Chou Associates Management Inc. bought a new position in Occidental Petroleum Corporation (NYSE:OXY – Free Report) during the 2nd quarter, Holdings Channel reports. The firm bought 313,000 shares of the oil and gas producer’s stock, valued at approximately $15,202,000. Occidental Petroleum comprises approximately 7.0% of Chou Associates Management Inc.’s portfolio, making the stock its 4th biggest holding.
A number of other large investors have also bought and sold shares 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 worth $111,000 after purchasing an additional 196 shares in the last quarter. Athena Wealth Management LLC increased its stake in shares of Occidental Petroleum by 1.2% in the first quarter. Athena Wealth Management LLC now owns 18,547 shares of the oil and gas producer’s stock valued at $1,206,000 after buying an additional 214 shares in the last quarter. Elevation Wealth Partners LLC raised its holdings in shares of Occidental Petroleum by 15.8% in the second quarter. Elevation Wealth Partners LLC now owns 1,615 shares of the oil and gas producer’s stock valued at $78,000 after buying an additional 220 shares during the last quarter. HBK Sorce Advisory LLC raised its holdings in shares of Occidental Petroleum by 2.8% in the second quarter. HBK Sorce Advisory LLC now owns 8,210 shares of the oil and gas producer’s stock valued at $442,000 after buying an additional 220 shares during the last quarter. Finally, Carrera Capital Advisors lifted 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 worth $1,831,000 after buying an additional 227 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
Several research firms have weighed in on OXY. Morgan Stanley lowered their price objective on shares of Occidental Petroleum from $74.00 to $68.00 and set an “equal weight” rating for the company in a research report on Friday, June 26th. Wall Street Zen raised shares of Occidental Petroleum from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Weiss Ratings upgraded shares of Occidental Petroleum from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. Stephens reduced 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. Finally, Raymond James Financial lifted their target price on Occidental Petroleum from $64.00 to $75.00 and gave the company an “outperform” rating in a research note on Monday, May 4th. Ten research analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $64.83.
Occidental Petroleum Stock Down 0.3%
Shares of NYSE OXY opened at $61.34 on Friday. The firm has a market capitalization of $61.32 billion, a PE ratio of 9.50, a price-to-earnings-growth ratio of 0.79 and a beta of 0.15. The company has a current ratio of 1.41, a quick ratio of 1.13 and a debt-to-equity ratio of 0.40. Occidental Petroleum Corporation has a 1 year low of $38.80 and a 1 year high of $67.45. The firm’s 50-day moving average is $54.56 and its 200-day moving average is $55.47.
Occidental Petroleum (NYSE:OXY – Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share 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 during the quarter, compared to the consensus estimate of $7.07 billion. During the same period in the previous year, the firm posted $0.39 earnings per share. Occidental Petroleum’s revenue for the quarter was up 53.4% compared to the same quarter last year. Equities analysts expect that Occidental Petroleum Corporation will post 6.09 EPS for the current year.
Occidental Petroleum Increases Dividend
The firm also recently announced 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 represents a $1.12 dividend on an annualized basis and a yield of 1.8%. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.26. Occidental Petroleum’s dividend payout ratio (DPR) is presently 16.10%.
Insider Activity at Occidental Petroleum
In related news, CEO Richard A. Jackson purchased 4,770 shares of the business’s stock in a transaction dated Tuesday, June 23rd. The shares were bought at an average price of $52.38 per share, with a total value of $249,852.60. Following the purchase, 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 position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.50% of the company’s stock.
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.
Featured Articles
- Five stocks we like better than Occidental Petroleum
- 2 Biotech Stocks Shaping Up for Major Breakouts
- 3 Stocks Came Roaring Back—Now They’re Flashing Warning Signs
- 3 Beaten-Down Stocks That Haven’t Gotten the Message About the S&P 500’s Record Run
- Darden Restaurants Just Hit a 52-Week High–Is the Olive Garden Comeback Story Legit?
Want to see what other hedge funds are holding OXY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Occidental Petroleum Corporation (NYSE:OXY – Free Report).
Receive News & Ratings for Occidental Petroleum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Occidental Petroleum and related companies with MarketBeat.com's FREE daily email newsletter.
