CCM Investment Group LLC Buys New Shares in Occidental Petroleum Corporation (NYSE:OXY)

Key Points

• CCM Investment Group LLC acquired a new stake in Occidental Petroleum (NYSE:OXY) with 49,868 shares, valued at approximately $2.4 million.
• Analysts have mixed opinions on Occidental Petroleum, with price targets ranging from $38.00 to $58.00, and the stock currently holds a consensus rating of "Hold."
• Occidental Petroleum declared a quarterly dividend of $0.24 per share with an annualized yield of 2.2%, set to be paid on October 15th.

CCM Investment Group LLC acquired a new position in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 49,868 shares of the oil and gas producer's stock, valued at approximately $2,435,000.

A number of other hedge funds have also modified their holdings of OXY. Vanguard Group Inc. lifted its position in shares of Occidental Petroleum by 17.8% in the first quarter. Vanguard Group Inc. now owns 80,230,989 shares of the oil and gas producer's stock valued at $3,960,202,000 after buying an additional 12,107,285 shares during the last quarter. Berkshire Hathaway Inc increased its stake in shares of Occidental Petroleum by 3.5% in the 4th quarter. Berkshire Hathaway Inc now owns 264,178,414 shares of the oil and gas producer's stock valued at $13,053,055,000 after purchasing an additional 8,896,890 shares during the last quarter. Nuveen LLC bought a new stake in Occidental Petroleum during the 1st quarter worth $99,853,000. Worldquant Millennium Advisors LLC grew its position in Occidental Petroleum by 1,075.3% during the 4th quarter. Worldquant Millennium Advisors LLC now owns 1,930,776 shares of the oil and gas producer's stock worth $95,400,000 after acquiring an additional 1,766,491 shares during the last quarter. Finally, Marshall Wace LLP grew its position in shares of Occidental Petroleum by 48.1% in the 4th quarter. Marshall Wace LLP now owns 4,117,777 shares of the oil and gas producer's stock valued at $203,459,000 after buying an additional 1,337,728 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Mizuho dropped their price objective on Occidental Petroleum from $60.00 to $58.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 13th. Barclays upped their price target on Occidental Petroleum from $46.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 8th. UBS Group dropped their price target on Occidental Petroleum from $44.00 to $38.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. Piper Sandler boosted their price objective on Occidental Petroleum from $48.00 to $50.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Finally, Susquehanna reduced their target price on Occidental Petroleum from $59.00 to $55.00 and set a "positive" rating for the company in a report on Tuesday, April 22nd. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $53.71.

Occidental Petroleum Stock Performance

Shares of NYSE:OXY traded up $0.55 during trading on Wednesday, hitting $44.70. 8,109,227 shares of the company were exchanged, compared to its average volume of 12,065,660. The company has a market cap of $44.00 billion, a PE ratio of 26.45 and a beta of 0.91. The stock has a 50 day moving average of $44.01 and a 200 day moving average of $44.25. Occidental Petroleum Corporation has a 52-week low of $34.78 and a 52-week high of $58.47. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.05 and a quick ratio of 0.83.

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

Occidental Petroleum Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, September 10th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Wednesday, September 10th. Occidental Petroleum's dividend payout ratio (DPR) is 56.80%.

Occidental Petroleum 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.