Arrowstreet Capital Limited Partnership Makes New $47.04 Million Investment in Occidental Petroleum Corporation $OXY

Key Points

• Arrowstreet Capital acquired 723,673 Occidental Petroleum shares worth approximately $47.04 million, while institutional investors collectively own 88.70% of OXY.
• Occidental reported quarterly EPS of $1.06, exceeding the $0.60 analyst consensus, although revenue fell 8.3% year over year to $5.11 billion.
• OXY pays a quarterly dividend of $0.26, equivalent to $1.04 annually and a 1.9% yield. Analysts maintain a consensus “Hold” rating with an average price target of $64.17.

Arrowstreet Capital Limited Partnership acquired a new position in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 723,673 shares of the oil and gas producer's stock, valued at approximately $47,039,000. Arrowstreet Capital Limited Partnership owned about 0.07% of Occidental Petroleum at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Woodline Partners LP boosted its position in shares of Occidental Petroleum by 40.7% during the 1st quarter. Woodline Partners LP now owns 57,079 shares of the oil and gas producer's stock valued at $2,817,000 after purchasing an additional 16,506 shares in the last quarter. Marshall Wace LLP acquired a new stake in shares of Occidental Petroleum during the 2nd quarter worth approximately $4,584,000. Federated Hermes Inc. increased its stake in shares of Occidental Petroleum by 696.7% in the 2nd quarter. Federated Hermes Inc. now owns 23,997 shares of the oil and gas producer's stock valued at $1,008,000 after acquiring an additional 20,985 shares in the last quarter. Daiwa Securities Group Inc. lifted its position in shares of Occidental Petroleum by 7.4% during the 2nd quarter. Daiwa Securities Group Inc. now owns 105,767 shares of the oil and gas producer's stock valued at $4,443,000 after acquiring an additional 7,285 shares during the period. Finally, AXA S.A. boosted its stake in Occidental Petroleum by 24.3% during the second quarter. AXA S.A. now owns 136,625 shares of the oil and gas producer's stock worth $5,740,000 after acquiring an additional 26,741 shares in the last quarter. Institutional investors own 88.70% of the company's stock.

Occidental Petroleum Trading Down 4.1%

Shares of Occidental Petroleum stock opened at $54.97 on Tuesday. The stock has a fifty day moving average price of $54.71 and a 200-day moving average price of $53.68. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.21 and a quick ratio of 1.01. The firm has a market cap of $54.68 billion, a PE ratio of 13.85 and a beta of 0.15. 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 posted its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $1.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.60 by $0.46. Occidental Petroleum had a net margin of 19.98% and a return on equity of 9.65%. The business had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.44 billion. During the same quarter last year, the company posted $0.14 earnings per share. The firm's quarterly revenue was down 8.3% compared to the same quarter last year. Equities research analysts anticipate that Occidental Petroleum Corporation will post 5.66 EPS for the current year.

Occidental Petroleum Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, June 10th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Wednesday, June 10th. Occidental Petroleum's payout ratio is currently 26.20%.

Insider Buying and Selling

In other Occidental Petroleum news, CEO Richard A. Jackson bought 4,770 shares of Occidental Petroleum stock in a transaction dated Tuesday, June 23rd. The stock was purchased at an average price of $52.38 per share, for a total transaction of $249,852.60. Following the completion of the purchase, the chief executive officer directly owned 444,098 shares of the company's stock, valued at approximately $23,261,853.24. This trade represents a 1.09% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 0.50% of the stock is currently owned by company insiders.

Analyst Ratings Changes

OXY has been the subject of several research analyst reports. Zacks Research downgraded shares of Occidental Petroleum from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 22nd. Susquehanna raised their target price on Occidental Petroleum from $60.00 to $67.00 and gave the company a "positive" rating in a research note on Tuesday, April 21st. Truist Financial cut their price target on Occidental Petroleum from $65.00 to $57.00 and set a "hold" rating on the stock in a report on Friday, May 8th. Jefferies Financial Group boosted their price objective on Occidental Petroleum from $47.00 to $58.00 and gave the company a "hold" rating in a report on Monday, April 13th. Finally, The Goldman Sachs Group decreased their price target on shares of Occidental Petroleum from $64.00 to $60.00 and set a "neutral" rating for the company in a research note on Tuesday, June 30th. Ten equities research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the stock. Based on data from MarketBeat, Occidental Petroleum presently has a consensus rating of "Hold" and an average price target of $64.17.

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.

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