California State Teachers Retirement System Reduces Holdings in Occidental Petroleum Corporation $OXY

California State Teachers Retirement System lowered its stake in shares of Occidental Petroleum Corporation (NYSE:OXY) by 2.9% during the 1st quarter, HoldingsChannel.com reports. The fund owned 851,982 shares of the oil and gas producer’s stock after selling 25,561 shares during the quarter. California State Teachers Retirement System’s holdings in Occidental Petroleum were worth $55,379,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. National Pension Service increased its stake in shares of Occidental Petroleum by 13.0% during the fourth quarter. National Pension Service now owns 1,084,356 shares of the oil and gas producer’s stock valued at $44,589,000 after acquiring an additional 124,879 shares during the period. Vanguard Group Inc. lifted its position in Occidental Petroleum by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 89,900,677 shares of the oil and gas producer’s stock worth $3,696,716,000 after purchasing an additional 699,137 shares during the period. Hosking Partners LLP boosted its stake in Occidental Petroleum by 4.9% during the 4th quarter. Hosking Partners LLP now owns 577,368 shares of the oil and gas producer’s stock valued at $23,741,000 after purchasing an additional 27,030 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Occidental Petroleum by 22.9% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 120,385 shares of the oil and gas producer’s stock valued at $4,950,000 after purchasing an additional 22,439 shares during the period. Finally, Swiss National Bank increased its position in shares of Occidental Petroleum by 7.2% during the 1st quarter. Swiss National Bank now owns 2,168,414 shares of the oil and gas producer’s stock valued at $140,947,000 after purchasing an additional 145,100 shares during the period. 88.70% of the stock is owned by hedge funds and other institutional investors.

Occidental Petroleum News Roundup

Here are the key news stories impacting Occidental Petroleum this week:

• Positive Sentiment: Crude prices rebounded amid renewed Middle East tensions and supply concerns, providing a potential earnings tailwind for OXY’s highly oil-leveraged production business. The company reported an average realized oil price of $96.78 per barrel for the second quarter, above average WTI prices, strengthening expectations for a solid August 5 earnings report. Occidental Petroleum Rises as Oil Rebounds and Strong Q2 Pricing Supports Earnings Hopes
• Positive Sentiment: Wall Street expects year-over-year earnings growth in OXY’s upcoming quarterly report, with analysts citing favorable operating factors that could support an earnings beat. Occidental Petroleum Reports Next Week: Wall Street Expects Earnings Growth
• Positive Sentiment: Occidental’s $12 billion CrownRock acquisition remains a key strategic growth initiative, potentially expanding its Permian Basin position and production scale. Why Occidental Petroleum Is Spending $12 Billion To Buy CrownRock

Insider Transactions at Occidental Petroleum

In other news, CEO Richard A. Jackson acquired 4,770 shares of Occidental Petroleum stock in a transaction on Tuesday, June 23rd. The stock was bought at an average cost of $52.38 per share, with a total value of $249,852.60. Following the completion of the purchase, the chief executive officer owned 444,098 shares of the company’s stock, valued at $23,261,853.24. This represents a 1.09% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.50% of the company’s stock.

Occidental Petroleum Stock Performance

Shares of NYSE OXY opened at $55.91 on Friday. The stock’s fifty day simple moving average is $54.47 and its 200 day simple moving average is $53.95. The stock has a market capitalization of $55.61 billion, a price-to-earnings ratio of 14.08, a PEG ratio of 0.81 and a beta of 0.15. The company has a quick ratio of 1.01, a current ratio of 1.21 and a debt-to-equity ratio of 0.49. Occidental Petroleum Corporation has a 52-week low of $38.80 and a 52-week high of $67.45.

Occidental Petroleum (NYSE:OXY) last announced its earnings results on Tuesday, May 5th. The oil and gas producer reported $1.06 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $5.44 billion. During the same period in the prior year, the business posted $0.14 earnings per share. Occidental Petroleum’s revenue was down 8.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Occidental Petroleum Corporation will post 5.43 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

OXY has been the subject of several research analyst reports. Stephens cut their price objective on Occidental Petroleum from $73.00 to $69.00 and set an “overweight” rating for the company in a report on Tuesday, July 14th. Evercore upgraded shares of Occidental Petroleum from an “in-line” rating to an “outperform” rating and set a $65.00 price target on the stock in a research report on Wednesday, July 8th. Raymond James Financial upped their price target on shares of Occidental Petroleum from $64.00 to $75.00 and gave the company an “outperform” rating in a report on Monday, May 4th. Roth Capital raised their price objective on shares of Occidental Petroleum from $45.00 to $55.00 and gave the company a “neutral” rating in a research report on Wednesday, April 15th. Finally, Wells Fargo & Company lifted their price objective on shares of Occidental Petroleum from $69.00 to $72.00 and gave the stock an “overweight” rating in a research note on Thursday, April 9th. Ten analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $64.17.

Occidental Petroleum 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.