Assenagon Asset Management S.A. Purchases 297,223 Shares of Occidental Petroleum Corporation $OXY

Assenagon Asset Management S.A. lifted its stake in Occidental Petroleum Corporation (NYSE:OXY) by 291.6% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 399,157 shares of the oil and gas producer’s stock after buying an additional 297,223 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Occidental Petroleum were worth $25,945,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Caitlin John LLC bought a new stake in Occidental Petroleum during the 4th quarter valued at about $29,000. Activest Wealth Management lifted its holdings in shares of Occidental Petroleum by 68.5% in the 4th quarter. Activest Wealth Management now owns 750 shares of the oil and gas producer’s stock valued at $31,000 after buying an additional 305 shares during the period. Rossby Financial LCC lifted its stake in shares of Occidental Petroleum by 155.0% in the 4th quarter. Rossby Financial LCC now owns 765 shares of the oil and gas producer’s stock valued at $31,000 after purchasing an additional 465 shares during the period. Binnacle Investments Inc purchased a new position in Occidental Petroleum in the third quarter valued at $35,000. Finally, McMillan Office Inc. purchased a new position in shares of Occidental Petroleum in the 4th quarter valued at about $35,000. Institutional investors own 88.70% of the company’s stock.

Insider Buying and Selling at Occidental Petroleum

In other news, CEO Richard A. Jackson purchased 4,770 shares of the stock in a transaction that occurred on Tuesday, June 23rd. The stock was acquired at an average cost of $52.38 per share, with a total value of $249,852.60. Following the acquisition, the chief executive officer owned 444,098 shares in the company, valued at approximately $23,261,853.24. This trade represents a 1.09% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.50% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on OXY. JPMorgan Chase & Co. reduced their target price on Occidental Petroleum from $64.00 to $63.00 in a research note on Thursday, May 7th. Piper Sandler upgraded Occidental Petroleum from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $54.00 to $66.00 in a research report on Thursday, March 12th. Barclays upgraded Occidental Petroleum from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $59.00 to $72.00 in a research note on Tuesday, May 26th. Capital One Financial increased their price target on Occidental Petroleum from $67.00 to $70.00 in a research report on Wednesday, May 27th. Finally, Scotiabank upped their price objective on Occidental Petroleum from $46.00 to $57.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 22nd. Nine research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $63.74.

Occidental Petroleum Stock Down 2.5%

Shares of Occidental Petroleum stock opened at $49.93 on Friday. Occidental Petroleum Corporation has a one year low of $38.80 and a one year high of $67.45. The company has a market cap of $49.66 billion, a P/E ratio of 12.58 and a beta of 0.14. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.01 and a current ratio of 1.21. The firm has a fifty day moving average of $56.36 and a two-hundred day moving average of $51.78.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.46. The firm had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.44 billion. Occidental Petroleum had a return on equity of 9.65% and a net margin of 19.98%.Occidental Petroleum’s quarterly revenue was down 8.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.14 earnings per share. On average, analysts forecast that Occidental Petroleum Corporation will post 5.79 earnings per share for the current year.

Occidental Petroleum Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Wednesday, June 10th will be paid a $0.26 dividend. The ex-dividend date is Wednesday, June 10th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.1%. Occidental Petroleum’s dividend payout ratio (DPR) is 26.20%.

Occidental Petroleum 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.