MGO One Seven LLC Raises Position in Occidental Petroleum Corporation $OXY

Key Points

• MGO One Seven LLC has increased its holdings in Occidental Petroleum by 55.2% during the 2nd quarter, now owning 29,313 shares valued at approximately $1.23 million.
• Occidental Petroleum reported a quarterly earnings per share of $0.39, exceeding analysts' estimates, despite a 6.1% decline in revenue year-over-year.
• Analysts have set a new price target for Occidental Petroleum, with HSBC upgrading it to $55.00, while consensus rating remains as "Hold" with an average target of $52.61.

MGO One Seven LLC raised its holdings in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 55.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,313 shares of the oil and gas producer's stock after acquiring an additional 10,426 shares during the quarter. MGO One Seven LLC's holdings in Occidental Petroleum were worth $1,231,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of OXY. Grove Bank & Trust boosted its stake in shares of Occidental Petroleum by 129.2% during the 1st quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer's stock worth $36,000 after acquiring an additional 407 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Occidental Petroleum during the 1st quarter worth $39,000. Spectrum Wealth Counsel LLC boosted its stake in shares of Occidental Petroleum by 5,000.0% during the 1st quarter. Spectrum Wealth Counsel LLC now owns 1,020 shares of the oil and gas producer's stock worth $50,000 after acquiring an additional 1,000 shares during the last quarter. Ransom Advisory Ltd purchased a new position in shares of Occidental Petroleum during the 1st quarter worth $54,000. Finally, Trifecta Capital Advisors LLC lifted its stake in shares of Occidental Petroleum by 4,393.9% during the 1st quarter. Trifecta Capital Advisors LLC now owns 1,483 shares of the oil and gas producer's stock valued at $73,000 after buying an additional 1,450 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company's stock.

Occidental Petroleum Stock Performance

Shares of NYSE OXY opened at $41.89 on Thursday. 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 company has a market cap of $41.24 billion, a P/E ratio of 24.79 and a beta of 0.95. The firm's fifty day moving average is $45.58 and its two-hundred day moving average is $43.55. Occidental Petroleum Corporation has a 52-week low of $34.78 and a 52-week high of $53.20.

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

Occidental Petroleum Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Wednesday, September 10th were issued a $0.24 dividend. The ex-dividend date was Wednesday, September 10th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.3%. Occidental Petroleum's payout ratio is 56.80%.

Analysts Set New Price Targets

OXY has been the topic of a number of analyst reports. HSBC upgraded shares of Occidental Petroleum from a "hold" rating to a "buy" rating and lifted their target price for the company from $48.00 to $55.00 in a research note on Friday, October 3rd. Wells Fargo & Company lowered their target price on shares of Occidental Petroleum from $47.00 to $46.00 and set an "equal weight" rating on the stock in a research note on Tuesday, July 15th. Scotiabank lifted their target price on shares of Occidental Petroleum from $45.00 to $47.00 and gave the company a "sector perform" rating in a research note on Thursday, October 9th. Mizuho upgraded shares of Occidental Petroleum from a "neutral" rating to an "outperform" rating and lifted their target price for the company from $58.00 to $60.00 in a research note on Friday, October 3rd. Finally, Wall Street Zen cut shares of Occidental Petroleum from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, sixteen have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, Occidental Petroleum currently has a consensus rating of "Hold" and a consensus target price of $52.61.

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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