Corient Private Wealth LP acquired a new position in Occidental Petroleum Corporation (NYSE:OXY – Free Report) during the second quarter, HoldingsChannel reports. The fund acquired 227,318 shares of the oil and gas producer’s stock, valued at approximately $11,042,000.
Several other large investors also recently made changes to their positions in OXY. Axiom Investment Management LLC bought a new position in shares of Occidental Petroleum in the first quarter valued at about $25,000. Hara Capital LLC bought a new stake in Occidental Petroleum during the 2nd quarter worth about $25,000. GKV Capital Management Co. Inc. bought a new stake in Occidental Petroleum during the 1st quarter worth about $26,000. Portus Wealth Advisors LLC acquired a new stake in Occidental Petroleum in the 1st quarter valued at about $29,000. Finally, Caitlin John LLC bought a new position in shares of Occidental Petroleum in the fourth quarter worth about $29,000. Institutional investors own 88.70% of the company’s stock.
Analysts Set New Price Targets
OXY has been the subject of a number of research reports. Stephens lowered their price target on shares of Occidental Petroleum from $73.00 to $69.00 and set an “overweight” rating for the company in a report on Tuesday, July 14th. Truist Financial upped their price objective on Occidental Petroleum from $57.00 to $63.00 and gave the stock a “hold” rating in a report on Monday, August 10th. JPMorgan Chase & Co. decreased their price objective on Occidental Petroleum from $64.00 to $63.00 in a research report on Thursday, May 7th. Capital One Financial lifted their target price on Occidental Petroleum from $67.00 to $70.00 in a research note on Wednesday, May 27th. Finally, Zacks Research downgraded Occidental Petroleum from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 22nd. Ten analysts have rated the stock with a Buy rating and sixteen have assigned 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 Activity at Occidental Petroleum
In related news, CEO Richard A. Jackson acquired 4,770 shares of the company’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was acquired at an average price of $52.38 per share, for a total transaction of $249,852.60. Following the completion of the acquisition, the chief executive officer owned 444,098 shares of the company’s stock, valued at $23,261,853.24. This trade represents a 1.09% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.50% of the stock is currently owned by company insiders.
Occidental Petroleum Trading Down 0.1%
Shares of NYSE OXY opened at $59.12 on Friday. Occidental Petroleum Corporation has a fifty-two week low of $38.80 and a fifty-two week high of $67.45. The firm has a market capitalization of $59.10 billion, a P/E ratio of 9.15, a P/E/G ratio of 0.94 and a beta of 0.15. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.13. The company’s 50 day simple moving average is $55.18 and its 200 day simple moving average is $55.95.
Occidental Petroleum (NYSE:OXY – Get Free Report) last released its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 EPS for the quarter, topping analysts’ consensus estimates of $1.83 by $0.57. The firm had revenue of $8.06 billion during the quarter, compared to analyst estimates of $7.07 billion. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The business’s quarterly revenue was up 53.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.39 EPS. On average, analysts predict that Occidental Petroleum Corporation will post 6.09 EPS for the current year.
Occidental Petroleum Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, September 10th will be given a $0.28 dividend. The ex-dividend date is Thursday, September 10th. This represents a $1.12 annualized dividend and a dividend yield of 1.9%. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.26. Occidental Petroleum’s dividend payout ratio is 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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