University of Texas Texas AM Investment Management Co. Makes New Investment in Occidental Petroleum Corporation $OXY

University of Texas Texas AM Investment Management Co. purchased a new position in Occidental Petroleum Corporation (NYSE:OXY) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 640 shares of the oil and gas producer’s stock, valued at approximately $27,000.

Other hedge funds have also recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd purchased a new position in shares of Occidental Petroleum during the first quarter valued at approximately $39,000. Spectrum Wealth Counsel LLC boosted its holdings in Occidental Petroleum by 5,000.0% in the first quarter. Spectrum Wealth Counsel LLC now owns 1,020 shares of the oil and gas producer’s stock worth $50,000 after acquiring an additional 1,000 shares in the last quarter. Ransom Advisory Ltd bought a new stake in Occidental Petroleum in the first quarter worth $54,000. Mid American Wealth Advisory Group Inc. bought a new position in shares of Occidental Petroleum during the second quarter valued at $55,000. Finally, Quarry LP lifted its holdings in Occidental Petroleum by 69.7% in the first quarter. Quarry LP now owns 1,675 shares of the oil and gas producer’s stock valued at $83,000 after acquiring an additional 688 shares during the period. 88.70% of the stock is owned by hedge funds and other institutional investors.

Occidental Petroleum Trading Down 0.6%

OXY opened at $42.60 on Friday. Occidental Petroleum Corporation has a 52 week low of $34.78 and a 52 week high of $53.20. The stock’s fifty day moving average is $45.21 and its two-hundred day moving average is $43.49. The company has a market capitalization of $41.94 billion, a P/E ratio of 25.21 and a beta of 0.95. The company has a quick ratio of 0.83, a current ratio of 1.05 and a debt-to-equity ratio of 0.84.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%.The business had revenue of $6.41 billion for the quarter, compared to the consensus estimate of $6.29 billion. During the same period last year, the business posted $1.03 EPS. The business’s revenue was down 6.1% compared to the same quarter last year. Analysts forecast that Occidental Petroleum Corporation will post 3.58 earnings per share for the current year.

Occidental Petroleum Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Wednesday, September 10th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.3%. The ex-dividend date was Wednesday, September 10th. Occidental Petroleum’s payout ratio is 56.80%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. UBS Group reduced their price target on Occidental Petroleum from $46.00 to $45.00 and set a “neutral” rating for the company in a research report on Friday, October 3rd. Morgan Stanley reiterated an “equal weight” rating and set a $52.00 target price on shares of Occidental Petroleum in a research report on Monday, August 18th. JPMorgan Chase & Co. increased their price target on Occidental Petroleum from $49.00 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday, October 14th. Bank of America raised their price objective on Occidental Petroleum from $44.00 to $47.00 and gave the company a “neutral” rating in a research note on Monday, October 6th. Finally, Hsbc Global Res raised Occidental Petroleum from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 3rd. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, fifteen have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $52.26.

About Occidental Petroleum

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.