Lido Advisors LLC Increases Stock Position in Occidental Petroleum Corporation $OXY

Key Points

• Lido Advisors LLC increased its Occidental Petroleum stake by 291.9% in the first quarter, ending with 74,863 shares valued at about $4.88 million.
• Analysts are mixed on OXY: Barclays upgraded the stock to overweight and several firms raised price targets, but the overall consensus remains Hold with an average target price of $64.17.
• Occidental reported stronger-than-expected Q1 earnings of $1.06 per share, declared a quarterly dividend of $0.26 per share, and saw CEO Richard A. Jackson buy additional shares in June.

Lido Advisors LLC grew its holdings in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 291.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 74,863 shares of the oil and gas producer's stock after purchasing an additional 55,760 shares during the period. Lido Advisors LLC's holdings in Occidental Petroleum were worth $4,884,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of OXY. Caitlin John LLC purchased a new position in Occidental Petroleum in the fourth quarter worth $29,000. Portus Wealth Advisors LLC purchased a new stake in shares of Occidental Petroleum during the 1st quarter worth $29,000. Activest Wealth Management grew its stake in shares of Occidental Petroleum by 68.5% during the 4th quarter. Activest Wealth Management now owns 750 shares of the oil and gas producer's stock worth $31,000 after purchasing an additional 305 shares during the period. Rossby Financial LCC grew its stake in shares of Occidental Petroleum by 155.0% during the 4th quarter. Rossby Financial LCC now owns 765 shares of the oil and gas producer's stock worth $31,000 after purchasing an additional 465 shares during the period. Finally, Binnacle Investments Inc purchased a new position in shares of Occidental Petroleum in the 3rd quarter valued at about $35,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently commented on the stock. Barclays upgraded shares of Occidental Petroleum from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $59.00 to $72.00 in a research note on Tuesday, May 26th. Wolfe Research lifted their price target on shares of Occidental Petroleum from $67.00 to $70.00 and gave the company an "outperform" rating in a research report on Monday, April 6th. Raymond James Financial boosted their price target on Occidental Petroleum from $64.00 to $75.00 and gave the stock an "outperform" rating in a research note on Monday, May 4th. BMO Capital Markets upped their price target on Occidental Petroleum from $60.00 to $65.00 and gave the stock a "market perform" rating in a report on Tuesday, April 7th. Finally, Truist Financial dropped their price objective on Occidental Petroleum from $65.00 to $57.00 and set a "hold" rating for the company in a research note on Friday, May 8th. Ten investment analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the stock. According to data from MarketBeat, Occidental Petroleum has an average rating of "Hold" and an average target price of $64.17.

Occidental Petroleum Price Performance

NYSE:OXY opened at $57.32 on Friday. Occidental Petroleum Corporation has a 12-month low of $38.80 and a 12-month high of $67.45. The firm has a market cap of $57.02 billion, a price-to-earnings ratio of 14.44 and a beta of 0.15. The company's 50-day moving average is $54.81 and its two-hundred day moving average is $53.50. The company has a current ratio of 1.21, a quick ratio of 1.01 and a debt-to-equity ratio of 0.49.

Occidental Petroleum (NYSE:OXY - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $1.06 EPS for the quarter, topping analysts' consensus estimates of $0.60 by $0.46. The business had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.44 billion. Occidental Petroleum had a net margin of 19.98% and a return on equity of 9.65%. The company's quarterly revenue was down 8.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.14 earnings per share. Research analysts expect that Occidental Petroleum Corporation will post 5.66 EPS for the current year.

Occidental Petroleum Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Wednesday, June 10th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Wednesday, June 10th. Occidental Petroleum's payout ratio is presently 26.20%.

Insider Buying and Selling

In other Occidental Petroleum news, CEO Richard A. Jackson purchased 4,770 shares of the business's stock in a transaction on Tuesday, June 23rd. The stock was bought at an average cost of $52.38 per share, for a total transaction of $249,852.60. Following the acquisition, the chief executive officer owned 444,098 shares of the company's stock, valued at approximately $23,261,853.24. The trade was a 1.09% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.50% of the company's stock.

Occidental Petroleum Company 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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