Danske Bank A S Takes $172.41 Million Position in Occidental Petroleum Corporation $OXY

Key Points

• Danske Bank acquired a new $172.4 million stake in Occidental Petroleum, purchasing 3.55 million shares and holding approximately 0.36% of the company. Institutional investors collectively own 88.7% of OXY.
• Occidental reported strong quarterly results, with earnings per share of $2.40 versus the $1.83 estimate and revenue of $8.06 billion, up 53.4% year over year. The company also raised its quarterly dividend to $0.28 per share.
• OXY shares opened at $59.82, while analysts maintained a consensus rating of “Hold” and an average price target of $64.83. CEO Richard A. Jackson separately purchased 4,770 shares, increasing his position by 1.09%.

Danske Bank A S acquired a new stake 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 SEC. The institutional investor acquired 3,549,785 shares of the oil and gas producer's stock, valued at approximately $172,413,000. Danske Bank A S owned approximately 0.36% of Occidental Petroleum at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Diversify Advisory Services LLC purchased a new stake in shares of Occidental Petroleum in the 2nd quarter valued at approximately $1,234,000. Gables Capital Management Inc. acquired a new position in Occidental Petroleum in the second quarter valued at approximately $173,000. Wealthfront Advisers LLC lifted its holdings in Occidental Petroleum by 37.7% in the second quarter. Wealthfront Advisers LLC now owns 398,176 shares of the oil and gas producer's stock valued at $19,339,000 after acquiring an additional 109,002 shares during the last quarter. Meeder Advisory Services Inc. grew its position in Occidental Petroleum by 22.4% in the second quarter. Meeder Advisory Services Inc. now owns 8,324 shares of the oil and gas producer's stock worth $404,000 after acquiring an additional 1,524 shares during the period. Finally, Citizens Financial Group Inc. RI increased its stake in Occidental Petroleum by 43.5% during the second quarter. Citizens Financial Group Inc. RI now owns 23,007 shares of the oil and gas producer's stock worth $1,117,000 after acquiring an additional 6,976 shares during the last quarter. Institutional investors and hedge funds own 88.70% of the company's stock.

Insiders Place Their Bets

In other Occidental Petroleum news, CEO Richard A. Jackson purchased 4,770 shares of the stock in a transaction that occurred on 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 $23,261,853.24. This trade represents a 1.09% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.50% of the stock is currently owned by insiders.

Occidental Petroleum Stock Performance

Shares of Occidental Petroleum stock opened at $59.82 on Wednesday. The business has a 50-day simple moving average of $54.28 and a 200-day simple moving average of $55.21. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.13 and a current ratio of 1.41. Occidental Petroleum Corporation has a one year low of $38.80 and a one year high of $67.45. The company has a market cap of $59.80 billion, a PE ratio of 9.26, a P/E/G ratio of 0.79 and a beta of 0.15.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, beating analysts' consensus estimates of $1.83 by $0.57. The company had revenue of $8.06 billion for the quarter, compared to analysts' expectations of $7.07 billion. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.Occidental Petroleum's quarterly revenue was up 53.4% on a year-over-year basis. During the same period last year, the firm earned $0.39 earnings per share. On average, equities research analysts forecast that Occidental Petroleum Corporation will post 5.81 EPS for the current fiscal year.

Occidental Petroleum Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, September 10th will be given 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 of this dividend is Thursday, September 10th. This represents a $1.12 annualized dividend and a dividend yield of 1.9%. Occidental Petroleum's dividend payout ratio is 16.10%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Susquehanna upped their price target on Occidental Petroleum from $67.00 to $70.00 and gave the company a "positive" rating in a research note on Tuesday, August 11th. Raymond James Financial raised their price objective on Occidental Petroleum from $64.00 to $75.00 and gave the stock an "outperform" rating in a research report on Monday, May 4th. Weiss Ratings raised shares of Occidental Petroleum from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, August 11th. Stephens lowered their target price on shares of Occidental Petroleum from $73.00 to $69.00 and set an "overweight" rating for the company in a research note on Tuesday, July 14th. Finally, Morgan Stanley dropped their price target on shares of Occidental Petroleum from $74.00 to $68.00 and set an "equal weight" rating for the company in a research report on Friday, June 26th. Ten research analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the company. According to data from MarketBeat, Occidental Petroleum has a consensus rating of "Hold" and a consensus target price of $64.83.

Occidental Petroleum Profile

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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