Occidental Petroleum Corporation (NYSE:OXY) Shares Acquired by Cary Street Partners Financial LLC

Key Points

• Cary Street Partners Financial LLC has significantly increased its stake in Occidental Petroleum by 338.3% during the first quarter, now holding shares valued at $720,000.
• Wall Street analysts are mixed on the stock, with 14 holding a "hold" rating and a consensus target price of $53.71, down from previous estimates.
• Occidental Petroleum recently declared a quarterly dividend of $0.24 per share, representing a yield of 2.2% with a payout ratio of 56.80%.

Cary Street Partners Financial LLC boosted its stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 338.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 14,596 shares of the oil and gas producer's stock after buying an additional 11,266 shares during the period. Cary Street Partners Financial LLC's holdings in Occidental Petroleum were worth $720,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of OXY. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in Occidental Petroleum during the 1st quarter worth about $1,274,000. Kestra Private Wealth Services LLC increased its stake in shares of Occidental Petroleum by 5.6% during the first quarter. Kestra Private Wealth Services LLC now owns 17,086 shares of the oil and gas producer's stock worth $843,000 after buying an additional 906 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Occidental Petroleum by 9.7% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,596,699 shares of the oil and gas producer's stock worth $78,813,000 after buying an additional 140,528 shares during the period. Northern Trust Corp increased its stake in shares of Occidental Petroleum by 7.5% during the fourth quarter. Northern Trust Corp now owns 7,065,061 shares of the oil and gas producer's stock worth $349,085,000 after buying an additional 491,797 shares during the period. Finally, swisspartners Advisors Ltd purchased a new stake in shares of Occidental Petroleum during the first quarter worth approximately $6,006,000. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Occidental Petroleum Price Performance

Shares of OXY traded up $0.37 during trading hours on Tuesday, reaching $44.08. 8,248,797 shares of the company traded hands, compared to its average volume of 12,091,581. 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 stock has a market capitalization of $43.39 billion, a PE ratio of 26.08 and a beta of 0.91. Occidental Petroleum Corporation has a fifty-two week low of $34.78 and a fifty-two week high of $58.47. The stock has a fifty day simple moving average of $43.98 and a 200 day simple moving average of $44.25.

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

Occidental Petroleum Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, September 10th will be issued a dividend of $0.24 per share. The ex-dividend date is Wednesday, September 10th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.2%. Occidental Petroleum's payout ratio is presently 56.80%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Barclays upped their target price on shares of Occidental Petroleum from $46.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 8th. Wells Fargo & Company cut their target price on Occidental Petroleum from $47.00 to $46.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 15th. UBS Group cut their target price on Occidental Petroleum from $44.00 to $38.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 16th. JPMorgan Chase & Co. raised their target price on Occidental Petroleum from $47.00 to $48.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 15th. Finally, Scotiabank raised their price target on Occidental Petroleum from $40.00 to $45.00 and gave the stock a "sector perform" rating in a research note on Friday, July 11th. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $53.71.

Occidental Petroleum Company Profile

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.