Wealthfront Advisers LLC Raises Position in Occidental Petroleum Corporation $OXY

Wealthfront Advisers LLC increased its stake in shares of Occidental Petroleum Corporation (NYSE:OXY) by 2.6% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 336,138 shares of the oil and gas producer’s stock after purchasing an additional 8,512 shares during the period. Wealthfront Advisers LLC’s holdings in Occidental Petroleum were worth $14,121,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Occidental Petroleum during the second quarter valued at approximately $27,000. MQS Management LLC purchased a new position in shares of Occidental Petroleum during the second quarter valued at approximately $978,000. Leavell Investment Management Inc. raised its holdings in shares of Occidental Petroleum by 79.6% during the second quarter. Leavell Investment Management Inc. now owns 11,294 shares of the oil and gas producer’s stock valued at $477,000 after purchasing an additional 5,005 shares during the last quarter. DDD Partners LLC raised its holdings in shares of Occidental Petroleum by 275.0% during the second quarter. DDD Partners LLC now owns 54,641 shares of the oil and gas producer’s stock valued at $2,295,000 after purchasing an additional 40,071 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Occidental Petroleum by 0.7% during the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,608,015 shares of the oil and gas producer’s stock valued at $67,553,000 after purchasing an additional 11,316 shares during the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on OXY. Morgan Stanley reaffirmed an “equal weight” rating and set a $52.00 target price on shares of Occidental Petroleum in a report on Monday, August 18th. Wall Street Zen cut shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Evercore ISI reduced their target price on shares of Occidental Petroleum from $40.00 to $38.00 and set an “underperform” rating for the company in a report on Friday, October 3rd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Occidental Petroleum in a report on Saturday. Finally, Melius Research began coverage on shares of Occidental Petroleum in a report on Wednesday, August 20th. They set a “hold” rating and a $64.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, fifteen have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $52.26.

Occidental Petroleum Stock Performance

OXY opened at $42.60 on Monday. The stock has a market capitalization of $41.94 billion, a price-to-earnings ratio of 25.21 and a beta of 0.95. The company has a fifty day moving average of $45.21 and a 200 day moving average of $43.51. Occidental Petroleum Corporation has a fifty-two week low of $34.78 and a fifty-two week high of $53.20. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.83 and a current ratio of 1.05.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Wednesday, August 6th. The oil and gas producer reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. The business had revenue of $6.41 billion during the quarter, compared to analysts’ expectations of $6.29 billion. During the same period last year, the company posted $1.03 EPS. The business’s revenue was down 6.1% on a year-over-year basis. As a group, sell-side analysts forecast that Occidental Petroleum Corporation will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

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

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.