Kayne Anderson Capital Advisors LP Purchases Shares of 346,953 Occidental Petroleum Corporation $OXY

Key Points

• Kayne Anderson Capital Advisors acquired 346,953 shares of Occidental Petroleum during the second quarter, valued at approximately $16.85 million. The position represents about 0.3% of the firm’s portfolio.
• Occidental reported strong quarterly results, with EPS of $2.40 versus the $1.83 consensus estimate and revenue of $8.06 billion, up 53.4% year over year. The company also raised its quarterly dividend to $0.28 from $0.26.
• Analysts maintain a consensus “Hold” rating, with an average price target of $64.83; OXY recently traded at $61.48. Institutional investors own 88.7% of the company’s shares.

Kayne Anderson Capital Advisors LP acquired a new stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 346,953 shares of the oil and gas producer's stock, valued at approximately $16,852,000. Occidental Petroleum accounts for approximately 0.3% of Kayne Anderson Capital Advisors LP's investment portfolio, making the stock its 27th largest position.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Whittier Trust Co. of Nevada Inc. raised its position in Occidental Petroleum by 12.5% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 1,765 shares of the oil and gas producer's stock worth $111,000 after buying an additional 196 shares during the last quarter. Athena Wealth Management LLC boosted its holdings in shares of Occidental Petroleum by 1.2% in the 1st quarter. Athena Wealth Management LLC now owns 18,547 shares of the oil and gas producer's stock valued at $1,206,000 after acquiring an additional 214 shares during the last quarter. Elevation Wealth Partners LLC increased its stake in shares of Occidental Petroleum by 15.8% in the second quarter. Elevation Wealth Partners LLC now owns 1,615 shares of the oil and gas producer's stock worth $78,000 after acquiring an additional 220 shares during the period. HBK Sorce Advisory LLC raised its holdings in shares of Occidental Petroleum by 2.8% during the second quarter. HBK Sorce Advisory LLC now owns 8,210 shares of the oil and gas producer's stock worth $442,000 after purchasing an additional 220 shares during the last quarter. Finally, Carrera Capital Advisors lifted its position in Occidental Petroleum by 0.5% during the fourth quarter. Carrera Capital Advisors now owns 44,279 shares of the oil and gas producer's stock valued at $1,831,000 after purchasing an additional 227 shares during the period. Institutional investors and hedge funds own 88.70% of the company's stock.

Occidental Petroleum Stock Performance

NYSE OXY opened at $61.48 on Friday. The stock has a market capitalization of $61.46 billion, a price-to-earnings ratio of 9.52, a PEG ratio of 0.81 and a beta of 0.15. The stock has a 50-day moving average of $54.46 and a 200 day moving average of $55.43. The company has a current ratio of 1.41, a quick ratio of 1.13 and a debt-to-equity ratio of 0.40. Occidental Petroleum Corporation has a twelve month low of $38.80 and a twelve month high of $67.45.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.83 by $0.57. The business had revenue of $8.06 billion for the quarter, compared to the consensus estimate of $7.07 billion. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The company's revenue was up 53.4% compared to the same quarter last year. During the same period last year, the firm posted $0.39 earnings per share. Sell-side analysts anticipate that Occidental Petroleum Corporation will post 5.81 EPS for the current fiscal year.

Occidental Petroleum Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, September 10th will be paid a $0.28 dividend. This is a boost from Occidental Petroleum's previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Thursday, September 10th. Occidental Petroleum's dividend payout ratio is presently 16.10%.

Analysts Set New Price Targets

OXY has been the topic of several recent research reports. Capital One Financial upped their price target on shares of Occidental Petroleum from $67.00 to $70.00 in a report on Wednesday, May 27th. Barclays decreased their price objective on Occidental Petroleum from $75.00 to $71.00 and set an "overweight" rating for the company in a report on Monday. Susquehanna raised their target price on Occidental Petroleum from $67.00 to $70.00 and gave the stock a "positive" rating in a report on Tuesday, August 11th. Zacks Research cut Occidental Petroleum from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 22nd. Finally, JPMorgan Chase & Co. decreased their price target on Occidental Petroleum from $64.00 to $63.00 in a report on Thursday, May 7th. Ten analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $64.83.

Insider Transactions at Occidental Petroleum

In other Occidental Petroleum news, CEO Richard A. Jackson bought 4,770 shares of the stock in a transaction on Tuesday, June 23rd. The shares were 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. This trade represents a 1.09% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.50% of the stock is currently owned by company insiders.

Occidental Petroleum Profile

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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