Islay Capital Management LLC Purchases New Shares in Occidental Petroleum Corporation $OXY

Key Points

• Islay Capital Management LLC has purchased a new stake of 52,929 shares valued at approximately $2.6 million in Occidental Petroleum Corporation, making it the firm's 14th largest position.
• Occidental Petroleum's recent quarterly earnings report showed earnings per share of $0.39, surpassing analyst estimates, although revenue decreased by 6.1% year-over-year.
• The company declared a quarterly dividend of $0.24, which will be paid on October 15th, representing an annualized yield of 2.1%.

Islay Capital Management LLC purchased a new stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 52,929 shares of the oil and gas producer's stock, valued at approximately $2,613,000. Occidental Petroleum accounts for approximately 1.8% of Islay Capital Management LLC's investment portfolio, making the stock its 14th biggest position.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Synovus Financial Corp boosted its position in shares of Occidental Petroleum by 27.4% in the 1st quarter. Synovus Financial Corp now owns 17,691 shares of the oil and gas producer's stock valued at $873,000 after purchasing an additional 3,804 shares during the period. Quantitative Investment Management LLC acquired a new position in shares of Occidental Petroleum in the 1st quarter valued at $2,141,000. Southeast Asset Advisors LLC boosted its position in Occidental Petroleum by 522.8% during the 1st quarter. Southeast Asset Advisors LLC now owns 26,209 shares of the oil and gas producer's stock worth $1,294,000 after acquiring an additional 22,001 shares during the period. Jump Financial LLC boosted its position in Occidental Petroleum by 23.8% during the 1st quarter. Jump Financial LLC now owns 459,872 shares of the oil and gas producer's stock worth $22,699,000 after acquiring an additional 88,418 shares during the period. Finally, APG Asset Management N.V. boosted its position in Occidental Petroleum by 44.3% during the 1st quarter. APG Asset Management N.V. now owns 201,993 shares of the oil and gas producer's stock worth $9,230,000 after acquiring an additional 62,014 shares during the period. Institutional investors and hedge funds own 88.70% of the company's stock.

Occidental Petroleum Stock Up 2.6%

Shares of Occidental Petroleum stock opened at $45.7340 on Friday. The firm has a market cap of $45.02 billion, a price-to-earnings ratio of 27.06 and a beta of 0.91. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.05 and a quick ratio of 0.83. Occidental Petroleum Corporation has a 52-week low of $34.78 and a 52-week high of $58.47. The stock has a 50-day simple moving average of $44.16 and a 200-day simple moving average of $44.06.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate 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%.The firm's revenue was down 6.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.03 EPS. On average, equities research analysts expect that Occidental Petroleum Corporation will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

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

Wall Street Analysts Forecast Growth

OXY has been the subject of a number of research reports. UBS Group raised their price objective on Occidental Petroleum from $42.00 to $45.00 and gave the stock a "neutral" rating in a research report on Wednesday. Morgan Stanley restated an "equal weight" rating and set a $52.00 price objective on shares of Occidental Petroleum in a research report on Monday, August 18th. JPMorgan Chase & Co. raised their price objective on Occidental Petroleum from $47.00 to $48.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 15th. Wall Street Zen lowered Occidental Petroleum from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Finally, Melius Research initiated coverage on Occidental Petroleum in a research report on Wednesday. They set a "hold" rating and a $64.00 price objective for the company. Four investment 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.com, the company has a consensus rating of "Hold" and an average target price of $54.65.

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.

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