Aigen Investment Management LP Purchases 76,310 Shares of Occidental Petroleum Corporation (NYSE:OXY)

Key Points

• Aigen Investment Management LP significantly increased its stake in Occidental Petroleum by 619.9%, acquiring 76,310 shares during the first quarter, bringing its total to 88,620 shares valued at $4.37 million.
• Berkshire Hathaway and Vanguard Group also raised their stakes in Occidental Petroleum, with Berkshire increasing its shares by 3.5% and Vanguard by 17.8%.
• Occidental Petroleum recently declared a quarterly dividend of $0.24 per share, translating to an annualized yield of 2.2%, with a payout ratio of 56.80%.

Aigen Investment Management LP lifted its position in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 619.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 88,620 shares of the oil and gas producer's stock after acquiring an additional 76,310 shares during the period. Occidental Petroleum accounts for about 0.7% of Aigen Investment Management LP's investment portfolio, making the stock its 11th largest holding. Aigen Investment Management LP's holdings in Occidental Petroleum were worth $4,374,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. American Alpha Advisors LLC bought a new position in Occidental Petroleum during the 1st quarter valued at approximately $322,000. Virtu Financial LLC increased its position in Occidental Petroleum by 993.0% during the 1st quarter. Virtu Financial LLC now owns 88,837 shares of the oil and gas producer's stock valued at $4,385,000 after buying an additional 80,709 shares in the last quarter. Berger Financial Group Inc increased its position in Occidental Petroleum by 11.2% during the 1st quarter. Berger Financial Group Inc now owns 7,928 shares of the oil and gas producer's stock valued at $391,000 after buying an additional 799 shares in the last quarter. Benjamin Edwards Inc. bought a new position in Occidental Petroleum during the 1st quarter valued at approximately $296,000. Finally, Townsquare Capital LLC increased its position in Occidental Petroleum by 15.1% during the 1st quarter. Townsquare Capital LLC now owns 136,865 shares of the oil and gas producer's stock valued at $6,756,000 after buying an additional 17,914 shares in the last quarter. Institutional investors own 88.70% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on OXY. UBS Group cut their target price on Occidental Petroleum from $44.00 to $38.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. Piper Sandler increased their target price on Occidental Petroleum from $48.00 to $50.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Susquehanna cut their target price on Occidental Petroleum from $59.00 to $55.00 and set a "positive" rating on the stock in a research note on Tuesday, April 22nd. Stephens cut their target price on Occidental Petroleum from $60.00 to $58.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 15th. Finally, Hsbc Global Res upgraded Occidental Petroleum to a "hold" rating in a research note on Wednesday, April 16th. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $53.71.

Occidental Petroleum Stock Performance

NYSE OXY traded up $0.55 on Wednesday, hitting $44.70. 8,109,227 shares of the company traded hands, compared to its average volume of 12,065,660. The company has a market capitalization of $44.00 billion, a price-to-earnings ratio of 26.45 and a beta of 0.91. The company has a current ratio of 1.05, a quick ratio of 0.83 and a debt-to-equity ratio of 0.84. The business's 50 day moving average price is $44.01 and its 200-day moving average price is $44.25. Occidental Petroleum Corporation has a 52-week low of $34.78 and a 52-week high of $58.47.

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

Occidental Petroleum Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, September 10th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Wednesday, September 10th. Occidental Petroleum's payout ratio is presently 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.