Fore Capital LLC Acquires Shares of 23,000 Occidental Petroleum Corporation $OXY

Key Points

• Fore Capital LLC bought a new stake in Occidental Petroleum during the fourth quarter, purchasing 23,000 shares valued at about $946,000. The position makes up roughly 0.3% of the firm’s portfolio.
• Occidental remains heavily owned by institutions, with hedge funds and other institutional investors holding 88.7% of the stock. Several major firms, including Vanguard and Geode Capital, also increased their holdings.
• The company recently reported better-than-expected earnings of $1.06 per share, and it also declared a quarterly dividend of $0.26 per share. Analysts currently have an average rating of “Hold” and an average price target of $63.74.

Fore Capital LLC acquired a new stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 23,000 shares of the oil and gas producer's stock, valued at approximately $946,000. Occidental Petroleum accounts for approximately 0.3% of Fore Capital LLC's investment portfolio, making the stock its 24th biggest holding.

Several other hedge funds also recently added to or reduced their stakes in OXY. Vanguard Group Inc. grew its stake in shares of Occidental Petroleum by 0.8% during 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 in the last quarter. Geode Capital Management LLC grew its stake in Occidental Petroleum by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 18,846,231 shares of the oil and gas producer's stock worth $771,949,000 after purchasing an additional 167,518 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Occidental Petroleum by 11.5% in the third quarter. Dimensional Fund Advisors LP now owns 8,718,939 shares of the oil and gas producer's stock worth $412,045,000 after purchasing an additional 900,677 shares in the last quarter. Invesco Ltd. grew its stake in Occidental Petroleum by 0.4% in the third quarter. Invesco Ltd. now owns 5,658,899 shares of the oil and gas producer's stock worth $267,383,000 after purchasing an additional 24,755 shares in the last quarter. Finally, American Century Companies Inc. grew its stake in Occidental Petroleum by 9.9% in the third quarter. American Century Companies Inc. now owns 3,905,711 shares of the oil and gas producer's stock worth $184,545,000 after purchasing an additional 353,056 shares in the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

Occidental Petroleum Stock Performance

OXY opened at $58.63 on Friday. The company has a market capitalization of $58.32 billion, a price-to-earnings ratio of 14.77 and a beta of 0.14. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.21 and a quick ratio of 1.01. Occidental Petroleum Corporation has a 1-year low of $38.80 and a 1-year high of $67.45. The business has a 50 day moving average price of $58.78 and a two-hundred day moving average price of $50.50.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its earnings results on Tuesday, May 5th. The oil and gas producer reported $1.06 earnings per share for the quarter, topping analysts' consensus estimates of $0.60 by $0.46. The firm had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.44 billion. Occidental Petroleum had a return on equity of 9.65% and a net margin of 19.98%.The firm's revenue for the quarter was down 8.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.14 earnings per share. Research analysts predict that Occidental Petroleum Corporation will post 5.96 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Wednesday, June 10th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Wednesday, June 10th. This represents a $1.04 annualized dividend and a dividend yield of 1.8%. Occidental Petroleum's dividend payout ratio is currently 26.20%.

Analyst Ratings Changes

A number of equities analysts recently commented on OXY shares. TD Cowen lifted their price target on Occidental Petroleum from $48.00 to $54.00 and gave the stock a "hold" rating in a research note on Monday, February 23rd. Weiss Ratings upgraded Occidental Petroleum from a "hold (c-)" rating to a "hold (c+)" rating in a research note on Wednesday, May 6th. The Goldman Sachs Group upgraded Occidental Petroleum from a "sell" rating to a "neutral" rating and set a $64.00 price target for the company in a research note on Thursday, May 21st. JPMorgan Chase & Co. decreased their price target on Occidental Petroleum from $64.00 to $63.00 in a research note on Thursday, May 7th. Finally, Susquehanna lifted their price target on Occidental Petroleum from $60.00 to $67.00 and gave the stock a "positive" rating in a research note on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $63.74.

Occidental Petroleum Company Profile

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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