34,406 Shares of Occidental Petroleum Corporation $OXY Bought by Fluent Financial LLC

Key Points

• Fluent Financial LLC initiated a 34,406-share position in Occidental Petroleum during the third quarter, valued at approximately $1.9 million. Institutional investors and hedge funds collectively own 88.7% of OXY’s shares.
• Analyst sentiment remains mixed, with 11 Buy ratings and 16 Holds, producing a consensus “Hold” rating and average price target of $65.54. Recent target changes ranged from $65 to $71.
• Occidental reported strong quarterly results, with earnings of $2.40 per share and revenue of $8.06 billion, up 53.4% year over year. The company also raised its quarterly dividend to $0.28 per share, implying a 1.8% annual yield.

Fluent Financial LLC bought a new stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 34,406 shares of the oil and gas producer's stock, valued at approximately $1,903,000. Occidental Petroleum accounts for about 0.7% of Fluent Financial LLC's portfolio, making the stock its 25th biggest position.

Several other hedge funds have also recently added to or reduced their stakes in the business. Axiom Investment Management LLC acquired a new stake in Occidental Petroleum during the first quarter valued at approximately $25,000. Hara Capital LLC acquired a new position in shares of Occidental Petroleum in the 2nd quarter worth approximately $25,000. GKV Capital Management Co. Inc. bought a new position in shares of Occidental Petroleum during the 1st quarter worth approximately $26,000. Portus Wealth Advisors LLC bought a new position in shares of Occidental Petroleum during the 1st quarter worth approximately $29,000. Finally, Fiduciary Financial Advisors acquired a new stake in Occidental Petroleum in the 2nd quarter valued at $31,000. Institutional investors and hedge funds own 88.70% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Morgan Stanley lowered their price target on Occidental Petroleum from $74.00 to $68.00 and set an "equal weight" rating on the stock in a research report on Friday, June 26th. Wall Street Zen upgraded Occidental Petroleum from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Evercore raised Occidental Petroleum from an "in-line" rating to an "outperform" rating and set a $65.00 price objective for the company in a report on Wednesday, July 8th. Barclays reduced their target price on shares of Occidental Petroleum from $75.00 to $71.00 and set an "overweight" rating on the stock in a research note on Monday, August 17th. Finally, The Goldman Sachs Group raised shares of Occidental Petroleum from a "neutral" rating to a "buy" rating and upped their target price for the stock from $63.00 to $69.00 in a report on Thursday, October 1st. Eleven research analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the stock. According to MarketBeat, Occidental Petroleum presently has a consensus rating of "Hold" and an average target price of $65.54.

Occidental Petroleum Price Performance

Shares of NYSE:OXY traded up $0.49 during trading on Tuesday, reaching $61.62. The stock had a trading volume of 9,179,674 shares, compared to its average volume of 12,125,505. The stock has a market capitalization of $61.60 billion, a PE ratio of 9.54, a P/E/G ratio of 0.94 and a beta of 0.24. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.13. Occidental Petroleum Corporation has a 52 week low of $38.80 and a 52 week high of $67.45. The business's 50-day moving average price is $59.03 and its 200 day moving average price is $57.30.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 EPS for the quarter, topping 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 business had revenue of $8.06 billion for the quarter, compared to analyst estimates of $7.07 billion. During the same period in the prior year, the company earned $0.39 EPS. Occidental Petroleum's revenue for the quarter was up 53.4% on a year-over-year basis. As a group, equities analysts predict that Occidental Petroleum Corporation will post 6.20 earnings per share for the current year.

Occidental Petroleum Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, September 10th will be issued a dividend of $0.28 per share. The ex-dividend date is Thursday, September 10th. This is a boost from Occidental Petroleum's previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 1.8%. Occidental Petroleum's dividend payout ratio (DPR) is currently 17.34%.

Occidental Petroleum Profile

Occidental Petroleum Corporation, commonly known as Oxy, is an energy company engaged in the exploration, development and production of oil and natural gas. Its upstream operations are concentrated in the United States, including the Permian and Denver-Julesburg basins, and in selected international regions such as the Middle East and North Africa.

The company also operates midstream and marketing businesses that support the gathering, processing, transportation and sale of oil, natural gas and natural gas liquids.

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