38,612 Shares in Occidental Petroleum Corporation $OXY Bought by Elevatus Welath Management

Key Points

• Elevatus Wealth Management invested approximately $1.9 million in Occidental Petroleum, acquiring 38,612 shares during the first quarter.
• Occidental Petroleum reported earnings per share of $0.39 for the last quarter, surpassing analyst expectations, but its revenue was down 6.1% year-over-year.
• The company announced a quarterly dividend of $0.24 per share, with a 2.2% yield and a payout ratio of 56.80% scheduled for October 15th.

Elevatus Welath Management purchased a new position in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 38,612 shares of the oil and gas producer's stock, valued at approximately $1,906,000. Occidental Petroleum comprises 1.1% of Elevatus Welath Management's holdings, making the stock its 24th biggest holding.

A number of other institutional investors have also recently bought and sold shares of OXY. Altshuler Shaham Ltd acquired a new position in shares of Occidental Petroleum in the fourth quarter valued at approximately $26,000. Bernard Wealth Management Corp. acquired a new position in shares of Occidental Petroleum in the fourth quarter valued at approximately $32,000. Grove Bank & Trust grew its position in shares of Occidental Petroleum by 129.2% in the first quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer's stock valued at $36,000 after purchasing an additional 407 shares during the last quarter. American National Bank & Trust acquired a new position in shares of Occidental Petroleum in the first quarter valued at approximately $39,000. Finally, Caitong International Asset Management Co. Ltd acquired a new position in shares of Occidental Petroleum in the first quarter valued at approximately $39,000. Institutional investors and hedge funds own 88.70% of the company's stock.

Analyst Upgrades and Downgrades

OXY has been the topic of several research reports. Melius Research initiated coverage on Occidental Petroleum in a research report on Wednesday. They issued a "hold" rating and a $64.00 target price on the stock. Mizuho reduced their price target on Occidental Petroleum from $60.00 to $58.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 13th. JPMorgan Chase & Co. increased their price target on Occidental Petroleum from $47.00 to $48.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 15th. UBS Group increased their price target on Occidental Petroleum from $42.00 to $45.00 and gave the stock a "neutral" rating in a research report on Wednesday. Finally, Scotiabank increased 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 investment analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Occidental Petroleum currently has a consensus rating of "Hold" and a consensus price target of $54.65.

Occidental Petroleum Price Performance

Shares of OXY stock traded up $0.2850 during trading hours on Wednesday, reaching $44.2450. The company's stock had a trading volume of 6,672,566 shares, compared to its average volume of 11,923,405. 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 market capitalization of $43.56 billion, a price-to-earnings ratio of 26.18 and a beta of 0.91. 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 firm's 50 day simple moving average is $44.19 and its 200-day simple moving average is $44.11.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced 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. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%.The company had revenue of $6.41 billion during the quarter, compared to analysts' expectations of $6.29 billion. During the same period in the prior year, the company earned $1.03 EPS. Occidental Petroleum's revenue was down 6.1% compared to the same quarter last year. Sell-side analysts forecast that Occidental Petroleum Corporation will post 3.58 earnings per share for the current year.

Occidental Petroleum Announces Dividend

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