Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Occidental Petroleum Corporation (NYSE:OXY – Free Report) by 9.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,790,655 shares of the oil and gas producer’s stock after buying an additional 151,298 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Occidental Petroleum were worth $86,972,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also bought and sold shares of the company. Axiom Investment Management LLC bought a new position in Occidental Petroleum during the first quarter valued at approximately $25,000. GKV Capital Management Co. Inc. bought a new stake in shares of Occidental Petroleum in the 1st quarter worth approximately $26,000. Portus Wealth Advisors LLC purchased a new stake in shares of Occidental Petroleum in the 1st quarter valued at $29,000. Caitlin John LLC bought a new position in shares of Occidental Petroleum during the 4th quarter valued at $29,000. Finally, Activest Wealth Management grew its holdings 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 valued at $31,000 after purchasing an additional 305 shares during the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.
Analysts Set New Price Targets
Several analysts have weighed in on the stock. Raymond James Financial boosted their price target on shares of Occidental Petroleum from $64.00 to $75.00 and gave the stock an “outperform” rating in a research note on Monday, May 4th. Citigroup reduced their price objective on Occidental Petroleum from $62.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday, July 17th. Stephens decreased their price objective on Occidental Petroleum from $73.00 to $69.00 and set an “overweight” rating on the stock in a report on Tuesday, July 14th. Morgan Stanley lowered their target price on Occidental Petroleum from $74.00 to $68.00 and set an “equal weight” rating for the company in a research note on Friday, June 26th. Finally, Wells Fargo & Company increased their target price on Occidental Petroleum from $72.00 to $79.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Ten equities research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Occidental Petroleum currently has a consensus rating of “Hold” and an average price target of $64.83.
Insider Activity
In other Occidental Petroleum news, CEO Richard A. Jackson purchased 4,770 shares of Occidental Petroleum stock in a transaction that occurred on Tuesday, June 23rd. The shares were bought at an average price 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. This trade represents a 1.09% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.50% of the stock is owned by insiders.
Occidental Petroleum Trading Up 1.3%
NYSE:OXY opened at $59.82 on Wednesday. The firm has a market capitalization of $59.80 billion, a P/E ratio of 9.26, a P/E/G ratio of 0.79 and a beta of 0.15. The company has a quick ratio of 1.13, a current ratio of 1.41 and a debt-to-equity ratio of 0.40. The company has a fifty day moving average of $54.28 and a 200 day moving average of $55.21. Occidental Petroleum Corporation has a 52 week low of $38.80 and a 52 week high of $67.45.
Occidental Petroleum (NYSE:OXY – Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.83 by $0.57. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The business had revenue of $8.06 billion for the quarter, compared to analyst estimates of $7.07 billion. During the same quarter last year, the firm earned $0.39 EPS. The company’s revenue was up 53.4% on a year-over-year basis. On average, research analysts predict that Occidental Petroleum Corporation will post 5.81 earnings per share for the current year.
Occidental Petroleum Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, September 10th will be issued a dividend of $0.28 per share. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Thursday, September 10th. Occidental Petroleum’s dividend payout ratio (DPR) is currently 16.10%.
Occidental Petroleum 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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