Confluence Investment Management LLC acquired a new position in Occidental Petroleum Corporation (NYSE:OXY – Free Report) during the 2nd quarter, Holdings Channel reports. The fund acquired 26,565 shares of the oil and gas producer’s stock, valued at approximately $1,290,000.
Other hedge funds have also recently added to or reduced their stakes in the company. Axiom Investment Management LLC acquired a new position in Occidental Petroleum during the first quarter worth about $25,000. GKV Capital Management Co. Inc. acquired a new stake in shares of Occidental Petroleum in the first quarter valued at approximately $26,000. Portus Wealth Advisors LLC purchased a new position in shares of Occidental Petroleum during the 1st quarter worth approximately $29,000. Caitlin John LLC purchased a new position in shares of Occidental Petroleum during the 4th quarter worth approximately $29,000. Finally, Activest Wealth Management raised its position in shares of Occidental Petroleum by 68.5% during the 4th quarter. Activest Wealth Management now owns 750 shares of the oil and gas producer’s stock worth $31,000 after purchasing an additional 305 shares during the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.
Occidental Petroleum Stock Performance
Occidental Petroleum stock opened at $55.11 on Wednesday. The firm has a market capitalization of $54.81 billion, a P/E ratio of 13.88, a PEG ratio of 0.80 and a beta of 0.15. The stock has a fifty day moving average price of $54.31 and a 200 day moving average price of $54.22. Occidental Petroleum Corporation has a 52 week low of $38.80 and a 52 week high of $67.45. The company has a current ratio of 1.21, a quick ratio of 1.01 and a debt-to-equity ratio of 0.49.
Analysts Set New Price Targets
A number of equities research analysts have commented on OXY shares. Jefferies Financial Group increased their target price on Occidental Petroleum from $47.00 to $58.00 and gave the company a “hold” rating in a report on Monday, April 13th. Roth Capital boosted their price target on Occidental Petroleum from $45.00 to $55.00 and gave the stock a “neutral” rating in a report on Wednesday, April 15th. Capital One Financial increased their price objective on Occidental Petroleum from $67.00 to $70.00 in a research note on Wednesday, May 27th. Wells Fargo & Company lifted their price objective on Occidental Petroleum from $69.00 to $72.00 and gave the stock an “overweight” rating in a research report on Thursday, April 9th. Finally, Barclays raised shares of Occidental Petroleum from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $59.00 to $72.00 in a research note on Tuesday, May 26th. Ten analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Occidental Petroleum presently has an average rating of “Hold” and an average target price of $64.17.
Check Out Our Latest Stock Report on Occidental Petroleum
Insider Buying and Selling at Occidental Petroleum
In related news, CEO Richard A. Jackson acquired 4,770 shares of the business’s stock in a transaction dated Tuesday, June 23rd. The shares were acquired at an average cost of $52.38 per share, for a total transaction of $249,852.60. Following the acquisition, the chief executive officer directly owned 444,098 shares in the company, valued at approximately $23,261,853.24. The trade was a 1.09% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.50% of the stock is currently owned by insiders.
Occidental Petroleum Company Profile
Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.
Occidental’s operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.
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