Adams Natural Resources Fund Inc. Lowers Stake in Occidental Petroleum Corporation $OXY

Adams Natural Resources Fund Inc. lowered its position in shares of Occidental Petroleum Corporation (NYSE:OXY) by 23.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 190,651 shares of the oil and gas producer’s stock after selling 59,800 shares during the quarter. Occidental Petroleum accounts for about 1.2% of Adams Natural Resources Fund Inc.’s investment portfolio, making the stock its 24th largest position. Adams Natural Resources Fund Inc.’s holdings in Occidental Petroleum were worth $7,840,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of OXY. Woodline Partners LP lifted its holdings in Occidental Petroleum by 40.7% in the 1st quarter. Woodline Partners LP now owns 57,079 shares of the oil and gas producer’s stock worth $2,817,000 after purchasing an additional 16,506 shares in the last quarter. Marshall Wace LLP bought a new stake in Occidental Petroleum in the 2nd quarter valued at $4,584,000. Federated Hermes Inc. increased its holdings in Occidental Petroleum by 696.7% in the 2nd quarter. Federated Hermes Inc. now owns 23,997 shares of the oil and gas producer’s stock valued at $1,008,000 after acquiring an additional 20,985 shares during the last quarter. Daiwa Securities Group Inc. grew its position in shares of Occidental Petroleum by 7.4% during 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 purchasing an additional 7,285 shares in the last quarter. Finally, AXA S.A. increased its holdings in shares of Occidental Petroleum by 24.3% in the second quarter. AXA S.A. now owns 136,625 shares of the oil and gas producer’s stock worth $5,740,000 after purchasing an additional 26,741 shares during the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Wall Street Analysts Forecast Growth

OXY has been the topic of a number of research analyst reports. Barclays upgraded Occidental Petroleum from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $59.00 to $72.00 in a research report on Tuesday, May 26th. Weiss Ratings raised shares of Occidental Petroleum from a “hold (c-)” rating to a “hold (c+)” rating in a research note on Wednesday, May 6th. Morgan Stanley boosted their target price on shares of Occidental Petroleum from $73.00 to $74.00 and gave the stock an “equal weight” rating in a report on Thursday, May 21st. BMO Capital Markets increased their price target on shares of Occidental Petroleum from $60.00 to $65.00 and gave the company a “market perform” rating in a report on Tuesday, April 7th. Finally, Piper Sandler upgraded Occidental Petroleum from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $54.00 to $66.00 in a research report on Thursday, March 12th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $63.74.

Occidental Petroleum Stock Up 1.9%

Shares of NYSE:OXY opened at $56.53 on Friday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.21 and a quick ratio of 1.01. The business has a 50 day simple moving average of $57.88 and a two-hundred day simple moving average of $51.07. Occidental Petroleum Corporation has a 1 year low of $38.80 and a 1 year high of $67.45. The firm has a market capitalization of $56.22 billion, a PE ratio of 14.24 and a beta of 0.14.

Occidental Petroleum (NYSE:OXY) last issued 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. The firm had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.44 billion. Occidental Petroleum had a net margin of 19.98% and a return on equity of 9.65%. The business’s revenue was down 8.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.14 earnings per share. On average, equities analysts predict that Occidental Petroleum Corporation will post 5.79 EPS for the current year.

Occidental Petroleum Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Wednesday, June 10th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Wednesday, June 10th. Occidental Petroleum’s dividend payout ratio is currently 26.20%.

Occidental Petroleum Company Profile

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.