OVERSEA CHINESE BANKING Corp Ltd acquired a new position in shares of Occidental Petroleum Corporation (NYSE:OXY – Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 19,649 shares of the oil and gas producer’s stock, valued at approximately $982,000.
Several other hedge funds have also modified their holdings of OXY. Woodline Partners LP raised its stake in shares of Occidental Petroleum by 40.7% during the 1st quarter. Woodline Partners LP now owns 57,079 shares of the oil and gas producer’s stock worth $2,817,000 after acquiring an additional 16,506 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of Occidental Petroleum during the 2nd quarter valued at $4,584,000. Federated Hermes Inc. grew its stake in Occidental Petroleum by 696.7% during the 2nd quarter. Federated Hermes Inc. now owns 23,997 shares of the oil and gas producer’s stock worth $1,008,000 after buying an additional 20,985 shares during the last quarter. Daiwa Securities Group Inc. grew its stake in Occidental Petroleum by 7.4% during the 2nd quarter. Daiwa Securities Group Inc. now owns 105,767 shares of the oil and gas producer’s stock worth $4,443,000 after buying an additional 7,285 shares during the last quarter. Finally, AXA S.A. increased its position in Occidental Petroleum by 24.3% during the 2nd quarter. AXA S.A. now owns 136,625 shares of the oil and gas producer’s stock valued at $5,740,000 after buying an additional 26,741 shares in the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
OXY has been the subject of a number of research reports. Zacks Research cut Occidental Petroleum from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 22nd. Barclays lowered their price target on shares of Occidental Petroleum from $75.00 to $71.00 and set an “overweight” rating on the stock in a report on Monday, August 17th. Morgan Stanley decreased their price target on Occidental Petroleum from $74.00 to $68.00 and set an “equal weight” rating for the company in a report on Friday, June 26th. UBS Group cut their target price on shares of Occidental Petroleum from $67.00 to $65.00 and set a “neutral” rating for the company in a report on Thursday, May 7th. Finally, Truist Financial boosted their target price on shares of Occidental Petroleum from $57.00 to $63.00 and gave the company a “hold” rating in a research note on Monday, August 10th. Ten research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $64.83.
Insider Transactions at Occidental Petroleum
In related news, CEO Richard A. Jackson bought 4,770 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The shares were acquired at an average price of $52.38 per share, for a total transaction of $249,852.60. Following the completion of the transaction, the chief executive officer directly owned 444,098 shares in the company, valued at $23,261,853.24. This trade represents a 1.09% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.50% of the stock is currently owned by insiders.
Occidental Petroleum Stock Down 0.3%
Occidental Petroleum stock opened at $61.34 on Friday. The stock has a market capitalization of $61.32 billion, a PE ratio of 9.50, a price-to-earnings-growth ratio of 0.80 and a beta of 0.15. Occidental Petroleum Corporation has a 12 month low of $38.80 and a 12 month high of $67.45. The business has a 50 day simple moving average of $54.56 and a 200-day simple moving average of $55.47. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.13.
Occidental Petroleum (NYSE:OXY – Get Free Report) last announced its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.83 by $0.57. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.The firm 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 posted $0.39 EPS. The business’s revenue was up 53.4% on a year-over-year basis. On average, analysts anticipate that Occidental Petroleum Corporation will post 6.08 EPS for the current fiscal year.
Occidental Petroleum Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, September 10th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Thursday, September 10th. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 1.8%. Occidental Petroleum’s payout ratio is 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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