Alyeska Investment Group L.P. raised its position in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 237.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,892,318 shares of the oil and gas producer's stock after buying an additional 1,331,774 shares during the quarter. Alyeska Investment Group L.P. owned 0.19% of Occidental Petroleum worth $91,910,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in the company. Berkshire Hathaway Inc acquired a new stake in shares of Occidental Petroleum in the second quarter valued at approximately $12,868,205,000. Bank of New York Mellon Corp grew its holdings in shares of Occidental Petroleum by 84.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 10,643,916 shares of the oil and gas producer's stock worth $516,975,000 after purchasing an additional 4,882,834 shares in the last quarter. Danske Bank A S bought a new position in shares of Occidental Petroleum in the second quarter worth $172,413,000. Legal & General Group Plc acquired a new position in Occidental Petroleum in the second quarter valued at about $168,860,000. Finally, Dimensional Fund Advisors LP raised its stake in Occidental Petroleum by 21.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer's stock valued at $436,008,000 after purchasing an additional 1,883,721 shares in the last quarter. Institutional investors own 88.70% of the company's stock.
Analysts Set New Price Targets
OXY has been the topic of a number of analyst reports. Susquehanna increased their price objective on shares of Occidental Petroleum from $67.00 to $70.00 and gave the stock a "positive" rating in a research note on Tuesday, August 11th. Citigroup dropped their target price on shares of Occidental Petroleum from $62.00 to $60.00 and set a "neutral" rating for the company in a research report on Friday, July 17th. Weiss Ratings downgraded shares of Occidental Petroleum from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday. UBS Group reduced their price target on shares of Occidental Petroleum from $67.00 to $65.00 and set a "neutral" rating on the stock in a research report on Thursday, May 7th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Occidental Petroleum from $64.00 to $63.00 in a research note on Thursday, May 7th. Ten equities research analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $64.83.
Check Out Our Latest Stock Report on Occidental Petroleum
Occidental Petroleum Price Performance
OXY stock opened at $59.12 on Friday. The stock has a market cap of $59.10 billion, a price-to-earnings ratio of 9.15, a P/E/G ratio of 0.94 and a beta of 0.15. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.13. The company has a 50 day simple moving average of $55.18 and a 200 day simple moving average of $55.95. Occidental Petroleum Corporation has a 1 year low of $38.80 and a 1 year high of $67.45.
Occidental Petroleum (NYSE:OXY - Get Free Report) last issued its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, beating analysts' consensus estimates of $1.83 by $0.57. The firm had revenue of $8.06 billion for the quarter, compared to analyst estimates of $7.07 billion. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The company's quarterly revenue was up 53.4% on a year-over-year basis. During the same quarter last year, the business posted $0.39 earnings per share. Research analysts anticipate that Occidental Petroleum Corporation will post 6.09 EPS for the current fiscal year.
Occidental Petroleum Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, September 10th will be issued a dividend of $0.28 per share. This is a positive change from Occidental Petroleum's previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $1.12 annualized dividend and a dividend yield of 1.9%. Occidental Petroleum's dividend payout ratio (DPR) is 16.10%.
Insiders Place Their Bets
In other news, CEO Richard A. Jackson acquired 4,770 shares of Occidental Petroleum stock in a transaction that occurred on Tuesday, June 23rd. The shares were acquired at an average price of $52.38 per share, for a total transaction of $249,852.60. Following the transaction, the chief executive officer directly owned 444,098 shares of the company's stock, valued at approximately $23,261,853.24. The trade was a 1.09% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.50% of the stock is owned by corporate insiders.
About Occidental Petroleum
(
Free Report)
Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.
Occidental's operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.
Further Reading
Want to see what other hedge funds are holding OXY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Occidental Petroleum Corporation (NYSE:OXY - Free Report).
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