Empowered Funds LLC Makes New $11.51 Million Investment in Occidental Petroleum Corporation $OXY

Key Points

• Empowered Funds LLC acquired 236,868 shares of Occidental Petroleum in the second quarter, valued at approximately $11.51 million. Institutional investors collectively own 88.70% of OXY’s outstanding shares.
• Occidental reported quarterly EPS of $2.40, exceeding analysts’ $1.83 estimate, while revenue rose 53.4% year over year to $8.06 billion.
• The company increased its quarterly dividend to $0.28 per share, equivalent to a $1.12 annualized payout and a 1.9% yield. Analysts maintain a consensus “Hold” rating with an average price target of $64.83.

Empowered Funds LLC acquired a new stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 236,868 shares of the oil and gas producer's stock, valued at approximately $11,505,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Axiom Investment Management LLC bought a new position in shares of Occidental Petroleum in the 1st quarter valued at about $25,000. GKV Capital Management Co. Inc. bought a new stake in shares of Occidental Petroleum in the 1st quarter valued at about $26,000. Portus Wealth Advisors LLC acquired a new stake in Occidental Petroleum in the 1st quarter valued at about $29,000. Hara Capital LLC bought a new position in Occidental Petroleum during the second quarter worth about $25,000. Finally, Ballast Advisors LLC acquired a new position in Occidental Petroleum during the first quarter worth approximately $39,000. 88.70% of the stock is owned by institutional investors.

Occidental Petroleum Stock Performance

Shares of NYSE:OXY opened at $59.12 on Friday. The company has a quick ratio of 1.13, a current ratio of 1.41 and a debt-to-equity ratio of 0.40. Occidental Petroleum Corporation has a 12-month low of $38.80 and a 12-month high of $67.45. The company's 50 day moving average price is $55.18 and its two-hundred day moving average price is $55.95. The firm has a market cap of $59.10 billion, a PE ratio of 9.15, a PEG ratio of 0.94 and a beta of 0.15.

Occidental Petroleum (NYSE:OXY - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.83 by $0.57. The business had revenue of $8.06 billion for the quarter, compared to the consensus estimate of $7.07 billion. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.The firm's quarterly revenue was up 53.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.39 earnings per share. Equities research analysts predict that Occidental Petroleum Corporation will post 6.09 earnings per share for the current year.

Occidental Petroleum Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, September 10th will be given a dividend of $0.28 per share. This is a positive change from Occidental Petroleum's previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Thursday, September 10th. Occidental Petroleum's dividend payout ratio (DPR) is currently 16.10%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. JPMorgan Chase & Co. cut their price objective on Occidental Petroleum from $64.00 to $63.00 in a research report on Thursday, May 7th. UBS Group decreased their target price on Occidental Petroleum from $67.00 to $65.00 and set a "neutral" rating on the stock in a report on Thursday, May 7th. Citigroup dropped their price target on Occidental Petroleum from $62.00 to $60.00 and set a "neutral" rating on the stock in a research note on Friday, July 17th. Stephens reduced their price objective on shares of Occidental Petroleum from $73.00 to $69.00 and set an "overweight" rating for the company in a research report on Tuesday, July 14th. Finally, Morgan Stanley dropped their price objective on shares of Occidental Petroleum from $74.00 to $68.00 and set an "equal weight" rating on the stock in a research report on Friday, June 26th. Ten investment analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $64.83.

Insiders Place Their Bets

In other news, CEO Richard A. Jackson acquired 4,770 shares of Occidental Petroleum stock in a transaction on Tuesday, June 23rd. The shares were purchased at an average cost of $52.38 per share, for a total transaction of $249,852.60. Following the completion of the purchase, the chief executive officer directly owned 444,098 shares of the company's stock, valued at approximately $23,261,853.24. This represents a 1.09% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.50% of the stock is owned by corporate insiders.

About Occidental Petroleum

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental's operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.

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