Chou Associates Management Inc. bought a new stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm bought 313,000 shares of the oil and gas producer's stock, valued at approximately $15,202,000. Occidental Petroleum comprises 7.0% of Chou Associates Management Inc.'s holdings, making the stock its 4th biggest holding.
Other institutional investors have also recently bought and sold shares of the company. Whittier Trust Co. of Nevada Inc. grew its position in shares of Occidental Petroleum by 12.5% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 1,765 shares of the oil and gas producer's stock valued at $111,000 after purchasing an additional 196 shares during the last quarter. Athena Wealth Management LLC boosted its stake in Occidental Petroleum by 1.2% during the 1st quarter. Athena Wealth Management LLC now owns 18,547 shares of the oil and gas producer's stock valued at $1,206,000 after purchasing an additional 214 shares during the period. Elevation Wealth Partners LLC grew its holdings in Occidental Petroleum by 15.8% in the 2nd quarter. Elevation Wealth Partners LLC now owns 1,615 shares of the oil and gas producer's stock valued at $78,000 after buying an additional 220 shares during the last quarter. HBK Sorce Advisory LLC increased its position in Occidental Petroleum by 2.8% in the 2nd quarter. HBK Sorce Advisory LLC now owns 8,210 shares of the oil and gas producer's stock worth $442,000 after buying an additional 220 shares during the period. Finally, Carrera Capital Advisors lifted its holdings in shares of Occidental Petroleum by 0.5% during the fourth quarter. Carrera Capital Advisors now owns 44,279 shares of the oil and gas producer's stock worth $1,831,000 after buying an additional 227 shares during the last quarter. Institutional investors own 88.70% of the company's stock.
Analyst Ratings Changes
OXY has been the topic of several research analyst reports. Barclays decreased their price target on shares of Occidental Petroleum from $75.00 to $71.00 and set an "overweight" rating on the stock in a research report on Monday, August 17th. Mizuho upped their price target on Occidental Petroleum from $72.00 to $75.00 and gave the company an "outperform" rating in a report on Wednesday, May 27th. Wells Fargo & Company raised their price objective on Occidental Petroleum from $72.00 to $79.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. The Goldman Sachs Group decreased their price objective on Occidental Petroleum from $64.00 to $60.00 and set a "neutral" rating on the stock in a report on Tuesday, June 30th. Finally, UBS Group cut their target price on Occidental Petroleum from $67.00 to $65.00 and set a "neutral" rating for the company in a research note on Thursday, May 7th. Ten equities research analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the stock. According to data from MarketBeat, Occidental Petroleum currently has an average rating of "Hold" and a consensus price target of $64.83.
Get Our Latest Stock Analysis on Occidental Petroleum
Occidental Petroleum Stock Performance
NYSE:OXY opened at $61.34 on Friday. The firm has a market capitalization of $61.32 billion, a PE ratio of 9.50, a price-to-earnings-growth ratio of 0.79 and a beta of 0.15. The company has a quick ratio of 1.13, a current ratio of 1.41 and a debt-to-equity ratio of 0.40. Occidental Petroleum Corporation has a 12-month low of $38.80 and a 12-month high of $67.45. The firm has a 50-day moving average price of $54.56 and a 200 day moving average price of $55.47.
Occidental Petroleum (NYSE:OXY - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, beating analysts' consensus estimates of $1.83 by $0.57. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.The company had revenue of $8.06 billion for the quarter, compared to the consensus estimate of $7.07 billion. During the same period in the previous year, the business earned $0.39 earnings per share. The company's quarterly revenue was up 53.4% on a year-over-year basis. Research analysts anticipate that Occidental Petroleum Corporation will post 6.09 earnings per share for the current fiscal year.
Occidental Petroleum Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, September 10th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $1.12 annualized dividend and a yield of 1.8%. This is a positive change from Occidental Petroleum's previous quarterly dividend of $0.26. Occidental Petroleum's payout ratio is presently 16.10%.
Insiders Place Their Bets
In related news, CEO Richard A. Jackson acquired 4,770 shares of the company's stock in a transaction on Tuesday, June 23rd. The stock was purchased at an average cost of $52.38 per share, for a total transaction of $249,852.60. Following the completion of the purchase, the chief executive officer directly owned 444,098 shares of the company's stock, valued at $23,261,853.24. The trade was a 1.09% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.50% of the stock is owned by company insiders.
Occidental Petroleum Profile
(
Free Report)
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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