Ardent Capital Management Inc. Acquires New Position in Occidental Petroleum Corporation $OXY

Key Points

• Ardent Capital Management acquired 24,958 shares of Occidental Petroleum in the third quarter, valued at approximately $1.38 million and representing 0.6% of its portfolio. Institutional investors collectively own 88.7% of OXY.
• Analyst sentiment is mixed but improving: Roth Capital upgraded OXY to “buy” with a $70 target, while the broader consensus remains “hold” with an average target of $66.71.
• Occidental reported stronger-than-expected quarterly results, with $2.40 in earnings per share and $8.06 billion in revenue, while revenue rose 53.4% year over year. The company also increased its quarterly dividend to $0.28 per share.

Ardent Capital Management Inc. bought a new position in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 24,958 shares of the oil and gas producer's stock, valued at approximately $1,381,000. Occidental Petroleum accounts for 0.6% of Ardent Capital Management Inc.'s portfolio, making the stock its 10th largest holding.

Several other institutional investors and hedge funds also recently made changes to their positions in OXY. Frank Rimerman Advisors LLC boosted its position in shares of Occidental Petroleum by 16.8% in the 3rd quarter. Frank Rimerman Advisors LLC now owns 13,032 shares of the oil and gas producer's stock worth $721,000 after purchasing an additional 1,874 shares during the last quarter. Counterpoint Mutual Funds LLC grew its stake in shares of Occidental Petroleum by 12.6% during the third quarter. Counterpoint Mutual Funds LLC now owns 161,971 shares of the oil and gas producer's stock worth $8,960,000 after purchasing an additional 18,185 shares during the period. Avail Investment Partners LLC acquired a new stake in shares of Occidental Petroleum during the third quarter worth $352,000. Aspiriant LLC increased its holdings in Occidental Petroleum by 15.2% in the third quarter. Aspiriant LLC now owns 9,513 shares of the oil and gas producer's stock valued at $526,000 after purchasing an additional 1,252 shares during the last quarter. Finally, V Square Quantitative Management LLC increased its holdings in Occidental Petroleum by 10.9% in the third quarter. V Square Quantitative Management LLC now owns 6,266 shares of the oil and gas producer's stock valued at $347,000 after purchasing an additional 618 shares during the last quarter. Institutional investors own 88.70% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on OXY shares. Roth Capital raised Occidental Petroleum from a "neutral" rating to a "buy" rating and set a $70.00 target price on the stock in a research note on Friday. Barclays decreased their target price on Occidental Petroleum from $75.00 to $71.00 and set an "overweight" rating for the company in a research report on Monday, August 17th. Susquehanna upped their price target on Occidental Petroleum from $67.00 to $70.00 and gave the company a "positive" rating in a research note on Tuesday, August 11th. Seaport Research Partners began coverage on shares of Occidental Petroleum in a research report on Thursday, September 3rd. They issued a "buy" rating and a $73.00 price target on the stock. Finally, Wall Street Zen upgraded shares of Occidental Petroleum from a "buy" rating to a "strong-buy" rating in a research report on Saturday, October 10th. Thirteen analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $66.71.

Occidental Petroleum Stock Up 2.8%

NYSE:OXY opened at $62.36 on Friday. Occidental Petroleum Corporation has a 1 year low of $38.80 and a 1 year high of $67.45. The stock has a 50-day moving average price of $59.40 and a two-hundred day moving average price of $57.28. The stock has a market cap of $62.34 billion, a price-to-earnings ratio of 9.65, a PEG ratio of 0.93 and a beta of 0.24. The company has a current ratio of 1.41, a quick ratio of 1.13 and a debt-to-equity ratio of 0.40.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 EPS for the quarter, topping analysts' consensus estimates of $1.83 by $0.57. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%. The company had revenue of $8.06 billion for the quarter, compared to analyst estimates of $7.07 billion. During the same quarter last year, the firm posted $0.39 earnings per share. Occidental Petroleum's revenue was up 53.4% compared to the same quarter last year. As a group, equities analysts expect that Occidental Petroleum Corporation will post 6.56 earnings per share for the current year.

Occidental Petroleum Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Thursday, September 10th were issued a dividend of $0.28 per share. This is an increase from Occidental Petroleum's previous quarterly dividend of $0.26. The ex-dividend date was Thursday, September 10th. This represents a $1.12 annualized dividend and a yield of 1.8%. Occidental Petroleum's dividend payout ratio is 17.34%.

Key Occidental Petroleum News

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

• Positive Sentiment: Roth Capital upgraded OXY from “neutral” to “buy” and assigned a $70 price target. The target implies meaningful upside from the stock’s recent trading level and is the strongest direct bullish catalyst in the latest coverage.
• Positive Sentiment: Morgan Stanley raised its price target from $69 to $71 while maintaining an “equal weight” rating, indicating greater valuation support despite a cautious overall stance.
• Positive Sentiment: Analysts at Zacks highlighted Occidental’s history of earnings surprises and the combination of estimate revisions and earnings trends that could support another quarterly beat. Will Occidental Beat Estimates Again in Its Next Earnings Report?
• Positive Sentiment: Recent commentary pointing to Occidental’s valuation and potential undervaluation may be attracting value-focused investors. The company’s latest reported quarter also showed substantial year-over-year revenue and earnings growth.

About Occidental Petroleum

Occidental Petroleum Corporation, commonly known as Oxy, is an energy company engaged in the exploration, development and production of oil and natural gas. Its upstream operations are concentrated in the United States, including the Permian and Denver-Julesburg basins, and in selected international regions such as the Middle East and North Africa.

The company also operates midstream and marketing businesses that support the gathering, processing, transportation and sale of oil, natural gas and natural gas liquids.

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