Corient Private Wealth LP Purchases 49,523 Shares of Occidental Petroleum Corporation $OXY

Key Points

• Corient Private Wealth increased its Occidental Petroleum stake by 30% in the second quarter, buying 49,523 shares for a total holding of 214,439 shares valued at approximately $10.42 million.
• Occidental reported strong quarterly results, with EPS of $2.40 versus the $1.83 estimate and revenue up 53.4% year over year to about $8.06 billion. The company also raised its quarterly dividend to $0.28 per share.
• Despite institutional buying and strong earnings, analysts maintain a consensus “Hold” rating with a $65.17 price target, while weaker crude prices remain a key risk to OXY’s earnings and cash flow.

Corient Private Wealth LP raised its position in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 30.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 214,439 shares of the oil and gas producer's stock after purchasing an additional 49,523 shares during the period. Corient Private Wealth LP's holdings in Occidental Petroleum were worth $10,420,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in OXY. Berkshire Hathaway Inc purchased a new position in shares of Occidental Petroleum during the second quarter worth approximately $12,868,205,000. Geode Capital Management LLC grew its holdings in shares of Occidental Petroleum by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 18,846,231 shares of the oil and gas producer's stock valued at $771,949,000 after purchasing an additional 167,518 shares during the last quarter. Bank of New York Mellon Corp raised its position in Occidental Petroleum by 84.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 10,643,916 shares of the oil and gas producer's stock worth $516,975,000 after purchasing an additional 4,882,834 shares during the period. Amundi lifted its stake in Occidental Petroleum by 2.7% in the first quarter. Amundi now owns 2,979,380 shares of the oil and gas producer's stock worth $193,660,000 after purchasing an additional 78,335 shares during the last quarter. Finally, Danske Bank A S bought a new stake in Occidental Petroleum in the second quarter worth $172,413,000. Institutional investors own 88.70% of the company's stock.

Insider Activity

In related news, CEO Richard Jackson acquired 4,770 shares of the firm's stock in a transaction dated Tuesday, June 23rd. The stock was purchased 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 directly owned 444,098 shares of the company's stock, valued at approximately $23,261,853.24. This trade represents a 1.09% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.50% of the stock is currently owned by insiders.

Occidental Petroleum News Summary

Here are the key news stories impacting Occidental Petroleum this week:

• Positive Sentiment: Occidental’s second-quarter performance remained a key fundamental positive. The company reported $2.40 in earnings per share, well above the $1.83 analyst estimate, while revenue increased 53.4% year over year to $8.07 billion. The results also included strong cash flow and a higher quarterly dividend. Diversified Upstream E&P Stocks Q2 Earnings
• Positive Sentiment: Several analysts’ recent price targets remain above the current trading level, with a reported six-month median target of $67. UBS also published a forecast calling for potential appreciation, although its separate rating remains Hold. UBS Group Forecasts Strong Price Appreciation
• Positive Sentiment: Occidental CEO Richard A. Jackson reportedly purchased 4,770 shares, signaling insider confidence, though one insider transaction is not sufficient to establish a broader trend.
• Neutral Sentiment: UBS reaffirmed its Hold rating on OXY. This suggests analysts see a balanced risk-reward profile despite the company’s strong earnings and continued investor attention. UBS Reaffirms Hold Rating
• Negative Sentiment: Crude oil’s pullback pressured exploration and production stocks broadly, including OXY. Reports cited inventory data, profit-taking after recent energy-sector strength, and investor caution ahead of the Federal Reserve’s interest-rate decision. Occidental Petroleum Stock Slides Wednesday
• Negative Sentiment: Because Occidental’s earnings and cash flow are highly sensitive to oil prices, weaker crude benchmarks can weigh disproportionately on OXY even without a change in the company’s operating outlook. Oil Producers Slide as Crude Retreats

Occidental Petroleum Price Performance

OXY stock opened at $59.37 on Thursday. 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 1 year low of $38.80 and a 1 year high of $67.45. The firm has a 50-day moving average of $57.94 and a 200 day moving average of $57.13. The company has a market cap of $59.35 billion, a P/E ratio of 9.19, a PEG ratio of 0.99 and a beta of 0.16.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its 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 firm 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%. The company's quarterly revenue was up 53.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.39 EPS. On average, sell-side analysts forecast that Occidental Petroleum Corporation will post 6.2 EPS for the current year.

Occidental Petroleum Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, September 10th will be paid a $0.28 dividend. This is an increase from Occidental Petroleum's previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Thursday, September 10th. Occidental Petroleum's dividend payout ratio (DPR) is presently 17.34%.

Analysts Set New Price Targets

OXY has been the topic of a number of recent research reports. Truist Financial raised their price objective on Occidental Petroleum from $57.00 to $63.00 and gave the company a "hold" rating in a research note on Monday, August 10th. Citigroup lowered their target price on Occidental Petroleum from $62.00 to $60.00 and set a "neutral" rating for the company in a research note on Friday, July 17th. Wells Fargo & Company raised their price target on Occidental Petroleum from $79.00 to $82.00 and gave the stock an "overweight" rating in a research report on Monday. The Goldman Sachs Group decreased their price target on Occidental Petroleum from $64.00 to $60.00 and set a "neutral" rating on the stock in a research note on Tuesday, June 30th. Finally, Stifel Nicolaus assumed coverage on Occidental Petroleum in a research report on Thursday, September 10th. They issued a "hold" rating and a $68.00 price objective for the company. Ten analysts have rated the stock with a Buy rating and seventeen have given a Hold rating to the stock. Based on data from MarketBeat, Occidental Petroleum presently has a consensus rating of "Hold" and a consensus price target of $65.17.

About Occidental Petroleum

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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