Fortis Capital Advisors LLC Takes $684,000 Position in Occidental Petroleum Corporation $OXY

Fortis Capital Advisors LLC acquired a new stake in Occidental Petroleum Corporation (NYSE:OXY) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund acquired 14,466 shares of the oil and gas producer’s stock, valued at approximately $684,000.

Several other hedge funds have also modified their holdings of the stock. University of Texas Texas AM Investment Management Co. bought a new position in Occidental Petroleum in the second quarter valued at about $27,000. City Holding Co. raised its holdings in Occidental Petroleum by 250.0% in the third quarter. City Holding Co. now owns 700 shares of the oil and gas producer’s stock worth $33,000 after purchasing an additional 500 shares during the period. Hantz Financial Services Inc. lifted its holdings in Occidental Petroleum by 1,193.9% during the second quarter. Hantz Financial Services Inc. now owns 854 shares of the oil and gas producer’s stock worth $36,000 after acquiring an additional 788 shares in the last quarter. GoalVest Advisory LLC bought a new position in shares of Occidental Petroleum during the 3rd quarter valued at about $38,000. Finally, MeadowBrook Investment Advisors LLC lifted its stake in Occidental Petroleum by 371.7% in the second quarter. MeadowBrook Investment Advisors LLC now owns 1,000 shares of the oil and gas producer’s stock valued at $42,000 after buying an additional 788 shares in the last quarter. 88.70% of the stock is owned by institutional investors.

Occidental Petroleum Price Performance

OXY stock opened at $44.59 on Wednesday. The company’s 50-day moving average price is $41.75 and its two-hundred day moving average price is $43.31. The firm has a market cap of $43.93 billion, a P/E ratio of 32.79 and a beta of 0.38. The company has a quick ratio of 0.71, a current ratio of 0.94 and a debt-to-equity ratio of 0.73. Occidental Petroleum Corporation has a 12 month low of $34.78 and a 12 month high of $52.58.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Monday, November 10th. The oil and gas producer reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.16. Occidental Petroleum had a return on equity of 12.35% and a net margin of 7.81%.The firm had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6.66 billion. During the same period in the prior year, the company earned $1.00 earnings per share. The company’s quarterly revenue was down 6.1% on a year-over-year basis. On average, analysts anticipate that Occidental Petroleum Corporation will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 10th were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Wednesday, December 10th. This represents a $0.96 annualized dividend and a dividend yield of 2.2%. Occidental Petroleum’s payout ratio is 70.59%.

Insider Buying and Selling at Occidental Petroleum

In related news, Director William R. Klesse purchased 5,000 shares of the stock in a transaction dated Tuesday, December 16th. The stock was bought at an average cost of $38.98 per share, for a total transaction of $194,900.00. Following the completion of the acquisition, the director owned 218,913 shares of the company’s stock, valued at approximately $8,533,228.74. This represents a 2.34% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.49% of the company’s stock.

Analyst Upgrades and Downgrades

OXY has been the topic of several recent research reports. Piper Sandler dropped their price target on Occidental Petroleum from $47.00 to $46.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 18th. Jefferies Financial Group decreased their target price on shares of Occidental Petroleum from $44.00 to $42.00 and set a “hold” rating for the company in a research note on Tuesday, January 20th. HSBC cut their target price on shares of Occidental Petroleum from $55.00 to $54.00 and set a “buy” rating for the company in a research note on Wednesday, November 12th. Wolfe Research reduced their price objective on shares of Occidental Petroleum from $55.00 to $54.00 and set an “outperform” rating for the company in a research report on Wednesday, January 21st. Finally, Wells Fargo & Company reduced their price objective on Occidental Petroleum from $42.00 to $40.00 and set an “underweight” rating for the company in a report on Wednesday, November 12th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eleven have issued a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Occidental Petroleum has an average rating of “Hold” and an average target price of $47.38.

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.