DDD Partners LLC Purchases 40,071 Shares of Occidental Petroleum Corporation $OXY

Key Points

• DDD Partners LLC significantly increased its stake in Occidental Petroleum by 275%, acquiring an additional 40,071 shares during Q2, bringing its total holdings to 54,641 shares valued at approximately $2,295,000.
• Multiple hedge funds modified their positions in Occidental, with notable increases in holdings from Sumitomo Mitsui Trust Group and Asset Management One Co. Ltd., reflecting strong institutional interest, as they collectively own 88.70% of the company's stock.
• Occidental Petroleum recently declared a quarterly dividend of $0.24 per share, resulting in an annualized dividend yield of 2.2%, and reported a quarterly EPS of $0.39, surpassing analyst estimates.

DDD Partners LLC increased its stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 275.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 54,641 shares of the oil and gas producer's stock after purchasing an additional 40,071 shares during the quarter. DDD Partners LLC's holdings in Occidental Petroleum were worth $2,295,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Occidental Petroleum by 0.7% in the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,608,015 shares of the oil and gas producer's stock worth $67,553,000 after purchasing an additional 11,316 shares during the period. Generali Investments Towarzystwo Funduszy Inwestycyjnych raised its holdings in shares of Occidental Petroleum by 4.6% in the 2nd quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 18,200 shares of the oil and gas producer's stock worth $765,000 after purchasing an additional 800 shares during the period. Asset Management One Co. Ltd. raised its holdings in shares of Occidental Petroleum by 4.7% in the 2nd quarter. Asset Management One Co. Ltd. now owns 295,717 shares of the oil and gas producer's stock worth $12,423,000 after purchasing an additional 13,156 shares during the period. FSM Wealth Advisors LLC raised its holdings in shares of Occidental Petroleum by 11.5% in the 2nd quarter. FSM Wealth Advisors LLC now owns 4,658 shares of the oil and gas producer's stock worth $202,000 after purchasing an additional 480 shares during the period. Finally, Bleakley Financial Group LLC bought a new stake in shares of Occidental Petroleum in the 2nd quarter worth approximately $599,000. Institutional investors own 88.70% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Susquehanna lowered their price target on shares of Occidental Petroleum from $55.00 to $54.00 and set a "positive" rating on the stock in a report on Monday. HSBC upgraded shares of Occidental Petroleum from a "hold" rating to a "buy" rating and lifted their price objective for the company from $48.00 to $55.00 in a research note on Friday, October 3rd. Hsbc Global Res upgraded shares of Occidental Petroleum from a "hold" rating to a "strong-buy" rating in a research note on Friday, October 3rd. Wells Fargo & Company started coverage on shares of Occidental Petroleum in a research note on Friday, October 17th. They issued an "underweight" rating and a $42.00 price objective for the company. Finally, Wall Street Zen lowered shares of Occidental Petroleum from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, fifteen have given a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $52.26.

Occidental Petroleum Price Performance

Shares of OXY traded up $0.19 during mid-day trading on Friday, reaching $43.07. 925,523 shares of the stock traded hands, compared to its average volume of 11,563,765. The firm has a fifty day moving average price of $45.25 and a 200 day moving average price of $43.39. The company has a market cap of $42.40 billion, a price-to-earnings ratio of 25.44 and a beta of 0.95. The company has a current ratio of 1.05, a quick ratio of 0.83 and a debt-to-equity ratio of 0.84. Occidental Petroleum Corporation has a 1 year low of $34.78 and a 1 year high of $53.20.

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

Occidental Petroleum Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Wednesday, September 10th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Wednesday, September 10th. Occidental Petroleum's payout ratio is 56.80%.

Occidental Petroleum Company 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.

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