Camarda Financial Advisors LLC bought a new position in shares of Occidental Petroleum Corporation (NYSE:OXY – Free Report) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 33,848 shares of the oil and gas producer’s stock, valued at approximately $1,644,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Berkshire Hathaway Inc purchased a new position in Occidental Petroleum in the second quarter valued at approximately $12,868,205,000. Bank of New York Mellon Corp lifted its position in shares of Occidental Petroleum by 84.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 10,643,916 shares of the oil and gas producer’s stock worth $516,975,000 after buying an additional 4,882,834 shares during the last quarter. Danske Bank A S acquired a new position in shares of Occidental Petroleum in the 2nd quarter valued at $172,413,000. Legal & General Group Plc purchased a new position in shares of Occidental Petroleum in the 2nd quarter valued at $168,860,000. Finally, Dimensional Fund Advisors LP raised its stake in Occidental Petroleum by 21.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer’s stock worth $436,008,000 after acquiring an additional 1,883,721 shares in the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
OXY has been the subject of a number of research reports. JPMorgan Chase & Co. reduced their price target on shares of Occidental Petroleum from $64.00 to $63.00 in a research report on Thursday, May 7th. Susquehanna boosted their target price on Occidental Petroleum from $67.00 to $70.00 and gave the company a “positive” rating in a report on Tuesday, August 11th. Raymond James Financial lifted their price target on Occidental Petroleum from $64.00 to $75.00 and gave the stock an “outperform” rating in a research report on Monday, May 4th. Capital One Financial boosted their price objective on Occidental Petroleum from $67.00 to $70.00 in a research note on Wednesday, May 27th. Finally, The Goldman Sachs Group decreased their price objective on Occidental Petroleum from $64.00 to $60.00 and set a “neutral” rating for the company in a report on Tuesday, June 30th. Ten research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $64.83.
Occidental Petroleum Stock Performance
NYSE OXY opened at $59.21 on Friday. The firm has a market cap of $59.19 billion, a P/E ratio of 9.17, a P/E/G 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 business’s 50-day moving average price is $55.03 and its 200 day moving average price is $55.93. 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 posted its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $7.07 billion. During the same period in the prior year, the business earned $0.39 EPS. The firm’s revenue was up 53.4% compared to the same quarter last year. On average, equities research analysts expect that Occidental Petroleum Corporation will post 6.09 earnings per share for the current year.
Occidental Petroleum Increases Dividend
The business 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 $0.28 dividend. The ex-dividend date of this dividend is Thursday, September 10th. 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%. Occidental Petroleum’s dividend payout ratio is presently 16.10%.
Insider Activity at Occidental Petroleum
In related news, CEO Richard A. Jackson purchased 4,770 shares of the firm’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was purchased at an average cost of $52.38 per share, with a total value of $249,852.60. Following the completion of the acquisition, 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 acquisition was disclosed in a filing with the SEC, which is accessible through this link. 0.50% of the stock is owned by company insiders.
About Occidental Petroleum
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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