Adams Natural Resources Fund Inc. Acquires 121,551 Shares of Occidental Petroleum Corporation $OXY

Key Points

• Adams Natural Resources Fund Inc. significantly increased its stake in Occidental Petroleum, buying 121,551 shares and bringing its total to 128,951, representing a 1,642.6% increase.
• Analysts have varied opinions on Occidental Petroleum, with a consensus rating of "Hold" and a price target of $52.26, while some firms have downgraded their ratings and price targets recently.
• Occidental Petroleum announced a quarterly dividend of $0.24 per share, reflecting a dividend yield of 2.3% and a payout ratio of 56.80%.

Adams Natural Resources Fund Inc. raised its position in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 1,642.6% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 128,951 shares of the oil and gas producer's stock after purchasing an additional 121,551 shares during the period. Occidental Petroleum makes up approximately 0.9% of Adams Natural Resources Fund Inc.'s holdings, making the stock its 28th largest holding. Adams Natural Resources Fund Inc.'s holdings in Occidental Petroleum were worth $5,417,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. GAMMA Investing LLC lifted its stake in shares of Occidental Petroleum by 28.4% in the 1st quarter. GAMMA Investing LLC now owns 6,816 shares of the oil and gas producer's stock valued at $336,000 after acquiring an additional 1,507 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Occidental Petroleum by 14.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 109,614 shares of the oil and gas producer's stock valued at $5,411,000 after purchasing an additional 13,726 shares during the period. Advisor Resource Council purchased a new position in Occidental Petroleum during the 1st quarter valued at about $251,000. XML Financial LLC boosted its position in Occidental Petroleum by 4.1% during the 1st quarter. XML Financial LLC now owns 12,593 shares of the oil and gas producer's stock valued at $622,000 after acquiring an additional 491 shares in the last quarter. Finally, Asset Management One Co. Ltd. boosted its position in Occidental Petroleum by 18.1% during the 1st quarter. Asset Management One Co. Ltd. now owns 282,561 shares of the oil and gas producer's stock valued at $13,947,000 after acquiring an additional 43,388 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Weiss Ratings reissued a "hold (c-)" rating on shares of Occidental Petroleum in a research report on Wednesday, October 8th. Morgan Stanley reissued an "equal weight" rating and set a $52.00 price target on shares of Occidental Petroleum in a report on Monday, August 18th. Wall Street Zen cut Occidental Petroleum from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Evercore ISI lowered their price target on Occidental Petroleum from $40.00 to $38.00 and set an "underperform" rating on the stock in a report on Friday, October 3rd. Finally, Piper Sandler reduced their price objective on Occidental Petroleum from $50.00 to $47.00 and set a "neutral" rating for the company in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, fifteen have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, Occidental Petroleum currently has a consensus rating of "Hold" and a consensus price target of $52.26.

Occidental Petroleum Trading Down 0.2%

Shares of OXY stock opened at $40.93 on Wednesday. Occidental Petroleum Corporation has a 52-week low of $34.78 and a 52-week high of $53.20. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.83 and a current ratio of 1.05. The firm has a market capitalization of $40.29 billion, a PE ratio of 24.22 and a beta of 0.95. The stock has a fifty day simple moving average of $45.34 and a two-hundred day simple moving average of $43.37.

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

Occidental Petroleum Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Wednesday, September 10th were given a dividend of $0.24 per share. The ex-dividend date was Wednesday, September 10th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.3%. Occidental Petroleum's dividend payout ratio (DPR) is presently 56.80%.

Occidental Petroleum Profile

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.

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