Amundi Grows Position in Occidental Petroleum Corporation $OXY

Key Points

• Amundi increased its Occidental Petroleum stake by 2.7% in the first quarter, owning 2.98 million shares valued at approximately $193.7 million. Hedge funds and other institutional investors collectively hold 88.7% of OXY’s shares.
• Occidental’s outlook is supported by rebounding crude prices, strong realized oil pricing, and the strategic $12 billion CrownRock acquisition. Analysts expect year-over-year earnings growth, though the consensus rating remains “Hold” with an average price target of $64.17.
• OXY recently exceeded quarterly EPS expectations, reporting $1.06 versus the $0.60 consensus estimate, despite revenue declining 8.3% year over year. CEO Richard A. Jackson also purchased 4,770 shares, increasing his direct ownership by 1.09%.

Amundi raised its stake in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 2.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,979,380 shares of the oil and gas producer's stock after acquiring an additional 78,335 shares during the period. Amundi owned about 0.30% of Occidental Petroleum worth $193,660,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Portus Wealth Advisors LLC bought a new stake in Occidental Petroleum during the first quarter worth $29,000. Whipplewood Advisors LLC purchased a new position in Occidental Petroleum in the first quarter worth $42,000. SJS Investment Consulting Inc. raised its stake in shares of Occidental Petroleum by 148.6% during the 1st quarter. SJS Investment Consulting Inc. now owns 696 shares of the oil and gas producer's stock worth $45,000 after purchasing an additional 416 shares during the period. Caitlin John LLC purchased a new position in shares of Occidental Petroleum in the 4th quarter worth about $29,000. Finally, Activest Wealth Management grew its position in Occidental Petroleum by 68.5% during the fourth quarter. Activest Wealth Management now owns 750 shares of the oil and gas producer's stock valued at $31,000 after buying an additional 305 shares during the period. 88.70% of the stock is owned by hedge funds and other institutional investors.

Occidental Petroleum News Roundup

Here are the key news stories impacting Occidental Petroleum this week:

• Positive Sentiment: Crude prices rebounded amid renewed Middle East tensions and supply concerns, providing a potential earnings tailwind for OXY’s highly oil-leveraged production business. The company reported an average realized oil price of $96.78 per barrel for the second quarter, above average WTI prices, strengthening expectations for a solid August 5 earnings report. Occidental Petroleum Rises as Oil Rebounds and Strong Q2 Pricing Supports Earnings Hopes
• Positive Sentiment: Wall Street expects year-over-year earnings growth in OXY’s upcoming quarterly report, with analysts citing favorable operating factors that could support an earnings beat. Occidental Petroleum Reports Next Week: Wall Street Expects Earnings Growth
• Positive Sentiment: Occidental’s $12 billion CrownRock acquisition remains a key strategic growth initiative, potentially expanding its Permian Basin position and production scale. Why Occidental Petroleum Is Spending $12 Billion To Buy CrownRock

Analysts Set New Price Targets

OXY has been the subject of a number of research analyst reports. Citigroup decreased their price objective on shares of Occidental Petroleum from $62.00 to $60.00 and set a "neutral" rating for the company in a report on Friday, July 17th. Jefferies Financial Group boosted their target price on shares of Occidental Petroleum from $47.00 to $58.00 and gave the company a "hold" rating in a research note on Monday, April 13th. Truist Financial reduced their target price on shares of Occidental Petroleum from $65.00 to $57.00 and set a "hold" rating for the company in a research report on Friday, May 8th. Capital One Financial lifted their price target on shares of Occidental Petroleum from $67.00 to $70.00 in a report on Wednesday, May 27th. Finally, Morgan Stanley dropped their price objective on Occidental Petroleum from $74.00 to $68.00 and set an "equal weight" rating on the stock in a research note on Friday, June 26th. Ten equities research analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Occidental Petroleum presently has a consensus rating of "Hold" and an average price target of $64.17.

Occidental Petroleum Stock Performance

NYSE OXY opened at $55.91 on Friday. The firm has a market cap of $55.61 billion, a P/E ratio of 14.08, a price-to-earnings-growth ratio of 0.81 and a beta of 0.15. The company has a quick ratio of 1.01, a current ratio of 1.21 and a debt-to-equity ratio of 0.49. The company's 50 day moving average is $54.47 and its 200-day moving average is $53.95. Occidental Petroleum Corporation has a 12-month low of $38.80 and a 12-month high of $67.45.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $1.06 EPS for the quarter, topping the consensus estimate of $0.60 by $0.46. Occidental Petroleum had a net margin of 19.98% and a return on equity of 9.65%. The company had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.44 billion. During the same period last year, the firm earned $0.14 EPS. Occidental Petroleum's revenue for the quarter was down 8.3% on a year-over-year basis. Sell-side analysts predict that Occidental Petroleum Corporation will post 5.43 earnings per share for the current year.

Insider Activity

In related news, CEO Richard A. Jackson purchased 4,770 shares of the business's stock in a transaction dated Tuesday, June 23rd. The stock was purchased at an average cost of $52.38 per share, with a total value of $249,852.60. Following the completion of the acquisition, 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 ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 0.50% of the stock is currently owned by corporate insiders.

Occidental Petroleum Company Profile

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.

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.