Benjamin Edwards Inc. Purchases New Position in Occidental Petroleum Corporation $OXY

Key Points

• Benjamin Edwards Inc. has acquired a new stake in Occidental Petroleum Corporation, buying 6,000 shares valued at approximately $296,000 in the first quarter of 2023.
• Several analysts have updated their price targets for Occidental Petroleum's shares, with current consensus ratings being "Hold" and a target price of approximately $53.71.
• Occidental Petroleum will pay a quarterly dividend of $0.24 per share on October 15, reflecting an annualized yield of 2.2%.

Benjamin Edwards Inc. acquired a new stake in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 6,000 shares of the oil and gas producer's stock, valued at approximately $296,000.

Other large investors have also recently bought and sold shares of the company. United Capital Financial Advisors LLC raised its position in shares of Occidental Petroleum by 2.3% during the 4th quarter. United Capital Financial Advisors LLC now owns 22,102 shares of the oil and gas producer's stock worth $1,092,000 after purchasing an additional 496 shares during the period. Insigneo Advisory Services LLC grew its stake in Occidental Petroleum by 29.1% during the 4th quarter. Insigneo Advisory Services LLC now owns 7,825 shares of the oil and gas producer's stock worth $387,000 after buying an additional 1,766 shares during the last quarter. Altshuler Shaham Ltd acquired a new stake in Occidental Petroleum in the fourth quarter worth $26,000. Canada Pension Plan Investment Board lifted its stake in Occidental Petroleum by 146.1% in the fourth quarter. Canada Pension Plan Investment Board now owns 75,718 shares of the oil and gas producer's stock valued at $3,741,000 after buying an additional 44,956 shares during the last quarter. Finally, First Trust Advisors LP boosted its holdings in shares of Occidental Petroleum by 33.9% during the fourth quarter. First Trust Advisors LP now owns 1,055,070 shares of the oil and gas producer's stock valued at $52,131,000 after acquiring an additional 266,825 shares during the period. Institutional investors own 88.70% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on OXY shares. Piper Sandler lifted their price objective on shares of Occidental Petroleum from $48.00 to $50.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Scotiabank boosted their price objective on Occidental Petroleum from $40.00 to $45.00 and gave the stock a "sector perform" rating in a research report on Friday, July 11th. Wall Street Zen lowered Occidental Petroleum from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. JPMorgan Chase & Co. lifted their target price on Occidental Petroleum from $47.00 to $48.00 and gave the company a "neutral" rating in a research note on Tuesday, July 15th. Finally, Mizuho decreased their price target on Occidental Petroleum from $60.00 to $58.00 and set a "neutral" rating for the company in a research note on Tuesday, May 13th. Four equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $53.43.

Occidental Petroleum Stock Down 0.6%

Shares of OXY traded down $0.2550 during mid-day trading on Tuesday, reaching $43.9550. The company's stock had a trading volume of 7,324,055 shares, compared to its average volume of 11,959,672. Occidental Petroleum Corporation has a 1 year low of $34.78 and a 1 year high of $58.47. The company has a quick ratio of 0.83, a current ratio of 1.05 and a debt-to-equity ratio of 0.84. The company has a market cap of $43.27 billion, a price-to-earnings ratio of 26.01 and a beta of 0.91. The business has a fifty day moving average of $44.19 and a 200 day moving average of $44.11.

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 earnings per share for the quarter, beating 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 firm had revenue of $6.41 billion for the quarter, compared to analyst estimates of $6.29 billion. During the same period in the previous year, the firm earned $1.03 earnings per share. Occidental Petroleum's quarterly revenue was down 6.1% on a year-over-year basis. As a group, analysts forecast that Occidental Petroleum Corporation will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, September 10th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.2%. The ex-dividend date is Wednesday, September 10th. Occidental Petroleum's dividend payout ratio is currently 56.80%.

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.