Korea Investment CORP bought a new position in Occidental Petroleum Corporation (NYSE:OXY – Free Report) during the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 389,992 shares of the oil and gas producer’s stock, valued at approximately $18,942,000.
Other institutional investors have also recently bought and sold shares of the company. Axiom Investment Management LLC purchased a new position in Occidental Petroleum during the first quarter worth approximately $25,000. Hara Capital LLC purchased a new stake in shares of Occidental Petroleum during the 2nd quarter valued at $25,000. GKV Capital Management Co. Inc. acquired a new stake in shares of Occidental Petroleum during the 1st quarter worth $26,000. Portus Wealth Advisors LLC purchased a new position in shares of Occidental Petroleum in the 1st quarter worth $29,000. Finally, Caitlin John LLC purchased a new position in shares of Occidental Petroleum in the 4th quarter worth $29,000. 88.70% of the stock is currently owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In other news, CEO Richard A. Jackson acquired 4,770 shares of the business’s stock in a transaction on Tuesday, June 23rd. The shares were purchased at an average price of $52.38 per share, for a total transaction of $249,852.60. Following the completion of the purchase, the chief executive officer directly owned 444,098 shares of the company’s stock, valued at $23,261,853.24. This represents a 1.09% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.50% of the stock is currently owned by corporate insiders.
Occidental Petroleum Trading Up 0.1%
Occidental Petroleum (NYSE:OXY – Get Free Report) last released its 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 during 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%. The company’s revenue was up 53.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.39 EPS. As a group, research analysts predict that Occidental Petroleum Corporation will post 6.09 earnings per share for the current fiscal year.
Occidental Petroleum Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, September 10th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 1.8%. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.26. The ex-dividend date is Thursday, September 10th. Occidental Petroleum’s payout ratio is 16.10%.
Wall Street Analyst Weigh In
OXY has been the topic of several research analyst reports. Wall Street Zen raised Occidental Petroleum from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Weiss Ratings upgraded shares of Occidental Petroleum from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Morgan Stanley reduced their price target on shares of Occidental Petroleum from $74.00 to $68.00 and set an “equal weight” rating on the stock in a research report on Friday, June 26th. Citigroup decreased their price objective on shares of Occidental Petroleum from $62.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, July 17th. Finally, Susquehanna increased their price objective on shares of Occidental Petroleum from $67.00 to $70.00 and gave the stock a “positive” rating in a research report on Tuesday, August 11th. Ten research analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Occidental Petroleum presently has an average rating of “Hold” and a consensus target price of $64.83.
Get Our Latest Analysis on Occidental Petroleum
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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