Harbor Capital Advisors Inc. Sells 10,006 Shares of Occidental Petroleum Co. (NYSE:OXY)

Harbor Capital Advisors Inc. lowered its stake in Occidental Petroleum Co. (NYSE:OXY) by 42.8% in the first quarter, Holdings Channel reports. The fund owned 13,362 shares of the oil and gas producer’s stock after selling 10,006 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Occidental Petroleum were worth $660,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Berkshire Hathaway Inc lifted its holdings in shares of Occidental Petroleum by 3.5% in the fourth quarter. Berkshire Hathaway Inc now owns 264,178,414 shares of the oil and gas producer’s stock worth $13,053,055,000 after acquiring an additional 8,896,890 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Occidental Petroleum by 18.1% in the fourth quarter. Vanguard Group Inc. now owns 68,123,704 shares of the oil and gas producer’s stock worth $3,365,992,000 after acquiring an additional 10,434,098 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Occidental Petroleum by 2.9% in the fourth quarter. Geode Capital Management LLC now owns 14,245,357 shares of the oil and gas producer’s stock worth $701,816,000 after acquiring an additional 398,467 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Occidental Petroleum by 7.5% in the fourth quarter. Northern Trust Corp now owns 7,065,061 shares of the oil and gas producer’s stock worth $349,085,000 after acquiring an additional 491,797 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in Occidental Petroleum by 25.2% in the 4th quarter. Invesco Ltd. now owns 6,357,689 shares of the oil and gas producer’s stock valued at $314,133,000 after buying an additional 1,278,389 shares during the last quarter. Institutional investors own 88.70% of the company’s stock.

Analysts Set New Price Targets

OXY has been the subject of a number of research reports. TD Cowen lowered shares of Occidental Petroleum from a “buy” rating to a “hold” rating and dropped their price objective for the company from $68.00 to $45.00 in a report on Tuesday, April 8th. Wall Street Zen lowered shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a report on Thursday, February 27th. Mizuho dropped their price objective on shares of Occidental Petroleum from $60.00 to $58.00 and set a “neutral” rating for the company in a report on Tuesday, May 13th. Piper Sandler dropped their price objective on shares of Occidental Petroleum from $50.00 to $48.00 and set a “neutral” rating for the company in a report on Tuesday, April 22nd. Finally, Susquehanna dropped their price objective on shares of Occidental Petroleum from $59.00 to $55.00 and set a “positive” rating for the company in a report on Tuesday, April 22nd. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $53.14.

Occidental Petroleum Stock Performance

Shares of OXY stock opened at $46.40 on Friday. The company has a market cap of $45.67 billion, a price-to-earnings ratio of 19.02 and a beta of 0.87. Occidental Petroleum Co. has a 52 week low of $34.79 and a 52 week high of $64.76. The company has a quick ratio of 0.76, a current ratio of 0.95 and a debt-to-equity ratio of 0.95. The firm has a 50 day moving average of $41.05 and a 200-day moving average of $45.86.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data on Wednesday, May 7th. The oil and gas producer reported $0.87 EPS for the quarter, topping the consensus estimate of $0.74 by $0.13. The company had revenue of $6.80 billion during the quarter, compared to the consensus estimate of $6.97 billion. Occidental Petroleum had a net margin of 11.37% and a return on equity of 16.33%. The company’s quarterly revenue was up 13.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.63 EPS. On average, equities analysts forecast that Occidental Petroleum Co. will post 3.58 earnings per share for the current year.

Occidental Petroleum Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, June 10th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.07%. The ex-dividend date of this dividend is Tuesday, June 10th. Occidental Petroleum’s dividend payout ratio (DPR) is 39.02%.

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.