Balboa Wealth Partners Acquires New Holdings in Occidental Petroleum Corporation $OXY

Key Points

• Balboa Wealth Partners acquired 14,626 shares in Occidental Petroleum Corporation, valued at approximately $614,000, during the 2nd quarter.
• Occidental Petroleum recently declared a quarterly dividend of $0.24, representing a 2.3% yield with a payout ratio of 56.80%.
• Analysts have a consensus rating of "Hold" for OXY, with a target price of $52.39, while one analyst has rated it as a Strong Buy.

Balboa Wealth Partners acquired a new stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 14,626 shares of the oil and gas producer's stock, valued at approximately $614,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd bought a new position in shares of Occidental Petroleum during the first quarter valued at $39,000. Spectrum Wealth Counsel LLC raised its stake in shares of Occidental Petroleum by 5,000.0% during 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 acquiring an additional 1,000 shares during the last quarter. Ransom Advisory Ltd bought a new position in shares of Occidental Petroleum during the first quarter valued at $54,000. Quarry LP raised its stake in shares of Occidental Petroleum by 69.7% during the first quarter. Quarry LP now owns 1,675 shares of the oil and gas producer's stock valued at $83,000 after acquiring an additional 688 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd bought a new position in shares of Occidental Petroleum during the first quarter valued at $95,000. Institutional investors own 88.70% of the company's stock.

Occidental Petroleum Trading Up 0.4%

NYSE:OXY opened at $41.05 on Tuesday. The company has a current ratio of 1.05, a quick ratio of 0.83 and a debt-to-equity ratio of 0.84. The stock has a market capitalization of $40.41 billion, a price-to-earnings ratio of 24.29 and a beta of 0.95. The firm has a fifty day simple moving average of $45.41 and a two-hundred day simple moving average of $43.39. Occidental Petroleum Corporation has a 12 month low of $34.78 and a 12 month high of $53.20.

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

Occidental Petroleum Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Wednesday, September 10th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date was Wednesday, September 10th. Occidental Petroleum's dividend payout ratio (DPR) is presently 56.80%.

Wall Street Analyst Weigh In

OXY has been the subject of several analyst reports. Hsbc Global Res raised shares of Occidental Petroleum from a "hold" rating to a "strong-buy" rating in a research note on Friday, October 3rd. Wells Fargo & Company initiated coverage on shares of Occidental Petroleum in a research report on Friday. They set an "underweight" rating and a $42.00 price objective for the company. Piper Sandler increased their price objective on shares of Occidental Petroleum from $48.00 to $50.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Melius Research initiated coverage on shares of Occidental Petroleum in a research report on Wednesday, August 20th. They set a "hold" rating and a $64.00 price objective for the company. Finally, Evercore ISI decreased their price objective on shares of Occidental Petroleum from $40.00 to $38.00 and set an "underperform" rating for the company in a research report on Friday, October 3rd. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, fifteen have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Occidental Petroleum presently has a consensus rating of "Hold" and a consensus target price of $52.39.

About Occidental Petroleum

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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