Traynor Capital Management Inc. Sells 2,294 Shares of Occidental Petroleum Co. (NYSE:OXY)

Traynor Capital Management Inc. reduced its holdings in Occidental Petroleum Co. (NYSE:OXY) by 28.7% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,706 shares of the oil and gas producer’s stock after selling 2,294 shares during the quarter. Traynor Capital Management Inc.’s holdings in Occidental Petroleum were worth $294,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Czech National Bank increased its position in shares of Occidental Petroleum by 8.3% in the third quarter. Czech National Bank now owns 137,163 shares of the oil and gas producer’s stock worth $7,069,000 after purchasing an additional 10,456 shares during the last quarter. Discovery Capital Management LLC CT bought a new position in shares of Occidental Petroleum in the 2nd quarter worth $10,331,000. Empyrean Capital Partners LP purchased a new stake in shares of Occidental Petroleum during the 2nd quarter valued at $2,975,000. Swedbank AB purchased a new stake in shares of Occidental Petroleum during the 1st quarter valued at $12,547,000. Finally, Royal Fund Management LLC grew its position in Occidental Petroleum by 124.2% in the third quarter. Royal Fund Management LLC now owns 57,416 shares of the oil and gas producer’s stock worth $2,959,000 after acquiring an additional 31,809 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Insider Transactions at Occidental Petroleum

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of Occidental Petroleum stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the sale, the insider now directly owns 165,681,578 shares in the company, valued at $5,923,116,413.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.48% of the company’s stock.

Occidental Petroleum Stock Performance

Shares of OXY stock opened at $50.08 on Wednesday. The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 0.77. The stock has a fifty day moving average of $53.21 and a 200 day moving average of $58.89. The firm has a market capitalization of $45.35 billion, a price-to-earnings ratio of 12.33 and a beta of 1.57. Occidental Petroleum Co. has a 52 week low of $49.75 and a 52 week high of $71.18.

Occidental Petroleum (NYSE:OXY) last announced 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 for the quarter, compared to analyst estimates of $6.93 billion. During the same quarter in the previous year, the firm posted $0.68 EPS. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. As a group, research analysts expect that Occidental Petroleum Co. will post 3.31 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on OXY. Wolfe Research started coverage on Occidental Petroleum in a research report on Thursday, July 18th. They set an “outperform” rating and a $81.00 price target on the stock. Susquehanna dropped their target price on Occidental Petroleum from $78.00 to $77.00 and set a “positive” rating for the company in a research report on Friday, October 18th. The Goldman Sachs Group began coverage on shares of Occidental Petroleum in a research report on Wednesday, October 2nd. They set a “neutral” rating and a $55.00 price target on the stock. Barclays lowered their price objective on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Finally, Wells Fargo & Company reduced their target price on shares of Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating on the stock in a report on Friday, September 27th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $65.72.

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.