Empowered Funds LLC Raises Stock Position in Occidental Petroleum Corporation $OXY

Key Points

• Empowered Funds LLC increased its stake in Occidental Petroleum by 20.1%, acquiring an additional 42,695 shares and bringing its total to 254,592 shares valued at approximately $12.57 million.
• Other institutional investors, including Vanguard Group and Canada Pension Plan, have also significantly increased their positions in Occidental Petroleum, contributing to 88.70% institutional ownership of the stock.
• Occidental Petroleum announced a quarterly dividend of $0.24 per share, with a dividend yield of 2.1%, to be paid on October 15th to shareholders of record on September 10th.

Empowered Funds LLC boosted its position in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 20.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 254,592 shares of the oil and gas producer's stock after purchasing an additional 42,695 shares during the quarter. Empowered Funds LLC's holdings in Occidental Petroleum were worth $12,567,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Bernard Wealth Management Corp. purchased a new stake in shares of Occidental Petroleum during the 4th quarter valued at $32,000. Grove Bank & Trust increased its holdings in shares of Occidental Petroleum by 129.2% during the first quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer's stock valued at $36,000 after acquiring an additional 407 shares in the last quarter. American National Bank & Trust purchased a new position in shares of Occidental Petroleum in the 1st quarter valued at approximately $39,000. Caitong International Asset Management Co. Ltd acquired a new stake in Occidental Petroleum in the 1st quarter worth approximately $39,000. Finally, Spectrum Wealth Counsel LLC boosted its stake in Occidental Petroleum by 5,000.0% in the 1st quarter. Spectrum Wealth Counsel LLC now owns 1,020 shares of the oil and gas producer's stock worth $50,000 after purchasing an additional 1,000 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors.

Occidental Petroleum Trading Down 0.7%

Occidental Petroleum stock traded down $0.33 during midday trading on Friday, hitting $45.69. 5,322,913 shares of the stock were exchanged, compared to its average volume of 11,550,154. The company has a current ratio of 1.05, a quick ratio of 0.83 and a debt-to-equity ratio of 0.84. The stock's 50-day simple moving average is $44.89 and its 200 day simple moving average is $43.87. Occidental Petroleum Corporation has a fifty-two week low of $34.78 and a fifty-two week high of $56.49. The stock has a market capitalization of $44.98 billion, a price-to-earnings ratio of 27.04 and a beta of 1.04.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $6.29 billion. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%.The firm's quarterly revenue was down 6.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.03 earnings per share. On average, equities analysts anticipate that Occidental Petroleum Corporation will post 3.58 EPS for the current year.

Occidental Petroleum Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, September 10th will be given a dividend of $0.24 per share. 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 2.1%. Occidental Petroleum's dividend payout ratio (DPR) is presently 56.80%.

Analysts Set New Price Targets

A number of analysts have commented on OXY shares. Morgan Stanley reaffirmed an "equal weight" rating and set a $52.00 price target on shares of Occidental Petroleum in a research report on Monday, August 18th. Scotiabank upped their price objective on shares of Occidental Petroleum from $40.00 to $45.00 and gave the stock a "sector perform" rating in a research report on Friday, July 11th. UBS Group lifted their target price on shares of Occidental Petroleum from $42.00 to $45.00 and gave the company a "neutral" rating in a research report on Wednesday, August 20th. Wells Fargo & Company reduced their price target on shares of Occidental Petroleum from $47.00 to $46.00 and set an "equal weight" rating for the company in a research report on Tuesday, July 15th. Finally, Wall Street Zen cut Occidental Petroleum from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Four equities research analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $54.65.

Occidental Petroleum 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.