Pinnacle Associates Ltd. Sells 19,298 Shares of Occidental Petroleum Co. (NYSE:OXY)

by · The Markets Daily

Pinnacle Associates Ltd. decreased its stake in shares of Occidental Petroleum Co. (NYSE:OXY – Free Report) by 12.8% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 131,735 shares of the oil and gas producer’s stock after selling 19,298 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Occidental Petroleum were worth $6,790,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Milestones Administradora de Recursos Ltda. boosted its stake in Occidental Petroleum by 151.3% during the third quarter. Milestones Administradora de Recursos Ltda. now owns 175,320 shares of the oil and gas producer’s stock valued at $9,036,000 after buying an additional 105,560 shares during the last quarter. Cutter & CO Brokerage Inc. grew its holdings in shares of Occidental Petroleum by 32.5% in the third quarter. Cutter & CO Brokerage Inc. now owns 105,823 shares of the oil and gas producer’s stock valued at $5,454,000 after purchasing an additional 25,927 shares in the last quarter. Fortitude Family Office LLC raised its stake in Occidental Petroleum by 160.0% during the third quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock valued at $25,000 after purchasing an additional 304 shares in the last quarter. Smithbridge Asset Management Inc. DE grew its stake in shares of Occidental Petroleum by 78.5% in the 3rd quarter. Smithbridge Asset Management Inc. DE now owns 73,616 shares of the oil and gas producer’s stock worth $3,794,000 after buying an additional 32,369 shares in the last quarter. Finally, Carret Asset Management LLC raised its position in shares of Occidental Petroleum by 52.0% during the 3rd quarter. Carret Asset Management LLC now owns 8,581 shares of the oil and gas producer’s stock valued at $442,000 after buying an additional 2,935 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors.

Occidental Petroleum Stock Up 0.2 %

Shares of OXY opened at $50.18 on Thursday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.75 and a current ratio of 1.04. The stock has a market capitalization of $45.44 billion, a PE ratio of 12.36 and a beta of 1.57. The company’s 50-day simple moving average is $53.09 and its 200-day simple moving average is $58.83. Occidental Petroleum Co. has a 1 year low of $49.75 and a 1 year high of $71.18.

Occidental Petroleum (NYSE:OXY – Get Free Report) last announced its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.26. The business had revenue of $6.88 billion for the quarter, compared to analysts’ expectations of $6.93 billion. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period last year, the firm earned $0.68 earnings per share. Analysts forecast that Occidental Petroleum Co. will post 3.31 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Evercore ISI decreased their price objective on Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a research report on Monday, September 30th. BMO Capital Markets cut their price objective on Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating on the stock in a research report on Friday, October 4th. Barclays cut their price target on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Wells Fargo & Company decreased their price target on shares of Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating for the company in a research note on Friday, September 27th. Finally, Bank of America started coverage on shares of Occidental Petroleum in a research report on Thursday, October 17th. They set a “neutral” rating and a $57.00 target price on the stock. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $65.72.

Read Our Latest Report on Occidental Petroleum

Insider Activity at Occidental Petroleum

In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total value of $697,125,000.00. Following the completion of the sale, the insider now directly owns 165,681,578 shares of the company’s stock, valued at approximately $5,923,116,413.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.48% of the stock is owned by corporate insiders.

About Occidental Petroleum

(Free Report)

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.

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