Legal & General Group Plc Takes $168.86 Million Position in Occidental Petroleum Corporation $OXY

Legal & General Group Plc purchased a new position in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,476,632 shares of the oil and gas producer's stock, valued at approximately $168,860,000. Legal & General Group Plc owned about 0.35% of Occidental Petroleum at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in OXY. Bank of New York Mellon Corp lifted its position in shares of Occidental Petroleum by 84.8% in the second quarter. Bank of New York Mellon Corp now owns 10,643,916 shares of the oil and gas producer's stock valued at $516,975,000 after acquiring an additional 4,882,834 shares in the last quarter. Danske Bank A S acquired a new position in Occidental Petroleum during the second quarter worth approximately $172,413,000. Dimensional Fund Advisors LP raised its position in shares of Occidental Petroleum by 21.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer's stock worth $436,008,000 after buying an additional 1,883,721 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Occidental Petroleum by 54.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,959,638 shares of the oil and gas producer's stock worth $162,820,000 after acquiring an additional 1,393,638 shares during the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Occidental Petroleum by 1,029.9% during the 3rd quarter. Wellington Management Group LLP now owns 1,493,747 shares of the oil and gas producer's stock worth $70,580,000 after purchasing an additional 1,361,541 shares during the period. Hedge funds and other institutional investors own 88.70% of the company's stock.

Occidental Petroleum Price Performance

Shares of OXY opened at $58.69 on Thursday. The company has a market cap of $58.67 billion, a P/E ratio of 9.09, a PEG ratio of 0.93 and a beta of 0.15. The stock has a fifty day moving average price of $54.88 and a 200 day moving average price of $55.84. Occidental Petroleum Corporation has a 12 month low of $38.80 and a 12 month high of $67.45. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.13.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 EPS for the quarter, topping the consensus estimate of $1.83 by $0.57. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The firm had revenue of $8.06 billion during the quarter, compared to analysts' expectations of $7.07 billion. During the same quarter in the prior year, the firm earned $0.39 EPS. Occidental Petroleum's quarterly revenue was up 53.4% on a year-over-year basis. On average, research analysts forecast that Occidental Petroleum Corporation will post 6.09 earnings per share for the current year.

Occidental Petroleum Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, September 10th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Thursday, September 10th. This is an increase from Occidental Petroleum's previous quarterly dividend of $0.26. Occidental Petroleum's dividend payout ratio is 16.10%.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Truist Financial increased their price target on Occidental Petroleum from $57.00 to $63.00 and gave the company a "hold" rating in a report on Monday, August 10th. Capital One Financial upped their price objective on shares of Occidental Petroleum from $67.00 to $70.00 in a research report on Wednesday, May 27th. Wall Street Zen upgraded Occidental Petroleum from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Zacks Research downgraded shares of Occidental Petroleum from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 22nd. Finally, Stephens lowered their price objective on Occidental Petroleum from $73.00 to $69.00 and set an "overweight" rating for the company in a report on Tuesday, July 14th. Ten analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus 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 purchased 4,770 shares of the company's stock in a transaction on Tuesday, June 23rd. The shares were purchased at an average cost of $52.38 per share, for a total transaction of $249,852.60. Following the completion of the transaction, the chief executive officer owned 444,098 shares in the company, valued at $23,261,853.24. The trade was a 1.09% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.50% of the stock is currently owned by 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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