Inspire Trust Co. N.A. Grows Position in Occidental Petroleum Corporation (NYSE:OXY)

Key Points

• Inspire Trust Co. N.A. increased its holdings in Occidental Petroleum by 14.7% during the first quarter, bringing its total shares to 86,000, valued at approximately $4.25 million.
• Research analysts have mixed ratings on Occidental Petroleum; the stock has a consensus rating of "Hold" with a target price averaging $53.71.
• Occidental Petroleum announced a quarterly dividend of $0.24 per share, representing a yield of 2.1%, to be paid on October 15th.

Inspire Trust Co. N.A. raised its holdings in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 14.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 86,000 shares of the oil and gas producer's stock after buying an additional 11,000 shares during the quarter. Inspire Trust Co. N.A.'s holdings in Occidental Petroleum were worth $4,245,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of OXY. MassMutual Private Wealth & Trust FSB grew its stake in shares of Occidental Petroleum by 20.2% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,631 shares of the oil and gas producer's stock valued at $81,000 after buying an additional 274 shares during the period. World Investment Advisors boosted its stake in Occidental Petroleum by 6.6% during the first quarter. World Investment Advisors now owns 4,912 shares of the oil and gas producer's stock worth $242,000 after buying an additional 306 shares during the period. Koshinski Asset Management Inc. boosted its stake in Occidental Petroleum by 1.0% during the first quarter. Koshinski Asset Management Inc. now owns 32,736 shares of the oil and gas producer's stock worth $1,616,000 after buying an additional 309 shares during the period. Seaview Investment Managers LLC boosted its stake in Occidental Petroleum by 6.8% during the fourth quarter. Seaview Investment Managers LLC now owns 4,891 shares of the oil and gas producer's stock worth $242,000 after buying an additional 310 shares during the period. Finally, Aaron Wealth Advisors LLC boosted its stake in shares of Occidental Petroleum by 4.9% in the first quarter. Aaron Wealth Advisors LLC now owns 6,663 shares of the oil and gas producer's stock valued at $329,000 after purchasing an additional 310 shares during the period. Hedge funds and other institutional investors own 88.70% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Wall Street Zen lowered shares of Occidental Petroleum from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Piper Sandler raised their price objective on shares of Occidental Petroleum from $48.00 to $50.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. JPMorgan Chase & Co. raised their target price 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. UBS Group reduced their target price on shares of Occidental Petroleum from $44.00 to $38.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Finally, Citigroup raised their target price on shares of Occidental Petroleum from $42.00 to $44.00 and gave the company a "neutral" rating in a report on Monday, May 19th. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Occidental Petroleum presently has a consensus rating of "Hold" and an average price target of $53.71.

Occidental Petroleum Stock Up 1.2%

Shares of Occidental Petroleum stock opened at $44.70 on Thursday. The stock has a 50-day simple moving average of $44.06 and a 200-day simple moving average of $44.25. Occidental Petroleum Corporation has a 52-week low of $34.78 and a 52-week high of $58.47. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.05 and a quick ratio of 0.83. The firm has a market cap of $44.00 billion, a price-to-earnings ratio of 26.45 and a beta of 0.91.

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

Occidental Petroleum Dividend Announcement

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

Occidental Petroleum 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.

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