Dimensional Fund Advisors LP Acquires 710,220 Shares of Occidental Petroleum Corporation $OXY

Key Points

• Dimensional Fund Advisors LP raised its stake in Occidental Petroleum by 9.6% in the first quarter, acquiring 710,220 additional shares, bringing its total ownership to over 8 million shares valued at approximately $401 million.
• Various hedge funds have also increased their investments in Occidental, contributing to an institutional ownership of 88.70% of the company's stock.
• Occidental Petroleum declared a quarterly dividend of $0.24 per share, with a payment date set for October 15; this reflects an annualized dividend yield of 2.2%.

Dimensional Fund Advisors LP lifted its position in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 9.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,128,136 shares of the oil and gas producer's stock after acquiring an additional 710,220 shares during the quarter. Dimensional Fund Advisors LP owned 0.83% of Occidental Petroleum worth $401,162,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in OXY. Horizon Investments LLC grew its holdings in Occidental Petroleum by 5.4% in the 1st quarter. Horizon Investments LLC now owns 11,815 shares of the oil and gas producer's stock valued at $583,000 after buying an additional 607 shares in the last quarter. Trivium Point Advisory LLC purchased a new position in shares of Occidental Petroleum in the 1st quarter valued at approximately $227,000. Inspire Trust Co. N.A. boosted its stake in shares of Occidental Petroleum by 14.7% in the first quarter. Inspire Trust Co. N.A. now owns 86,000 shares of the oil and gas producer's stock valued at $4,245,000 after buying an additional 11,000 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in Occidental Petroleum during the first quarter worth $39,000. Finally, Resona Asset Management Co. Ltd. raised its holdings in Occidental Petroleum by 20.1% during the first quarter. Resona Asset Management Co. Ltd. now owns 218,947 shares of the oil and gas producer's stock worth $10,790,000 after purchasing an additional 36,715 shares during the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Mizuho dropped their target price on Occidental Petroleum from $60.00 to $58.00 and set a "neutral" rating for the company in a research note on Tuesday, May 13th. Piper Sandler upped their target price on Occidental Petroleum from $48.00 to $50.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Melius Research initiated coverage on Occidental Petroleum in a report on Wednesday. They issued a "hold" rating and a $64.00 price target for the company. Citigroup increased their target price on Occidental Petroleum from $42.00 to $44.00 and gave the stock a "neutral" rating in a report on Monday, May 19th. Finally, Scotiabank raised their price target on Occidental Petroleum from $40.00 to $45.00 and gave the stock a "sector perform" rating in a report on Friday, July 11th. Four investment analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $54.65.

Occidental Petroleum Stock Up 0.9%

OXY traded up $0.3950 during trading on Wednesday, reaching $44.3550. 5,963,163 shares of the stock traded hands, compared to its average volume of 11,921,240. The stock has a market cap of $43.66 billion, a price-to-earnings ratio of 26.24 and a beta of 0.91. Occidental Petroleum Corporation has a fifty-two week low of $34.78 and a fifty-two week high of $58.47. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.05 and a quick ratio of 0.83. The stock's 50-day simple moving average is $44.19 and its two-hundred day simple moving average is $44.11.

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

Occidental Petroleum Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, September 10th will be given a $0.24 dividend. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.2%. Occidental Petroleum's payout ratio is currently 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.