Garnet Equity Capital Holdings Inc. acquired a new stake in shares of Occidental Petroleum Co. (NYSE:OXY) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 70,000 shares of the oil and gas producer’s stock, valued at approximately $5,752,000. Occidental Petroleum comprises about 4.2% of Garnet Equity Capital Holdings Inc.’s investment portfolio, making the stock its 7th largest position.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Kaizen Advisory LLC lifted its position in shares of Occidental Petroleum by 142.0% in the second quarter. Kaizen Advisory LLC now owns 1,793 shares of the oil and gas producer’s stock worth $150,000 after buying an additional 1,052 shares during the last quarter. GeoSphere Capital Management LLC acquired a new stake in shares of Occidental Petroleum in the second quarter worth about $151,000. Spectrum Management Group Inc. acquired a new stake in shares of Occidental Petroleum in the second quarter worth about $160,000. Smithfield Trust Co. lifted its position in shares of Occidental Petroleum by 367.1% in the second quarter. Smithfield Trust Co. now owns 1,971 shares of the oil and gas producer’s stock worth $164,000 after buying an additional 1,549 shares during the last quarter. Finally, NewSquare Capital LLC lifted its position in shares of Occidental Petroleum by 4,588.9% in the second quarter. NewSquare Capital LLC now owns 2,110 shares of the oil and gas producer’s stock worth $175,000 after buying an additional 2,065 shares during the last quarter. 80.04% of the stock is owned by hedge funds and other institutional investors.
Shares of Occidental Petroleum stock traded up $0.40 during trading on Friday, reaching $76.93. The company’s stock had a trading volume of 332,325 shares, compared to its average volume of 4,830,883. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.19 and a current ratio of 1.36. The firm has a market capitalization of $62.84 billion, a PE ratio of 86.17, a PEG ratio of 3.01 and a beta of 0.58. Occidental Petroleum Co. has a one year low of $62.47 and a one year high of $87.67.
Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings data on Wednesday, August 8th. The oil and gas producer reported $1.10 EPS for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.11). The business had revenue of $4.13 billion during the quarter, compared to the consensus estimate of $4.13 billion. Occidental Petroleum had a return on equity of 9.68% and a net margin of 15.36%. The company’s revenue for the quarter was up 14.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.15 earnings per share. Research analysts forecast that Occidental Petroleum Co. will post 4.96 earnings per share for the current year.
A number of analysts have weighed in on OXY shares. Morgan Stanley started coverage on Occidental Petroleum in a research report on Thursday, July 12th. They issued an “overweight” rating and a $100.00 price target for the company. Mizuho reaffirmed a “buy” rating on shares of Occidental Petroleum in a research report on Tuesday, July 24th. ValuEngine cut Occidental Petroleum from a “buy” rating to a “hold” rating in a research report on Wednesday, August 8th. JPMorgan Chase & Co. reduced their price target on Occidental Petroleum from $94.00 to $90.00 and set a “neutral” rating for the company in a research report on Friday, August 10th. Finally, National Alliance Securities raised Occidental Petroleum from a “hold” rating to a “buy” rating in a research report on Monday, August 13th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $83.53.
In other Occidental Petroleum news, Director William R. Klesse acquired 5,000 shares of the company’s stock in a transaction dated Monday, August 13th. The shares were acquired at an average cost of $78.55 per share, for a total transaction of $392,750.00. Following the completion of the purchase, the director now owns 77,963 shares of the company’s stock, valued at approximately $6,123,993.65. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.14% of the company’s stock.
About Occidental Petroleum
Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States and internationally. The company operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.
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