Adams Natural Resources Fund Inc. Has $10.79 Million Position in Occidental Petroleum Corporation $OXY

Adams Natural Resources Fund Inc. lessened its position in Occidental Petroleum Corporation (NYSE:OXY) by 13.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 165,951 shares of the oil and gas producer’s stock after selling 24,700 shares during the period. Occidental Petroleum makes up about 1.3% of Adams Natural Resources Fund Inc.’s investment portfolio, making the stock its 21st biggest holding. Adams Natural Resources Fund Inc.’s holdings in Occidental Petroleum were worth $10,787,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Woodline Partners LP lifted its holdings in shares of Occidental Petroleum by 40.7% during the 1st quarter. Woodline Partners LP now owns 57,079 shares of the oil and gas producer’s stock valued at $2,817,000 after purchasing an additional 16,506 shares in the last quarter. Marshall Wace LLP acquired a new stake in Occidental Petroleum during the 2nd quarter worth approximately $4,584,000. Federated Hermes Inc. lifted its stake in Occidental Petroleum by 696.7% in the second quarter. Federated Hermes Inc. now owns 23,997 shares of the oil and gas producer’s stock valued at $1,008,000 after buying an additional 20,985 shares in the last quarter. Daiwa Securities Group Inc. boosted its holdings in shares of Occidental Petroleum by 7.4% in the second quarter. Daiwa Securities Group Inc. now owns 105,767 shares of the oil and gas producer’s stock valued at $4,443,000 after buying an additional 7,285 shares during the period. Finally, AXA S.A. increased its position in shares of Occidental Petroleum by 24.3% during the second quarter. AXA S.A. now owns 136,625 shares of the oil and gas producer’s stock worth $5,740,000 after acquiring an additional 26,741 shares in the last quarter. 88.70% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on OXY. The Goldman Sachs Group upgraded shares of Occidental Petroleum from a “sell” rating to a “neutral” rating and set a $64.00 price objective on the stock in a report on Thursday, May 21st. Raymond James Financial increased their target price on Occidental Petroleum from $64.00 to $75.00 and gave the stock an “outperform” rating in a report on Monday, May 4th. Mizuho lifted their price target on Occidental Petroleum from $72.00 to $75.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Wells Fargo & Company boosted their price target on Occidental Petroleum from $69.00 to $72.00 and gave the company an “overweight” rating in a report on Thursday, April 9th. Finally, HSBC upped their price objective on Occidental Petroleum from $59.00 to $68.00 and gave the stock a “buy” rating in a research report on Friday, March 20th. Nine analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $63.48.

Insider Activity

In related news, CEO Richard A. Jackson acquired 4,770 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The shares were bought at an average price of $52.38 per share, for a total transaction of $249,852.60. Following the purchase, the chief executive officer directly owned 444,098 shares in the company, valued at approximately $23,261,853.24. This trade represents a 1.09% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.50% of the stock is currently owned by corporate insiders.

Occidental Petroleum Trading Down 2.5%

Occidental Petroleum stock opened at $49.93 on Friday. The company has a market cap of $49.66 billion, a price-to-earnings ratio of 12.58 and a beta of 0.14. The firm has a 50-day moving average of $56.36 and a 200-day moving average of $51.78. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.21 and a quick ratio of 1.01. Occidental Petroleum Corporation has a one year low of $38.80 and a one year high of $67.45.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Tuesday, May 5th. The oil and gas producer reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.46. Occidental Petroleum had a return on equity of 9.65% and a net margin of 19.98%.The business had revenue of $5.11 billion for the quarter, compared to the consensus estimate of $5.44 billion. During the same quarter in the previous year, the business earned $0.14 earnings per share. Occidental Petroleum’s quarterly revenue was down 8.3% on a year-over-year basis. On average, equities analysts expect that Occidental Petroleum Corporation will post 5.79 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Wednesday, June 10th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, June 10th. This represents a $1.04 annualized dividend and a dividend yield of 2.1%. Occidental Petroleum’s payout ratio is 26.20%.

About Occidental Petroleum

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental’s operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.