CreativeOne Wealth LLC Makes New Investment in Occidental Petroleum Corporation $OXY

Key Points

• CreativeOne Wealth LLC has purchased 51,488 shares of Occidental Petroleum, valued at approximately $2.54 million, indicating growing interest from institutional investors.
• Majority of shares, around 88.70%, are owned by institutional investors and hedge funds, demonstrating strong institutional backing for Occidental Petroleum.
• Occidental Petroleum reported a quarterly EPS of $0.39 which surpassed analysts' estimates, although revenue declined by 6.1% compared to the previous year.

CreativeOne Wealth LLC acquired a new position in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 51,488 shares of the oil and gas producer's stock, valued at approximately $2,541,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Samalin Investment Counsel LLC raised its position in shares of Occidental Petroleum by 11.7% during the first quarter. Samalin Investment Counsel LLC now owns 15,237 shares of the oil and gas producer's stock worth $752,000 after purchasing an additional 1,593 shares during the period. FORA Capital LLC bought a new position in shares of Occidental Petroleum during the first quarter valued at about $714,000. Islay Capital Management LLC purchased a new position in Occidental Petroleum during the first quarter worth about $2,613,000. Synovus Financial Corp boosted its stake in shares of Occidental Petroleum by 27.4% in the 1st quarter. Synovus Financial Corp now owns 17,691 shares of the oil and gas producer's stock worth $873,000 after buying an additional 3,804 shares during the last quarter. Finally, Quantitative Investment Management LLC bought a new position in shares of Occidental Petroleum in the first quarter valued at approximately $2,141,000. 88.70% of the stock is owned by institutional investors.

Occidental Petroleum Price Performance

NYSE:OXY traded up $0.14 during mid-day trading on Monday, hitting $47.65. 5,793,572 shares of the stock traded hands, compared to its average volume of 9,574,829. The company has a market cap of $46.91 billion, a PE ratio of 28.19 and a beta of 1.04. Occidental Petroleum Corporation has a 12-month low of $34.78 and a 12-month high of $57.57. The business's 50-day moving average price is $44.30 and its 200 day moving average price is $44.01. The company has a quick ratio of 0.83, a current ratio of 1.05 and a debt-to-equity ratio of 0.84.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01. The business had revenue of $6.41 billion during the quarter, compared to analyst estimates of $6.29 billion. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. Occidental Petroleum's revenue for the quarter was down 6.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.03 earnings per share. On average, analysts expect that Occidental Petroleum Corporation will post 3.58 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, September 10th will be given a dividend of $0.24 per share. The ex-dividend date is Wednesday, September 10th. This represents a $0.96 dividend on an annualized basis and a yield of 2.0%. Occidental Petroleum's dividend payout ratio (DPR) is presently 56.80%.

Analyst Ratings Changes

A number of analysts recently commented on OXY shares. Melius initiated coverage on Occidental Petroleum in a report on Wednesday, August 20th. They set a "hold" rating and a $64.00 price target on the stock. Citigroup boosted their price target on shares of Occidental Petroleum from $42.00 to $44.00 and gave the stock a "neutral" rating in a report on Monday, May 19th. UBS Group increased their price target on shares of Occidental Petroleum from $42.00 to $45.00 and gave the company a "neutral" rating in a research report on Wednesday, August 20th. Scotiabank lifted their price objective on shares of Occidental Petroleum from $40.00 to $45.00 and gave the stock a "sector perform" rating in a research report on Friday, July 11th. Finally, Morgan Stanley reiterated an "equal weight" rating and issued a $52.00 target price on shares of Occidental Petroleum in a research note on Monday, August 18th. Four analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $54.65.

About Occidental Petroleum

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.