Portside Wealth Group LLC Increases Stake in Occidental Petroleum Co. (NYSE:OXY)

Portside Wealth Group LLC increased its position in shares of Occidental Petroleum Co. (NYSE:OXY) by 25.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 20,372 shares of the oil and gas producer’s stock after buying an additional 4,088 shares during the period. Portside Wealth Group LLC’s holdings in Occidental Petroleum were worth $1,006,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Berkshire Hathaway Inc raised its holdings in shares of Occidental Petroleum by 3.5% in the 4th quarter. Berkshire Hathaway Inc now owns 264,178,414 shares of the oil and gas producer’s stock valued at $13,053,055,000 after purchasing an additional 8,896,890 shares in the last quarter. Vanguard Group Inc. increased its holdings in Occidental Petroleum by 18.1% in the fourth quarter. Vanguard Group Inc. now owns 68,123,704 shares of the oil and gas producer’s stock valued at $3,365,992,000 after buying an additional 10,434,098 shares during the last quarter. Geode Capital Management LLC increased its holdings in Occidental Petroleum by 2.9% in the fourth quarter. Geode Capital Management LLC now owns 14,245,357 shares of the oil and gas producer’s stock valued at $701,816,000 after buying an additional 398,467 shares during the last quarter. Northern Trust Corp raised its stake in Occidental Petroleum by 7.5% in the fourth quarter. Northern Trust Corp now owns 7,065,061 shares of the oil and gas producer’s stock valued at $349,085,000 after buying an additional 491,797 shares in the last quarter. Finally, Invesco Ltd. raised its position in shares of Occidental Petroleum by 25.2% during the 4th quarter. Invesco Ltd. now owns 6,357,689 shares of the oil and gas producer’s stock worth $314,133,000 after acquiring an additional 1,278,389 shares in the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

Analysts Set New Price Targets

OXY has been the subject of a number of research analyst reports. Barclays upped their price target on Occidental Petroleum from $46.00 to $48.00 and gave the company an “equal weight” rating in a report on Thursday, May 8th. UBS Group dropped their target price on shares of Occidental Petroleum from $44.00 to $38.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 16th. Morgan Stanley set a $58.00 price target on shares of Occidental Petroleum and gave the stock an “overweight” rating in a research note on Wednesday, March 26th. Scotiabank downgraded shares of Occidental Petroleum from a “sector outperform” rating to a “sector perform” rating and set a $40.00 price objective for the company. in a research note on Friday, April 11th. Finally, Susquehanna dropped their price objective on Occidental Petroleum from $59.00 to $55.00 and set a “positive” rating on the stock in a report on Tuesday, April 22nd. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $53.14.

Occidental Petroleum Trading Up 1.6%

NYSE:OXY opened at $43.23 on Tuesday. The company has a current ratio of 0.95, a quick ratio of 0.76 and a debt-to-equity ratio of 0.95. The stock’s 50 day simple moving average is $40.64 and its 200-day simple moving average is $45.94. Occidental Petroleum Co. has a 12-month low of $34.79 and a 12-month high of $64.76. The firm has a market cap of $42.55 billion, a P/E ratio of 17.72 and a beta of 0.87.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data on Wednesday, May 7th. The oil and gas producer reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.13. Occidental Petroleum had a net margin of 11.37% and a return on equity of 16.33%. The company had revenue of $6.80 billion for the quarter, compared to analysts’ expectations of $6.97 billion. During the same period in the previous year, the company posted $0.63 EPS. Occidental Petroleum’s revenue was up 13.9% compared to the same quarter last year. Equities analysts anticipate that Occidental Petroleum Co. will post 3.58 EPS for the current year.

Occidental Petroleum Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, June 10th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Tuesday, June 10th. This represents a $0.96 annualized dividend and a yield of 2.22%. Occidental Petroleum’s dividend payout ratio is currently 39.02%.

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.