Confluence Investment Management LLC Acquires New Holdings in Occidental Petroleum Corporation $OXY

Key Points

• Confluence Investment Management initiated a new Occidental Petroleum position, purchasing 26,565 shares valued at approximately $1.29 million. Institutional investors and hedge funds collectively own 88.7% of OXY.
• Analysts maintain a generally cautious outlook, with 10 Buy ratings and 16 Hold ratings. The consensus rating is Hold, with an average price target of $64.17.
• Occidental reported quarterly EPS of $1.06, beating estimates of $0.60, although revenue fell 8.3% year over year to $5.11 billion. CEO Richard A. Jackson also bought 4,770 shares at an average price of $52.38.

Confluence Investment Management LLC bought a new position in shares of 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 bought 26,565 shares of the oil and gas producer's stock, valued at approximately $1,290,000.

A number of other institutional investors have also made changes to their positions in OXY. Dimensional Fund Advisors LP boosted its position in shares of Occidental Petroleum by 21.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer's stock worth $436,008,000 after purchasing an additional 1,883,721 shares during the period. Bank of New York Mellon Corp raised its position in Occidental Petroleum by 44.6% in the first quarter. Bank of New York Mellon Corp now owns 5,761,082 shares of the oil and gas producer's stock valued at $374,470,000 after purchasing an additional 1,776,922 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Occidental Petroleum by 54.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,959,638 shares of the oil and gas producer's stock worth $162,820,000 after purchasing an additional 1,393,638 shares in the last quarter. Wellington Management Group LLP lifted its stake in Occidental Petroleum by 1,029.9% during the third quarter. Wellington Management Group LLP now owns 1,493,747 shares of the oil and gas producer's stock worth $70,580,000 after purchasing an additional 1,361,541 shares in the last quarter. Finally, Sei Investments Co. boosted its position in shares of Occidental Petroleum by 247.0% during the first quarter. Sei Investments Co. now owns 1,734,052 shares of the oil and gas producer's stock worth $112,719,000 after buying an additional 1,234,350 shares during the period. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently issued reports on OXY. Capital One Financial boosted their price objective on Occidental Petroleum from $67.00 to $70.00 in a report on Wednesday, May 27th. Citigroup dropped their target price on Occidental Petroleum from $62.00 to $60.00 and set a "neutral" rating for the company in a research report on Friday, July 17th. BMO Capital Markets boosted their price target on shares of Occidental Petroleum from $60.00 to $65.00 and gave the stock a "market perform" rating in a research note on Tuesday, April 7th. Weiss Ratings lowered shares of Occidental Petroleum from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, June 23rd. Finally, The Goldman Sachs Group lowered their target price on Occidental Petroleum from $64.00 to $60.00 and set a "neutral" rating for the company in a research note on Tuesday, June 30th. Ten research analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Occidental Petroleum has an average rating of "Hold" and a consensus target price of $64.17.

Insiders Place Their Bets

In related news, CEO Richard A. Jackson bought 4,770 shares of the company's stock in a transaction on Tuesday, June 23rd. The stock was bought at an average cost of $52.38 per share, with a total value of $249,852.60. Following the completion of the acquisition, the chief executive officer owned 444,098 shares in the company, valued at approximately $23,261,853.24. This represents a 1.09% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.50% of the company's stock.

Occidental Petroleum Stock Performance

NYSE:OXY opened at $55.11 on Wednesday. Occidental Petroleum Corporation has a 1-year low of $38.80 and a 1-year high of $67.45. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.21 and a quick ratio of 1.01. The firm's fifty day moving average price is $54.31 and its 200 day moving average price is $54.22. The firm has a market cap of $54.81 billion, a price-to-earnings ratio of 13.88, a price-to-earnings-growth ratio of 0.80 and a beta of 0.15.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.46. The firm had revenue of $5.11 billion during the quarter, compared to analysts' expectations of $5.44 billion. Occidental Petroleum had a return on equity of 9.65% and a net margin of 19.98%.Occidental Petroleum's revenue was down 8.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.14 earnings per share. On average, sell-side analysts expect that Occidental Petroleum Corporation will post 5.43 EPS for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source