Forum Financial Management LP Sells 2,372 Shares of Occidental Petroleum Co. (NYSE:OXY)

Forum Financial Management LP lessened its holdings in shares of Occidental Petroleum Co. (NYSE:OXY) by 17.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,863 shares of the oil and gas producer’s stock after selling 2,372 shares during the period. Forum Financial Management LP’s holdings in Occidental Petroleum were worth $560,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Fortitude Family Office LLC grew its holdings in Occidental Petroleum by 160.0% in the third quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 304 shares during the period. New Covenant Trust Company N.A. bought a new stake in Occidental Petroleum in the 1st quarter worth about $44,000. LRI Investments LLC purchased a new stake in Occidental Petroleum in the first quarter worth approximately $44,000. Strategic Financial Concepts LLC purchased a new position in shares of Occidental Petroleum in the 2nd quarter worth $53,000. Finally, Exchange Traded Concepts LLC bought a new stake in shares of Occidental Petroleum in the third quarter worth $87,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Stephens reissued an “overweight” rating and issued a $76.00 target price on shares of Occidental Petroleum in a research report on Thursday, August 8th. StockNews.com downgraded shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a research report on Saturday, October 5th. Scotiabank cut their price objective on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Truist Financial lowered their target price on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a research report on Monday, September 30th. Finally, Mizuho cut their price target on Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Occidental Petroleum has a consensus rating of “Hold” and a consensus target price of $65.72.

Insider Transactions at Occidental Petroleum

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total value of $697,125,000.00. Following the transaction, the insider now owns 165,681,578 shares of the company’s stock, valued at $5,923,116,413.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.31% of the company’s stock.

Occidental Petroleum Price Performance

NYSE:OXY opened at $50.56 on Tuesday. The company has a market capitalization of $45.79 billion, a P/E ratio of 12.45 and a beta of 1.58. The business’s 50-day moving average is $52.68 and its 200 day moving average is $58.42. The company has a current ratio of 1.04, a quick ratio of 0.75 and a debt-to-equity ratio of 0.77. Occidental Petroleum Co. has a 12 month low of $49.51 and a 12 month high of $71.18.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.26. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The firm had revenue of $6.88 billion during the quarter, compared to analyst estimates of $6.93 billion. During the same period last year, the firm posted $0.68 earnings per share. Occidental Petroleum’s revenue for the quarter was up 2.2% compared to the same quarter last year. On average, equities research analysts forecast that Occidental Petroleum Co. will post 3.29 earnings per share for the current fiscal year.

Occidental Petroleum Company Profile

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.