Glenmede Trust Co. NA Boosts Stake in Occidental Petroleum Corporation $OXY

Key Points

• Glenmede Trust increased its Occidental Petroleum stake by 328% in the first quarter, adding 39,708 shares for a total position of 51,813 shares valued at approximately $3.37 million. Institutional investors collectively own 88.7% of OXY.
• CEO Richard A. Jackson purchased 4,770 shares at an average price of $52.38, while insiders own approximately 0.5% of the company.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $64.17. Occidental’s latest quarterly earnings beat estimates, reporting $1.06 in EPS versus the $0.60 consensus, though revenue declined 8.3% year over year.

Glenmede Trust Co. NA lifted its position in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 328.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 51,813 shares of the oil and gas producer's stock after purchasing an additional 39,708 shares during the quarter. Glenmede Trust Co. NA's holdings in Occidental Petroleum were worth $3,368,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Axiom Investment Management LLC purchased a new stake in Occidental Petroleum in the first quarter valued at approximately $25,000. GKV Capital Management Co. Inc. purchased a new position in shares of Occidental Petroleum during the first quarter worth approximately $26,000. Portus Wealth Advisors LLC acquired a new position in shares of Occidental Petroleum in the 1st quarter valued at $29,000. Caitlin John LLC acquired a new position in shares of Occidental Petroleum in the 4th quarter valued at $29,000. Finally, Activest Wealth Management raised its position in Occidental Petroleum by 68.5% in the 4th quarter. Activest Wealth Management now owns 750 shares of the oil and gas producer's stock valued at $31,000 after purchasing an additional 305 shares during the last quarter. Hedge funds and other institutional investors own 88.70% of the company's stock.

Insider Activity

In other news, CEO Richard A. Jackson purchased 4,770 shares of the company's stock in a transaction dated Tuesday, June 23rd. The shares were acquired 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 in the company, valued at $23,261,853.24. The trade was a 1.09% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.50% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Morgan Stanley decreased their price target on shares of Occidental Petroleum from $74.00 to $68.00 and set an "equal weight" rating for the company in a research note on Friday, June 26th. Weiss Ratings lowered shares of Occidental Petroleum from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, June 23rd. Mizuho upped their target price on shares of Occidental Petroleum from $72.00 to $75.00 and gave the company an "outperform" rating in a report on Wednesday, May 27th. Raymond James Financial increased their target price on shares of Occidental Petroleum from $64.00 to $75.00 and gave the stock an "outperform" rating in a research note on Monday, May 4th. Finally, The Goldman Sachs Group dropped their price target on Occidental Petroleum from $64.00 to $60.00 and set a "neutral" rating on the stock in a research report on Tuesday, June 30th. Ten equities research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $64.17.

Occidental Petroleum Stock Performance

NYSE:OXY opened at $55.11 on Wednesday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.21 and a quick ratio of 1.01. The firm has a market cap of $54.81 billion, a price-to-earnings ratio of 13.88, a price-to-earnings-growth ratio of 0.80 and a beta of 0.15. The firm's fifty day moving average price is $54.31 and its 200 day moving average price is $54.22. Occidental Petroleum Corporation has a 1-year low of $38.80 and a 1-year high of $67.45.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $1.06 EPS for the quarter, topping analysts' consensus estimates of $0.60 by $0.46. Occidental Petroleum had a net margin of 19.98% and a return on equity of 9.65%. The company had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.44 billion. During the same quarter in the prior year, the firm earned $0.14 EPS. Occidental Petroleum's quarterly revenue was down 8.3% on a year-over-year basis. On average, sell-side analysts expect that Occidental Petroleum Corporation will post 5.43 EPS for the current year.

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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