Allstate Corp Acquires 8,132 Shares of Occidental Petroleum Corporation $OXY

Key Points

• Allstate Corp increased its holdings in Occidental Petroleum by 42.6% in Q1, acquiring an additional 8,132 shares, bringing its total to 27,206 shares valued at approximately $1.34 million.
• Analysts have positive expectations for Occidental Petroleum, with four maintaining a Buy rating and an average price target of $54.65, following various price target increases from brokerages.
• Occidental Petroleum announced a quarterly dividend of $0.24 per share, payable on October 15th, with a dividend yield of 2.1% and a payout ratio of 56.80%.

Allstate Corp grew its stake in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 42.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 27,206 shares of the oil and gas producer's stock after acquiring an additional 8,132 shares during the period. Allstate Corp's holdings in Occidental Petroleum were worth $1,343,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Bernard Wealth Management Corp. acquired a new stake in Occidental Petroleum during the fourth quarter worth approximately $32,000. Grove Bank & Trust lifted its position in Occidental Petroleum by 129.2% during the first quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer's stock worth $36,000 after acquiring an additional 407 shares during the last quarter. American National Bank & Trust acquired a new stake in Occidental Petroleum during the first quarter worth approximately $39,000. Caitong International Asset Management Co. Ltd acquired a new stake in Occidental Petroleum during the first quarter worth approximately $39,000. Finally, Quarry LP lifted its position in Occidental Petroleum by 615.2% during the fourth quarter. Quarry LP now owns 987 shares of the oil and gas producer's stock worth $49,000 after acquiring an additional 849 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on OXY. Barclays raised their price objective on shares of Occidental Petroleum from $46.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 8th. Melius began coverage on shares of Occidental Petroleum in a research report on Wednesday. They issued a "hold" rating and a $64.00 price target for the company. Piper Sandler lifted their price target on shares of Occidental Petroleum from $48.00 to $50.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. JPMorgan Chase & Co. lifted their price target on shares of Occidental Petroleum from $47.00 to $48.00 and gave the company a "neutral" rating in a research report on Tuesday, July 15th. Finally, UBS Group lifted 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. Four analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $54.65.

Occidental Petroleum Stock Performance

Shares of NYSE:OXY opened at $45.7340 on Friday. The company's 50 day simple moving average is $44.16 and its 200 day simple moving average is $44.06. The stock has a market capitalization of $45.02 billion, a price-to-earnings ratio of 27.06 and a beta of 0.91. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.05 and a quick ratio of 0.83. Occidental Petroleum Corporation has a 1 year low of $34.78 and a 1 year high of $58.47.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.38 by $0.01. The business had revenue of $6.41 billion for 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 quarterly revenue 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. As a group, research analysts predict that Occidental Petroleum Corporation will post 3.58 EPS for the current fiscal year.

Occidental Petroleum Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, September 10th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Wednesday, September 10th. Occidental Petroleum's payout ratio 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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