Aberdeen Group plc Has $34.65 Million Holdings in Occidental Petroleum Corporation $OXY

Key Points

• Aberdeen Group plc increased its stake in Occidental Petroleum Corporation (NYSE:OXY) by 134.6%, owning approximately 700,412 shares valued at about $34.6 million by the end of the first quarter.
• Occidental Petroleum recently reported earnings of $0.39 per share, exceeding analyst estimates, with revenue down 6.1% year-over-year at $6.41 billion.
• The company announced a quarterly dividend of $0.24 per share, with a yield of 2.2% and a payout ratio of 56.80%, payable on October 15th.

Aberdeen Group plc increased its holdings in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 134.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 700,412 shares of the oil and gas producer's stock after purchasing an additional 401,918 shares during the period. Aberdeen Group plc owned 0.07% of Occidental Petroleum worth $34,646,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. OVERSEA CHINESE BANKING Corp Ltd purchased a new position in Occidental Petroleum in the 1st quarter valued at about $1,274,000. Kestra Private Wealth Services LLC lifted its position in shares of Occidental Petroleum by 5.6% during the first quarter. Kestra Private Wealth Services LLC now owns 17,086 shares of the oil and gas producer's stock worth $843,000 after purchasing an additional 906 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Occidental Petroleum by 9.7% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,596,699 shares of the oil and gas producer's stock worth $78,813,000 after purchasing an additional 140,528 shares during the last quarter. Northern Trust Corp lifted its position in shares of Occidental Petroleum by 7.5% during the fourth quarter. Northern Trust Corp now owns 7,065,061 shares of the oil and gas producer's stock worth $349,085,000 after purchasing an additional 491,797 shares during the last quarter. Finally, swisspartners Advisors Ltd bought a new position in shares of Occidental Petroleum during the first quarter worth about $6,006,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on OXY. JPMorgan Chase & Co. increased their price target on shares of Occidental Petroleum from $47.00 to $48.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 15th. Mizuho reduced their price target on shares of Occidental Petroleum from $60.00 to $58.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 13th. Susquehanna reduced their price target on shares of Occidental Petroleum from $59.00 to $55.00 and set a "positive" rating on the stock in a research report on Tuesday, April 22nd. Morgan Stanley reaffirmed an "equal weight" rating and set a $52.00 price target on shares of Occidental Petroleum in a research report on Monday. Finally, Citigroup increased their price objective on shares of Occidental Petroleum from $42.00 to $44.00 and gave the stock a "neutral" rating in a research note on Monday, May 19th. Four analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $53.43.

Occidental Petroleum Price Performance

Shares of NYSE OXY traded down $0.2550 during mid-day trading on Tuesday, reaching $43.9550. 7,324,055 shares of the company traded hands, compared to its average volume of 9,841,230. Occidental Petroleum Corporation has a fifty-two week low of $34.78 and a fifty-two week high of $58.47. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.05 and a quick ratio of 0.83. The firm has a market cap of $43.27 billion, a PE ratio of 26.01 and a beta of 0.91. The stock has a fifty day simple moving average of $44.19 and a 200-day simple moving average of $44.11.

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

Occidental Petroleum Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, September 10th will be issued 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 dividend yield of 2.2%. Occidental Petroleum's dividend payout ratio (DPR) is currently 56.80%.

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.