Lincoln Capital LLC Increases Stake in Occidental Petroleum Corporation $OXY

Key Points

• Lincoln Capital LLC significantly increased its stake in Occidental Petroleum Corporation by 135.3% during the 1st quarter, owning 72,085 shares valued at approximately $3.56 million.
• Occidental Petroleum reported a quarterly EPS of $0.39, exceeding analysts' expectations, with a total revenue of $6.41 billion for the quarter.
• The company announced a $0.24 quarterly dividend, representing a dividend yield of 2.2%, with an ex-dividend date set for September 10th.

Lincoln Capital LLC raised its position in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 135.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 72,085 shares of the oil and gas producer's stock after acquiring an additional 41,451 shares during the quarter. Lincoln Capital LLC's holdings in Occidental Petroleum were worth $3,558,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Canada Pension Plan Investment Board boosted its stake in Occidental Petroleum by 146.1% during the fourth quarter. Canada Pension Plan Investment Board now owns 75,718 shares of the oil and gas producer's stock worth $3,741,000 after acquiring an additional 44,956 shares in the last quarter. First Trust Advisors LP lifted its holdings in shares of Occidental Petroleum by 33.9% during the fourth quarter. First Trust Advisors LP now owns 1,055,070 shares of the oil and gas producer's stock valued at $52,131,000 after purchasing an additional 266,825 shares during the last quarter. MetLife Investment Management LLC boosted its position in shares of Occidental Petroleum by 2.3% in the 4th quarter. MetLife Investment Management LLC now owns 178,908 shares of the oil and gas producer's stock worth $8,840,000 after purchasing an additional 3,943 shares in the last quarter. Mirabella Financial Services LLP purchased a new stake in shares of Occidental Petroleum in the 4th quarter worth approximately $953,000. Finally, IronBridge Private Wealth LLC increased its position in Occidental Petroleum by 76.5% during the 4th quarter. IronBridge Private Wealth LLC now owns 85,410 shares of the oil and gas producer's stock valued at $4,220,000 after buying an additional 37,019 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company's stock.

Analyst Ratings Changes

Several analysts have commented on OXY shares. Mizuho lowered their target price on shares of Occidental Petroleum from $60.00 to $58.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 13th. Scotiabank raised their target price on shares of Occidental Petroleum from $40.00 to $45.00 and gave the stock a "sector perform" rating in a report on Friday, July 11th. Susquehanna cut their target price on shares of Occidental Petroleum from $59.00 to $55.00 and set a "positive" rating for the company in a research report on Tuesday, April 22nd. Wells Fargo & Company lowered their price target on Occidental Petroleum from $47.00 to $46.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 15th. Finally, Citigroup raised their price target on Occidental Petroleum from $42.00 to $44.00 and gave the stock a "neutral" rating in a research note on Monday, May 19th. Three analysts have rated the stock with a sell rating, fifteen have given a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $53.43.

Occidental Petroleum Price Performance

Shares of Occidental Petroleum stock opened at $44.61 on Monday. The stock has a market cap of $43.92 billion, a price-to-earnings ratio of 26.40 and a beta of 0.91. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.83 and a current ratio of 1.05. The stock has a 50 day moving average price of $44.17 and a 200-day moving average price of $44.13. Occidental Petroleum Corporation has a one year low of $34.78 and a one year high of $58.47.

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

Occidental Petroleum Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, September 10th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Wednesday, September 10th. Occidental Petroleum's payout ratio is presently 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.

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