Kingstone Capital Partners Texas LLC Acquires New Position in Occidental Petroleum Corporation $OXY

Key Points

• Kingstone Capital Partners Texas LLC has made a new investment of $28.58 million in Occidental Petroleum, acquiring 680,402 shares of the company.
• The company reported earnings per share of $0.39 for the last quarter, exceeding analysts' expectations, despite a 6.1% year-over-year revenue decline.
• Occidental Petroleum recently announced a quarterly dividend of $0.24 per share, with a yield of 2.1%, set to be paid on October 15th.

Kingstone Capital Partners Texas LLC bought a new position in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 680,402 shares of the oil and gas producer's stock, valued at approximately $28,584,000. Kingstone Capital Partners Texas LLC owned approximately 0.07% of Occidental Petroleum at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of OXY. Vanguard Group Inc. raised its holdings in Occidental Petroleum by 17.8% in the 1st quarter. Vanguard Group Inc. now owns 80,230,989 shares of the oil and gas producer's stock worth $3,960,202,000 after acquiring an additional 12,107,285 shares during the last quarter. H&H International Investment LLC raised its holdings in shares of Occidental Petroleum by 1.8% in the first quarter. H&H International Investment LLC now owns 13,826,100 shares of the oil and gas producer's stock worth $682,456,000 after buying an additional 249,100 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Occidental Petroleum by 9.6% in the first quarter. Dimensional Fund Advisors LP now owns 8,128,136 shares of the oil and gas producer's stock valued at $401,162,000 after buying an additional 710,220 shares in the last quarter. Northern Trust Corp boosted its position in Occidental Petroleum by 1.6% during the first quarter. Northern Trust Corp now owns 7,175,439 shares of the oil and gas producer's stock worth $354,180,000 after acquiring an additional 110,378 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Occidental Petroleum by 4.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,432,722 shares of the oil and gas producer's stock worth $218,799,000 after acquiring an additional 195,742 shares in the last quarter. 88.70% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on OXY. Mizuho decreased their target price on shares of Occidental Petroleum from $65.00 to $58.00 and set a "neutral" rating for the company in a research note on Monday, September 15th. 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 report on Thursday, July 17th. JPMorgan Chase & Co. increased their price target on Occidental Petroleum from $47.00 to $48.00 and gave the company a "neutral" rating in a report on Tuesday, July 15th. Melius Research assumed coverage on Occidental Petroleum in a research report on Wednesday, August 20th. They issued a "hold" rating and a $64.00 target price for the company. Finally, Melius assumed coverage on shares of Occidental Petroleum in a research note on Wednesday, August 20th. They issued a "hold" rating and a $64.00 target price on the stock. Four investment analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and two have assigned 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 price target of $54.70.

Occidental Petroleum Price Performance

Shares of NYSE:OXY traded down $1.20 during trading on Friday, reaching $46.16. 14,262,200 shares of the company's stock traded hands, compared to its average volume of 7,860,636. The firm has a market cap of $45.44 billion, a PE ratio of 27.31 and a beta of 1.04. Occidental Petroleum Corporation has a fifty-two week low of $34.78 and a fifty-two week high of $56.49. The company has a 50-day simple moving average of $45.07 and a 200-day simple moving average of $43.79. The company has a quick ratio of 0.83, a current ratio of 1.05 and a debt-to-equity ratio of 0.84.

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

Occidental Petroleum Dividend Announcement

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

About Occidental Petroleum

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.