Gradient Investments LLC Invests $1.84 Million in Occidental Petroleum Corporation $OXY

Key Points

• Gradient Investments LLC acquired a new stake in Occidental Petroleum, purchasing 43,833 shares valued at approximately $1,841,000 during the second quarter.
• Occidental Petroleum recently reported earnings per share (EPS) of $0.39, exceeding analyst expectations, with revenues totaling $6.41 billion for the quarter.
• The company announced a quarterly dividend of $0.24 per share, with an annualized yield of 2.1% and a payout ratio of 56.80%.

Gradient Investments LLC purchased a new stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The fund purchased 43,833 shares of the oil and gas producer's stock, valued at approximately $1,841,000.

Other institutional investors also recently bought and sold shares of the company. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in Occidental Petroleum in the 1st quarter valued at $1,274,000. Kestra Private Wealth Services LLC raised its position in shares of Occidental Petroleum by 5.6% in the 1st quarter. Kestra Private Wealth Services LLC now owns 17,086 shares of the oil and gas producer's stock worth $843,000 after buying an additional 906 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its position in Occidental Petroleum by 9.7% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,596,699 shares of the oil and gas producer's stock valued at $78,813,000 after acquiring an additional 140,528 shares during the period. swisspartners Advisors Ltd purchased a new position in shares of Occidental Petroleum in the 1st quarter worth about $6,006,000. Finally, Blackhawk Capital Partners LLC. acquired a new position in shares of Occidental Petroleum in the 1st quarter valued at about $344,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Occidental Petroleum Stock Down 2.5%

NYSE:OXY traded down $1.20 on Friday, reaching $46.16. The stock had a trading volume of 14,045,716 shares, compared to its average volume of 11,510,507. The company has a current ratio of 1.05, a quick ratio of 0.83 and a debt-to-equity ratio of 0.84. The company has a 50-day moving average of $45.08 and a 200 day moving average of $43.82. The stock has a market cap of $45.44 billion, a P/E ratio of 27.31 and a beta of 1.04. Occidental Petroleum Corporation has a 12-month low of $34.78 and a 12-month high of $56.49.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share for the quarter, beating analysts' consensus estimates of $0.38 by $0.01. The company had revenue of $6.41 billion during the quarter, compared to analysts' expectations of $6.29 billion. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. The firm's revenue for the quarter was down 6.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.03 EPS. On average, research analysts predict that Occidental Petroleum Corporation will post 3.58 earnings per share for the current year.

Occidental Petroleum Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, September 10th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $0.96 annualized dividend and a dividend yield of 2.1%. Occidental Petroleum's dividend payout ratio (DPR) is presently 56.80%.

Wall Street Analysts Forecast Growth

OXY has been the topic of several research reports. JPMorgan Chase & Co. raised their price target on shares of Occidental Petroleum from $47.00 to $48.00 and gave the company a "neutral" rating in a report on Tuesday, July 15th. Melius Research started coverage on shares of Occidental Petroleum in a research report on Wednesday, August 20th. They set a "hold" rating and a $64.00 price target for the company. Wall Street Zen cut Occidental Petroleum from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. UBS Group upped their target price on Occidental Petroleum from $45.00 to $46.00 and gave the stock a "neutral" rating in a research report on Monday. Finally, Mizuho dropped their target price on Occidental Petroleum from $65.00 to $58.00 and set a "neutral" rating on the stock in a report on Monday. Four research analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, Occidental Petroleum currently has an average rating of "Hold" and an average price target of $54.70.

Occidental Petroleum Company Profile

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.