Assenagon Asset Management S.A. Grows Stock Position in Occidental Petroleum Corporation $OXY

Key Points

• Assenagon Asset Management S.A. increased its stake in Occidental Petroleum Corporation by 29.0%, owning 214,102 shares valued at approximately $8.99 million.
• Occidental Petroleum's recent earnings showed a net margin of 8.79% with a quarterly revenue of $6.41 billion, exceeding analysts' expectations of $6.29 billion.
• The company announced a quarterly dividend of $0.24 per share, representing an annualized dividend of $0.96 and a yield of 2.1%.

Assenagon Asset Management S.A. lifted its stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 29.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 214,102 shares of the oil and gas producer's stock after buying an additional 48,118 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Occidental Petroleum were worth $8,994,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Bernard Wealth Management Corp. acquired a new position in shares of Occidental Petroleum in the 4th quarter valued at $32,000. Grove Bank & Trust raised its position in shares of Occidental Petroleum by 129.2% in the first quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer's stock worth $36,000 after acquiring an additional 407 shares during the period. American National Bank & Trust acquired a new stake in shares of Occidental Petroleum during the 1st quarter valued at about $39,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Occidental Petroleum in the 1st quarter valued at about $39,000. Finally, Spectrum Wealth Counsel LLC grew its holdings in Occidental Petroleum by 5,000.0% in the first quarter. Spectrum Wealth Counsel LLC now owns 1,020 shares of the oil and gas producer's stock valued at $50,000 after purchasing an additional 1,000 shares during the period. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Occidental Petroleum Stock Up 1.4%

OXY stock opened at $46.39 on Wednesday. Occidental Petroleum Corporation has a one year low of $34.78 and a one year high of $56.49. The firm has a market cap of $45.66 billion, a PE ratio of 27.45 and a beta of 1.04. The firm's 50 day moving average price is $45.16 and its 200-day moving average price is $43.80. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.83 and a current ratio of 1.05.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%.The company had revenue of $6.41 billion during the quarter, compared to analysts' expectations of $6.29 billion. During the same quarter last year, the firm earned $1.03 earnings per share. The firm's quarterly revenue was down 6.1% compared to the same quarter last year. On average, equities research analysts anticipate that Occidental Petroleum Corporation will post 3.58 EPS for the current year.

Occidental Petroleum Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, September 10th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.1%. Occidental Petroleum's dividend payout ratio (DPR) is presently 56.80%.

Analysts Set New Price Targets

OXY has been the topic of a number of research analyst reports. Wall Street Zen cut shares of Occidental Petroleum from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Wells Fargo & Company dropped their target price on shares of Occidental Petroleum from $47.00 to $46.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 15th. UBS Group raised their price target on shares of Occidental Petroleum from $45.00 to $46.00 and gave the company a "neutral" rating in a research note on Monday, September 15th. Morgan Stanley reiterated an "equal weight" rating and set a $52.00 price objective on shares of Occidental Petroleum in a research note on Monday, August 18th. Finally, Piper Sandler lifted their price target on Occidental Petroleum from $48.00 to $50.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Four equities research analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, Occidental Petroleum currently has an average rating of "Hold" and an average price target of $54.70.

Occidental Petroleum Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.