Amundi Raises Position in Occidental Petroleum Corporation $OXY

Key Points

• Amundi increased its holdings in Occidental Petroleum by 13.5% in Q1, owning approximately 2.69 million shares valued at $132.9 million.
• Occidental Petroleum reported earnings of $0.39 per share, surpassing estimates, but revenue decreased by 6.1% year-over-year.
• The company announced a quarterly dividend of $0.24 per share with a dividend yield of 2.1%, set to be paid on October 15.

Amundi grew its holdings in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 13.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,692,649 shares of the oil and gas producer's stock after purchasing an additional 319,430 shares during the quarter. Amundi owned approximately 0.27% of Occidental Petroleum worth $132,909,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Bernard Wealth Management Corp. purchased a new position in shares of Occidental Petroleum during the 4th quarter worth $32,000. Grove Bank & Trust raised its position in shares of Occidental Petroleum by 129.2% in the 1st quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer's stock worth $36,000 after buying an additional 407 shares during the period. American National Bank & Trust purchased a new position in shares of Occidental Petroleum in the 1st quarter worth $39,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Occidental Petroleum in the 1st quarter worth $39,000. Finally, Spectrum Wealth Counsel LLC raised its position in shares of Occidental Petroleum by 5,000.0% in the 1st quarter. Spectrum Wealth Counsel LLC now owns 1,020 shares of the oil and gas producer's stock worth $50,000 after buying an additional 1,000 shares during the period. Hedge funds and other institutional investors own 88.70% of the company's stock.

Occidental Petroleum Stock Down 1.5%

Shares of Occidental Petroleum stock opened at $45.89 on Friday. The business has a 50-day moving average of $44.69 and a 200-day moving average of $44.02. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.05 and a quick ratio of 0.83. The company has a market capitalization of $45.18 billion, a PE ratio of 27.16 and a beta of 1.04. Occidental Petroleum Corporation has a 1-year low of $34.78 and a 1-year high of $56.49.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced 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. The company had revenue of $6.41 billion during the quarter, compared to the consensus estimate of $6.29 billion. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%.The company's revenue was down 6.1% on a year-over-year basis. During the same period last year, the firm earned $1.03 earnings per share. As a group, equities analysts forecast that Occidental Petroleum Corporation will post 3.58 EPS for the current fiscal year.

Occidental Petroleum Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, September 10th will be paid a dividend of $0.24 per share. The ex-dividend date is Wednesday, September 10th. This represents a $0.96 annualized dividend and a dividend yield of 2.1%. Occidental Petroleum's dividend payout ratio (DPR) is currently 56.80%.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Wall Street Zen lowered Occidental Petroleum from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. JPMorgan Chase & Co. increased their target price on Occidental Petroleum from $47.00 to $48.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 15th. UBS Group increased their target price on Occidental Petroleum from $42.00 to $45.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 20th. Mizuho lowered their price target on Occidental Petroleum from $60.00 to $58.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. Finally, Morgan Stanley reiterated an "equal weight" rating and issued a $52.00 price target on shares of Occidental Petroleum in a report on Monday, August 18th. Four equities research analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $54.65.

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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