Camarda Financial Advisors LLC Takes Position in Occidental Petroleum Corporation $OXY

Key Points

• Camarda Financial Advisors purchased 33,848 Occidental Petroleum shares in the second quarter, valued at approximately $1.64 million. Institutional investors and hedge funds collectively own 88.7% of OXY’s outstanding stock, including a major new stake from Berkshire Hathaway.
• Occidental reported strong quarterly results, with EPS of $2.40 beating estimates of $1.83 and revenue rising 53.4% year over year to $8.06 billion. The stock recently traded at $59.21, while analysts maintain a consensus “Hold” rating and an average price target of $64.83.
• The company raised its quarterly dividend from $0.26 to $0.28 per share, equivalent to a $1.12 annualized payout and a 1.9% yield.

Camarda Financial Advisors LLC purchased a new stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 33,848 shares of the oil and gas producer's stock, valued at approximately $1,644,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. National Pension Service grew its position in Occidental Petroleum by 13.0% in the fourth quarter. National Pension Service now owns 1,084,356 shares of the oil and gas producer's stock worth $44,589,000 after acquiring an additional 124,879 shares during the period. Berkshire Hathaway Inc purchased a new stake in Occidental Petroleum in the second quarter valued at $12,868,205,000. Hosking Partners LLP lifted its stake in shares of Occidental Petroleum by 4.9% in the 4th quarter. Hosking Partners LLP now owns 577,368 shares of the oil and gas producer's stock valued at $23,741,000 after purchasing an additional 27,030 shares during the last quarter. Swiss National Bank lifted its stake in shares of Occidental Petroleum by 7.2% in the 1st quarter. Swiss National Bank now owns 2,168,414 shares of the oil and gas producer's stock valued at $140,947,000 after purchasing an additional 145,100 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Occidental Petroleum by 4.1% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,685,169 shares of the oil and gas producer's stock worth $109,536,000 after purchasing an additional 66,438 shares during the period. Institutional investors and hedge funds own 88.70% of the company's stock.

Occidental Petroleum Trading Up 1.0%

OXY opened at $59.21 on Friday. The business has a fifty day moving average price of $55.03 and a 200 day moving average price of $55.93. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.13. Occidental Petroleum Corporation has a 12 month low of $38.80 and a 12 month high of $67.45. The stock has a market capitalization of $59.19 billion, a price-to-earnings ratio of 9.17, a PEG ratio of 0.93 and a beta of 0.15.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.83 by $0.57. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.The business had revenue of $8.06 billion during the quarter, compared to analysts' expectations of $7.07 billion. During the same quarter last year, the business posted $0.39 EPS. The business's quarterly revenue was up 53.4% compared to the same quarter last year. Sell-side analysts expect that Occidental Petroleum Corporation will post 6.09 earnings per share for the current fiscal year.

Occidental Petroleum Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, September 10th will be issued a dividend of $0.28 per share. This is a boost from Occidental Petroleum's previous quarterly dividend of $0.26. The ex-dividend date is Thursday, September 10th. This represents a $1.12 annualized dividend and a yield of 1.9%. Occidental Petroleum's dividend payout ratio (DPR) is presently 16.10%.

Analyst Ratings Changes

Several brokerages recently issued reports on OXY. Evercore upgraded shares of Occidental Petroleum from an "in-line" rating to an "outperform" rating and set a $65.00 price objective on the stock in a report on Wednesday, July 8th. Raymond James Financial lifted their price target on shares of Occidental Petroleum from $64.00 to $75.00 and gave the company an "outperform" rating in a research report on Monday, May 4th. Capital One Financial boosted their price target on shares of Occidental Petroleum from $67.00 to $70.00 in a research note on Wednesday, May 27th. The Goldman Sachs Group lowered their price objective on shares of Occidental Petroleum from $64.00 to $60.00 and set a "neutral" rating for the company in a research report on Tuesday, June 30th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Occidental Petroleum from $64.00 to $63.00 in a report on Thursday, May 7th. Ten equities research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the stock. According to MarketBeat.com, Occidental Petroleum presently has a consensus rating of "Hold" and an average price target of $64.83.

Insider Activity at Occidental Petroleum

In other news, CEO Richard A. Jackson acquired 4,770 shares of the company's stock in a transaction on Tuesday, June 23rd. The shares were bought at an average cost of $52.38 per share, with a total value of $249,852.60. Following the transaction, the chief executive officer owned 444,098 shares in the company, valued at approximately $23,261,853.24. This trade represents 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 the SEC website. Corporate insiders own 0.50% of the company's stock.

About Occidental Petroleum

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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