Assenagon Asset Management S.A. Has $25.95 Million Stock Holdings in Occidental Petroleum Corporation $OXY

Key Points

• Assenagon Asset Management significantly increased its Occidental Petroleum stake by 291.6% in the first quarter, bringing its holdings to 399,157 shares valued at about $25.95 million.
• Several analysts remain cautious on OXY overall, with the stock carrying an average "Hold" rating and a consensus price target of $63.74, even as some firms recently raised their targets and ratings.
• Occidental reported better-than-expected earnings of $1.06 per share, and the company announced a quarterly dividend of $0.26 per share, or $1.04 annually, for a yield of about 2.1%.

Assenagon Asset Management S.A. raised its position in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 291.6% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 399,157 shares of the oil and gas producer's stock after acquiring an additional 297,223 shares during the period. Assenagon Asset Management S.A.'s holdings in Occidental Petroleum were worth $25,945,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Caitlin John LLC acquired a new stake in Occidental Petroleum during the 4th quarter worth approximately $29,000. Activest Wealth Management lifted its stake 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 worth $31,000 after purchasing an additional 305 shares during the last quarter. Rossby Financial LCC grew its position in Occidental Petroleum by 155.0% in the fourth quarter. Rossby Financial LCC now owns 765 shares of the oil and gas producer's stock valued at $31,000 after acquiring an additional 465 shares during the last quarter. Binnacle Investments Inc acquired a new position in Occidental Petroleum during the 3rd quarter worth approximately $35,000. Finally, McMillan Office Inc. bought a new stake in Occidental Petroleum during the 4th quarter worth $35,000. Institutional investors own 88.70% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. BMO Capital Markets raised their price target on shares of Occidental Petroleum from $60.00 to $65.00 and gave the stock a "market perform" rating in a report on Tuesday, April 7th. Piper Sandler upgraded Occidental Petroleum from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $54.00 to $66.00 in a report on Thursday, March 12th. Mizuho lifted their price target on shares of Occidental Petroleum from $72.00 to $75.00 and gave the company an "outperform" rating in a research report on Wednesday, May 27th. Susquehanna increased their price target on Occidental Petroleum from $60.00 to $67.00 and gave the company a "positive" rating in a research report on Tuesday, April 21st. Finally, Argus upgraded Occidental Petroleum to a "hold" rating in a report on Friday, February 27th. Nine investment analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $63.74.

Insiders Place Their Bets

In related news, CEO Richard A. Jackson bought 4,770 shares of the company's stock in a transaction on Tuesday, June 23rd. The shares were acquired 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 owned 444,098 shares of the company's stock, valued at $23,261,853.24. The trade was a 1.09% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.50% of the stock is currently owned by company insiders.

Occidental Petroleum Price Performance

Shares of Occidental Petroleum stock opened at $49.93 on Friday. Occidental Petroleum Corporation has a 52 week low of $38.80 and a 52 week high of $67.45. The company has a market cap of $49.66 billion, a PE ratio of 12.58 and a beta of 0.14. The business has a 50 day moving average of $56.36 and a 200 day moving average of $51.78. The company has a quick ratio of 1.01, a current ratio of 1.21 and a debt-to-equity ratio of 0.49.

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 for the quarter, beating the consensus estimate of $0.60 by $0.46. Occidental Petroleum had a return on equity of 9.65% and a net margin of 19.98%.The business had revenue of $5.11 billion for the quarter, compared to analysts' expectations of $5.44 billion. During the same period in the previous year, the firm posted $0.14 EPS. The business's revenue was down 8.3% on a year-over-year basis. As a group, equities research analysts forecast that Occidental Petroleum Corporation will post 5.79 earnings per share for the current year.

Occidental Petroleum Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Wednesday, June 10th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, June 10th. This represents a $1.04 annualized dividend and a yield of 2.1%. Occidental Petroleum's payout ratio is presently 26.20%.

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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