Freestone Grove Partners LP bought a new stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 883,909 shares of the oil and gas producer's stock, valued at approximately $42,931,000. Freestone Grove Partners LP owned approximately 0.09% of Occidental Petroleum as of its most recent SEC filing.
A number of other large investors have also modified their holdings of OXY. Bank of New York Mellon Corp lifted its stake in shares of Occidental Petroleum by 84.8% in the second quarter. Bank of New York Mellon Corp now owns 10,643,916 shares of the oil and gas producer's stock valued at $516,975,000 after purchasing an additional 4,882,834 shares during the period. Danske Bank A S acquired a new position in Occidental Petroleum during the second quarter worth about $172,413,000. Legal & General Group Plc acquired a new position in Occidental Petroleum during the second quarter worth about $168,860,000. Dimensional Fund Advisors LP lifted its holdings in shares of Occidental Petroleum by 21.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer's stock valued at $436,008,000 after purchasing an additional 1,883,721 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Occidental Petroleum by 54.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,959,638 shares of the oil and gas producer's stock valued at $162,820,000 after purchasing an additional 1,393,638 shares during the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of research analysts have recently weighed in on the stock. UBS Group dropped their price objective on shares of Occidental Petroleum from $67.00 to $65.00 and set a "neutral" rating for the company in a research note on Thursday, May 7th. Susquehanna increased their target price on Occidental Petroleum from $67.00 to $70.00 and gave the company a "positive" rating in a report on Tuesday, August 11th. Morgan Stanley dropped their price target on Occidental Petroleum from $74.00 to $68.00 and set an "equal weight" rating for the company in a research report on Friday, June 26th. Capital One Financial boosted their price target on Occidental Petroleum from $67.00 to $70.00 in a report on Wednesday, May 27th. Finally, Zacks Research downgraded Occidental Petroleum from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 22nd. Ten investment analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $64.83.
Check Out Our Latest Report on OXY
Occidental Petroleum Stock Performance
Shares of OXY opened at $58.69 on Thursday. Occidental Petroleum Corporation has a 1 year low of $38.80 and a 1 year high of $67.45. The company's 50 day simple moving average is $54.88 and its 200 day simple moving average is $55.84. The company has a market capitalization of $58.67 billion, a price-to-earnings ratio of 9.09, a PEG ratio of 0.93 and a beta of 0.15. 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 (NYSE:OXY - Get Free Report) last released its earnings results 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. The firm had revenue of $8.06 billion during the quarter, compared to analysts' expectations of $7.07 billion. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. Occidental Petroleum's revenue for the quarter was up 53.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.39 EPS. On average, sell-side analysts predict that Occidental Petroleum Corporation will post 6.09 EPS for the current year.
Occidental Petroleum Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, September 10th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 1.9%. This is a positive change from Occidental Petroleum's previous quarterly dividend of $0.26. The ex-dividend date is Thursday, September 10th. Occidental Petroleum's payout ratio is 16.10%.
Insider Activity at Occidental Petroleum
In related news, CEO Richard A. Jackson acquired 4,770 shares of the company's stock in a transaction dated Tuesday, June 23rd. The stock was bought at an average price of $52.38 per share, with a total value of $249,852.60. Following the purchase, the chief executive officer directly owned 444,098 shares in the company, valued at $23,261,853.24. The trade was a 1.09% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.50% of the stock is currently owned by corporate insiders.
Occidental Petroleum Profile
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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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