack Advisors Inc. lowered its stake in shares of Occidental Petroleum Co. (NYSE:OXY) by 3.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,461 shares of the oil and gas producer’s stock after selling 212 shares during the period. Kovack Advisors Inc.’s holdings in Occidental Petroleum were worth $326,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Avestar Capital LLC acquired a new position in shares of Occidental Petroleum during the 3rd quarter worth $200,000. Brookstone Capital Management grew its position in shares of Occidental Petroleum by 6.9% in the third quarter. Brookstone Capital Management now owns 13,085 shares of the oil and gas producer’s stock valued at $870,000 after purchasing an additional 845 shares during the last quarter. Aquila Investment Management LLC grew its position in shares of Occidental Petroleum by 16.7% in the third quarter. Aquila Investment Management LLC now owns 28,000 shares of the oil and gas producer’s stock valued at $1,817,000 after purchasing an additional 4,000 shares during the last quarter. First Pacific Financial acquired a new position in shares of Occidental Petroleum during the 3rd quarter worth approximately $45,000. Finally, Pinnacle Associates Ltd. lifted its stake in Occidental Petroleum by 8.2% in the 3rd quarter. Pinnacle Associates Ltd. now owns 89,536 shares of the oil and gas producer’s stock valued at $5,809,000 after buying an additional 6,813 shares in the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

Occidental Petroleum Stock Performance

NYSE OXY opened at $68.23 on Tuesday. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.92 and a quick ratio of 0.69. Occidental Petroleum Co. has a 1-year low of $55.12 and a 1-year high of $71.18. The firm has a market capitalization of $60.48 billion, a P/E ratio of 17.45 and a beta of 1.64. The business’s 50-day simple moving average is $64.42 and its 200-day simple moving average is $61.37.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Thursday, February 15th. The oil and gas producer reported $0.74 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.74. Occidental Petroleum had a net margin of 16.24% and a return on equity of 20.63%. The firm had revenue of $7.53 billion for the quarter, compared to analysts’ expectations of $6.93 billion. During the same period in the previous year, the company posted $1.61 earnings per share. Occidental Petroleum’s revenue was down 9.6% compared to the same quarter last year. Equities analysts predict that Occidental Petroleum Co. will post 3.85 EPS for the current year.

Occidental Petroleum Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 8th were paid a $0.22 dividend. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.18. The ex-dividend date was Thursday, March 7th. This represents a $0.88 annualized dividend and a dividend yield of 1.29%. Occidental Petroleum’s payout ratio is 22.51%.

Analyst Upgrades and Downgrades

OXY has been the subject of a number of analyst reports. Wells Fargo & Company boosted their price target on Occidental Petroleum from $62.00 to $70.00 and gave the stock an “equal weight” rating in a report on Thursday, April 11th. Mizuho raised their price target on shares of Occidental Petroleum from $69.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. Scotiabank raised shares of Occidental Petroleum from a “sector perform” rating to a “sector outperform” rating and upped their price objective for the company from $63.00 to $90.00 in a research note on Thursday, April 11th. Truist Financial lifted their target price on shares of Occidental Petroleum from $77.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, April 5th. Finally, HSBC assumed coverage on Occidental Petroleum in a research note on Monday, April 8th. They set a “hold” rating and a $65.00 price target on the stock. Nine analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $71.94.

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.