Royal London Asset Management Ltd. raised its holdings in Occidental Petroleum Co. (NYSE:OXY) by 5.0% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 527,950 shares of the oil and gas producer’s stock after buying an additional 25,196 shares during the quarter. Royal London Asset Management Ltd. owned 0.07% of Occidental Petroleum worth $26,535,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in OXY. OppenheimerFunds Inc. lifted its position in shares of Occidental Petroleum by 35.6% in the 1st quarter. OppenheimerFunds Inc. now owns 1,020,876 shares of the oil and gas producer’s stock worth $67,582,000 after acquiring an additional 268,067 shares during the period. Envestnet Asset Management Inc. lifted its position in shares of Occidental Petroleum by 13.9% during the 1st quarter. Envestnet Asset Management Inc. now owns 1,027,862 shares of the oil and gas producer’s stock worth $68,044,000 after buying an additional 125,245 shares during the period. Flagship Harbor Advisors LLC lifted its position in shares of Occidental Petroleum by 98.1% during the 2nd quarter. Flagship Harbor Advisors LLC now owns 7,933 shares of the oil and gas producer’s stock worth $398,000 after buying an additional 3,929 shares during the period. Gradient Investments LLC lifted its position in shares of Occidental Petroleum by 54.1% during the 2nd quarter. Gradient Investments LLC now owns 168,260 shares of the oil and gas producer’s stock worth $8,460,000 after buying an additional 59,086 shares during the period. Finally, Edmond DE Rothschild Holding S.A. lifted its position in shares of Occidental Petroleum by 27.6% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 7,400 shares of the oil and gas producer’s stock worth $490,000 after buying an additional 1,600 shares during the period. 81.12% of the stock is currently owned by hedge funds and other institutional investors.
In other Occidental Petroleum news, SVP Marcia E. Backus purchased 10,000 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The stock was purchased at an average cost of $48.09 per share, with a total value of $480,900.00. Following the acquisition, the senior vice president now directly owns 101,248 shares of the company’s stock, valued at approximately $4,869,016.32. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Vicki A. Hollub purchased 37,460 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The shares were acquired at an average cost of $48.15 per share, with a total value of $1,803,699.00. Following the completion of the acquisition, the insider now directly owns 248,326 shares in the company, valued at $11,956,896.90. The disclosure for this purchase can be found here. Insiders have purchased a total of 95,660 shares of company stock valued at $4,647,151 over the last ninety days. Insiders own 0.15% of the company’s stock.
Several equities analysts recently commented on the company. JPMorgan Chase & Co. assumed coverage on Occidental Petroleum in a research report on Tuesday. They set an “underweight” rating and a $50.00 target price for the company. Mizuho downgraded Occidental Petroleum from a “buy” rating to a “neutral” rating and cut their target price for the stock from $83.00 to $70.00 in a research report on Monday, April 22nd. Jefferies Financial Group downgraded Occidental Petroleum from a “buy” rating to a “hold” rating and cut their target price for the stock from $74.00 to $66.00 in a research report on Monday, April 29th. Wells Fargo & Co downgraded Occidental Petroleum from an “outperform” rating to a “market perform” rating in a research report on Monday, May 20th. Finally, Argus downgraded Occidental Petroleum from a “buy” rating to a “hold” rating and set a $54.61 target price for the company. in a research report on Thursday, May 16th. Three analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and six have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $71.95.
OXY stock traded down $0.53 during midday trading on Tuesday, reaching $44.46. 461,028 shares of the company’s stock traded hands, compared to its average volume of 9,967,934. The business has a 50-day moving average of $50.18. Occidental Petroleum Co. has a 1-year low of $44.88 and a 1-year high of $83.35. The stock has a market cap of $35.27 billion, a P/E ratio of 8.85, a price-to-earnings-growth ratio of 2.78 and a beta of 0.82. The company has a current ratio of 1.20, a quick ratio of 1.00 and a debt-to-equity ratio of 0.50.
Occidental Petroleum (NYSE:OXY) last released its quarterly earnings results on Wednesday, July 31st. The oil and gas producer reported $0.97 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.91 by $0.06. Occidental Petroleum had a return on equity of 17.06% and a net margin of 19.65%. The firm had revenue of $4.48 billion during the quarter, compared to analysts’ expectations of $4.39 billion. During the same period last year, the firm posted $1.10 EPS. The business’s revenue was up 8.4% on a year-over-year basis. On average, sell-side analysts anticipate that Occidental Petroleum Co. will post 3.4 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, September 10th will be issued a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 7.11%. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.78. The ex-dividend date of this dividend is Monday, September 9th. Occidental Petroleum’s dividend payout ratio (DPR) is currently 62.28%.
Occidental Petroleum Profile
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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