Commerce Bank purchased a new stake in shares of Occidental Petroleum Corporation (NYSE:OXY – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 18,793 shares of the oil and gas producer’s stock, valued at approximately $913,000.
A number of other institutional investors have also modified their holdings of OXY. Whittier Trust Co. of Nevada Inc. boosted its stake in Occidental Petroleum by 12.5% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 1,765 shares of the oil and gas producer’s stock valued at $111,000 after acquiring an additional 196 shares in the last quarter. Athena Wealth Management LLC boosted its position in shares of Occidental Petroleum by 1.2% in the 1st quarter. Athena Wealth Management LLC now owns 18,547 shares of the oil and gas producer’s stock worth $1,206,000 after purchasing an additional 214 shares in the last quarter. Elevation Wealth Partners LLC boosted its position in shares of Occidental Petroleum by 15.8% in the 2nd quarter. Elevation Wealth Partners LLC now owns 1,615 shares of the oil and gas producer’s stock worth $78,000 after purchasing an additional 220 shares in the last quarter. HBK Sorce Advisory LLC grew its stake in Occidental Petroleum by 2.8% during the 2nd quarter. HBK Sorce Advisory LLC now owns 8,210 shares of the oil and gas producer’s stock worth $442,000 after buying an additional 220 shares during the last quarter. Finally, Carrera Capital Advisors increased its position in Occidental Petroleum by 0.5% during the 4th quarter. Carrera Capital Advisors now owns 44,279 shares of the oil and gas producer’s stock valued at $1,831,000 after buying an additional 227 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several brokerages have weighed in on OXY. Stephens lowered their price target on Occidental Petroleum from $73.00 to $69.00 and set an “overweight” rating for the company in a report on Tuesday, July 14th. Zacks Research downgraded shares of Occidental Petroleum from a “strong-buy” rating to a “hold” rating in a report on Monday, June 22nd. Wall Street Zen upgraded shares of Occidental Petroleum from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. JPMorgan Chase & Co. dropped their target price on shares of Occidental Petroleum from $64.00 to $63.00 in a research report on Thursday, May 7th. Finally, Wells Fargo & Company upped their price target on shares of Occidental Petroleum from $72.00 to $79.00 and gave the company an “overweight” rating in a research note 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 stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $64.83.
Insider Buying and Selling
In related news, CEO Richard A. Jackson purchased 4,770 shares of the business’s stock in a transaction on Tuesday, June 23rd. The shares were bought at an average cost of $52.38 per share, with a total value of $249,852.60. Following the transaction, the chief executive officer owned 444,098 shares of the company’s stock, valued at approximately $23,261,853.24. This trade represents a 1.09% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.50% of the company’s stock.
Occidental Petroleum Trading Up 0.5%
Occidental Petroleum stock opened at $58.69 on Thursday. The stock has a 50-day moving average price of $54.88 and a 200 day moving average price of $55.84. The company has a market capitalization of $58.67 billion, a price-to-earnings ratio of 9.09, a price-to-earnings-growth ratio of 0.93 and a beta of 0.15. Occidental Petroleum Corporation has a 52 week low of $38.80 and a 52 week high of $67.45. The company has a quick ratio of 1.13, a current ratio of 1.41 and a debt-to-equity ratio of 0.40.
Occidental Petroleum (NYSE:OXY – Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, topping the consensus estimate of $1.83 by $0.57. The company had revenue of $8.06 billion for the quarter, compared to the consensus estimate of $7.07 billion. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. Occidental Petroleum’s quarterly revenue was up 53.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.39 EPS. Sell-side analysts anticipate that Occidental Petroleum Corporation will post 6.09 EPS for the current year.
Occidental Petroleum Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, September 10th will be issued a $0.28 dividend. 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 1.9%. Occidental Petroleum’s dividend payout ratio is currently 16.10%.
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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