Dark Forest Capital Management LP Raises Stock Holdings in Occidental Petroleum Corporation $OXY

Key Points

• Dark Forest Capital Management LP increased its holdings in Occidental Petroleum by 1,651.5% in Q1, acquiring a total of 126,443 shares worth approximately $6.24 million.
• Multiple hedge funds have made new investments in Occidental Petroleum, contributing to institutional ownership reaching 88.70% of the company.
• Occidental Petroleum announced a quarterly dividend of $0.24 per share, which translates to a 2.0% dividend yield. The ex-dividend date is set for September 10th.

Dark Forest Capital Management LP boosted its holdings in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 1,651.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 126,443 shares of the oil and gas producer's stock after buying an additional 119,224 shares during the quarter. Dark Forest Capital Management LP's holdings in Occidental Petroleum were worth $6,241,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. OVERSEA CHINESE BANKING Corp Ltd purchased a new position in Occidental Petroleum in the 1st quarter worth about $1,274,000. Kestra Private Wealth Services LLC boosted its position in Occidental Petroleum by 5.6% in 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 purchasing an additional 906 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in Occidental Petroleum by 9.7% in 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 purchasing an additional 140,528 shares during the last quarter. swisspartners Advisors Ltd purchased a new position in Occidental Petroleum in the first quarter worth about $6,006,000. Finally, Blackhawk Capital Partners LLC. purchased a new position in Occidental Petroleum in the first quarter worth about $344,000. Hedge funds and other institutional investors own 88.70% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Wall Street Zen cut Occidental Petroleum from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Citigroup raised their target price on Occidental Petroleum from $42.00 to $44.00 and gave the stock a "neutral" rating in a research report on Monday, May 19th. Morgan Stanley reissued an "equal weight" rating and issued a $52.00 target price on shares of Occidental Petroleum in a research report on Monday, August 18th. Melius Research began coverage on Occidental Petroleum in a research report on Wednesday, August 20th. They issued a "hold" rating and a $64.00 target price on the stock. Finally, Scotiabank upped their price target on Occidental Petroleum from $40.00 to $45.00 and gave the stock a "sector perform" rating in a research report on Friday, July 11th. Four analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $54.65.

Occidental Petroleum Stock Performance

Shares of OXY opened at $47.65 on Tuesday. 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 business has a 50-day simple moving average of $44.37 and a two-hundred day simple moving average of $44.00. The stock has a market cap of $46.91 billion, a price-to-earnings ratio of 28.19 and a beta of 1.04. Occidental Petroleum Corporation has a 52 week low of $34.78 and a 52 week high of $57.57.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The oil and gas producer reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%.The business had revenue of $6.41 billion for the quarter, compared to the consensus estimate of $6.29 billion. During the same period in the previous year, the business earned $1.03 earnings per share. The business's revenue was down 6.1% on a year-over-year basis. On average, analysts expect that Occidental Petroleum Corporation will post 3.58 EPS for the current year.

Occidental Petroleum Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, September 10th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Wednesday, September 10th. Occidental Petroleum's payout ratio is presently 56.80%.

About Occidental Petroleum

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.

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