California State Teachers Retirement System Has $2.03 Billion Stock Position in Occidental Petroleum Corporation $OXY

Key Points

• CalSTRS dramatically increased its Occidental Petroleum stake by 4,805.3% in the second quarter, purchasing roughly 40.9 million additional shares. Its resulting 41.8 million-share position was valued at approximately $2.03 billion, representing 4.18% of OXY.
• Occidental reported strong quarterly results, with EPS of $2.40 versus the $1.83 estimate and revenue of $8.06 billion, up 53.4% year over year. The company also raised its quarterly dividend to $0.28 per share, implying a 1.8% annual yield.
• Analyst sentiment remains mixed: OXY has an average “Hold” rating and a consensus price target of $64.96, compared with an opening price of $61.45. CEO Richard Jackson also purchased 4,770 shares, while institutional investors collectively own 88.7% of the stock.

California State Teachers Retirement System boosted its stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 4,805.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 41,792,348 shares of the oil and gas producer's stock after purchasing an additional 40,940,366 shares during the quarter. California State Teachers Retirement System owned about 4.18% of Occidental Petroleum worth $2,029,854,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Whittier Trust Co. of Nevada Inc. lifted its stake in Occidental Petroleum by 12.5% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 1,765 shares of the oil and gas producer's stock valued at $111,000 after acquiring an additional 196 shares during the last quarter. Athena Wealth Management LLC boosted its stake in shares of Occidental Petroleum by 1.2% in the first quarter. Athena Wealth Management LLC now owns 18,547 shares of the oil and gas producer's stock valued at $1,206,000 after buying an additional 214 shares during the period. Elevation Wealth Partners LLC grew its holdings in shares of Occidental Petroleum by 15.8% during the 2nd quarter. Elevation Wealth Partners LLC now owns 1,615 shares of the oil and gas producer's stock worth $78,000 after purchasing an additional 220 shares in the last quarter. HBK Sorce Advisory LLC increased its holdings in Occidental Petroleum by 2.8% in the 2nd quarter. HBK Sorce Advisory LLC now owns 8,210 shares of the oil and gas producer's stock valued at $442,000 after buying an additional 220 shares during the period. Finally, Summit Securities Group LLC raised its position in Occidental Petroleum by 18.5% during the fourth quarter. Summit Securities Group LLC now owns 1,469 shares of the oil and gas producer's stock valued at $60,000 after purchasing an additional 229 shares in the last quarter. Institutional investors and hedge funds own 88.70% of the company's stock.

Insiders Place Their Bets

In related news, CEO Richard Jackson purchased 4,770 shares of the business's stock in a transaction on Tuesday, June 23rd. The stock was acquired at an average price of $52.38 per share, with a total value of $249,852.60. Following the purchase, the chief executive officer directly owned 444,098 shares in the company, valued at approximately $23,261,853.24. This represents a 1.09% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.50% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on OXY. Susquehanna increased their target price on shares of Occidental Petroleum from $67.00 to $70.00 and gave the stock a "positive" rating in a report on Tuesday, August 11th. Truist Financial upped their target price on Occidental Petroleum from $57.00 to $63.00 and gave the stock a "hold" rating in a report on Monday, August 10th. Citigroup cut their price target on Occidental Petroleum from $62.00 to $60.00 and set a "neutral" rating on the stock in a research note on Friday, July 17th. Mizuho increased their price objective on Occidental Petroleum from $72.00 to $75.00 and gave the company an "outperform" rating in a report on Wednesday, May 27th. Finally, Stephens cut their price objective on Occidental Petroleum from $73.00 to $69.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 14th. Ten analysts have rated the stock with a Buy rating and seventeen have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $64.96.

Occidental Petroleum Price Performance

Shares of NYSE OXY opened at $61.45 on Friday. Occidental Petroleum Corporation has a 1-year low of $38.80 and a 1-year high of $67.45. The stock has a fifty day simple moving average of $57.33 and a two-hundred day simple moving average of $56.88. The firm has a market cap of $61.42 billion, a price-to-earnings ratio of 9.51, a price-to-earnings-growth ratio of 0.96 and a beta of 0.16. The company has a current ratio of 1.41, a quick ratio of 1.13 and a debt-to-equity ratio of 0.40.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 EPS for the quarter, beating analysts' consensus estimates of $1.83 by $0.57. The company had revenue of $8.06 billion for the quarter, compared to analysts' expectations of $7.07 billion. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. Occidental Petroleum's revenue was up 53.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.39 EPS. Analysts anticipate that Occidental Petroleum Corporation will post 6.16 earnings per share for the current year.

Occidental Petroleum Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, September 10th will be paid a $0.28 dividend. The ex-dividend date is Thursday, September 10th. This represents a $1.12 dividend on an annualized basis and a yield of 1.8%. This is an increase from Occidental Petroleum's previous quarterly dividend of $0.26. Occidental Petroleum's dividend payout ratio is currently 17.34%.

Occidental Petroleum Company Profile

Occidental Petroleum Corporation is an energy company engaged in the exploration, development and production of oil and natural gas. Its operations are concentrated primarily in the United States, including the Permian and DJ basins, and it also has international activities in regions such as the Middle East and North Africa.

The company operates through oil and gas, chemical and midstream and marketing businesses. Its chemical segment, OxyChem, manufactures and markets chlor-alkali products, vinyls and other basic chemicals used in water treatment, construction, industrial manufacturing and consumer products.

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