EP Wealth Advisors LLC acquired a new position in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 27,573 shares of the oil and gas producer's stock, valued at approximately $1,339,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Occidental Petroleum by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 89,900,677 shares of the oil and gas producer's stock valued at $3,696,716,000 after acquiring an additional 699,137 shares during the last quarter. State Street Corp lifted its position in shares of Occidental Petroleum by 2.1% in the 4th quarter. State Street Corp now owns 39,539,743 shares of the oil and gas producer's stock worth $1,635,263,000 after purchasing an additional 828,848 shares during the period. Geode Capital Management LLC boosted its stake in shares of Occidental Petroleum by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 18,846,231 shares of the oil and gas producer's stock valued at $771,949,000 after purchasing an additional 167,518 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Occidental Petroleum by 84.8% during the second quarter. Bank of New York Mellon Corp now owns 10,643,916 shares of the oil and gas producer's stock worth $516,975,000 after buying an additional 4,882,834 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in Occidental Petroleum by 21.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer's stock worth $436,008,000 after buying an additional 1,883,721 shares during the last quarter. Institutional investors own 88.70% of the company's stock.
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 stock was acquired at an average cost of $52.38 per share, with a total value of $249,852.60. Following the completion of the acquisition, the chief executive officer owned 444,098 shares in the company, valued at approximately $23,261,853.24. This trade represents a 1.09% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.50% of the company's stock.
Analyst Upgrades and Downgrades
Several research analysts have recently weighed in on the company. Wells Fargo & Company lifted their price objective on Occidental Petroleum from $72.00 to $79.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Weiss Ratings raised Occidental Petroleum from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, August 11th. UBS Group dropped their price target on Occidental Petroleum from $67.00 to $65.00 and set a "neutral" rating on the stock in a research note on Thursday, May 7th. Mizuho increased their price target on Occidental Petroleum from $72.00 to $75.00 and gave the stock an "outperform" rating in a report on Wednesday, May 27th. Finally, Evercore raised shares of Occidental Petroleum from an "in-line" rating to an "outperform" rating and set a $65.00 price objective for the company in a research report on Wednesday, July 8th. Ten investment analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $64.83.
Check Out Our Latest Research Report on OXY
Occidental Petroleum Price Performance
OXY opened at $61.34 on Monday. The firm has a market cap of $61.32 billion, a P/E ratio of 9.50, a PEG ratio of 0.79 and a beta of 0.15. The firm has a 50-day moving average of $54.56 and a 200 day moving average of $55.55. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.13 and a current ratio of 1.41. Occidental Petroleum Corporation has a fifty-two week low of $38.80 and a fifty-two week high of $67.45.
Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 EPS for the quarter, topping the consensus estimate of $1.83 by $0.57. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The business had revenue of $8.06 billion for the quarter, compared to analyst estimates of $7.07 billion. During the same quarter in the previous year, the firm posted $0.39 earnings per share. The company's revenue for the quarter was up 53.4% on a year-over-year basis. On average, research analysts expect that Occidental Petroleum Corporation will post 6.09 EPS 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 paid a $0.28 dividend. The ex-dividend date is Thursday, September 10th. 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 1.8%. Occidental Petroleum's dividend payout ratio (DPR) is currently 16.10%.
About Occidental Petroleum
(
Free Report)
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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