NewEdge Advisors LLC Buys 22,183 Shares of Occidental Petroleum Corporation $OXY

Key Points

• NewEdge Advisors increased its Occidental Petroleum stake by 39.2% in the second quarter, adding 22,183 shares to own 78,828 shares valued at approximately $3.83 million. Institutional investors collectively hold 88.7% of OXY’s stock.
• Occidental reported a strong quarter, with earnings of $2.40 per share versus the $1.83 consensus estimate and revenue of $8.06 billion, up 53.4% year over year. The company also raised its quarterly dividend to $0.28 from $0.26.
• Analyst sentiment remains mixed: OXY has a consensus “Hold” rating and an average price target of $65.17, while recent targets range from $67 to $73. Shares recently traded at $63.46.

NewEdge Advisors LLC raised its stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 39.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 78,828 shares of the oil and gas producer's stock after acquiring an additional 22,183 shares during the period. NewEdge Advisors LLC's holdings in Occidental Petroleum were worth $3,829,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Berkshire Hathaway Inc purchased a new position in shares of Occidental Petroleum during the second quarter valued at about $12,868,205,000. Geode Capital Management LLC lifted its position in shares of Occidental Petroleum by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 18,846,231 shares of the oil and gas producer's stock worth $771,949,000 after buying an additional 167,518 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Occidental Petroleum by 84.8% during 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 buying an additional 4,882,834 shares during the last quarter. Legal & General Group Plc grew its holdings in Occidental Petroleum by 2.2% during the 4th quarter. Legal & General Group Plc now owns 3,884,572 shares of the oil and gas producer's stock valued at $159,734,000 after buying an additional 83,131 shares in the last quarter. Finally, Danske Bank A S purchased a new position in Occidental Petroleum during the 2nd quarter valued at approximately $172,413,000. Hedge funds and other institutional investors own 88.70% of the company's stock.

Occidental Petroleum Price Performance

Shares of Occidental Petroleum stock opened at $63.46 on Wednesday. The stock has a market cap of $63.43 billion, a price-to-earnings ratio of 9.82, a price-to-earnings-growth ratio of 0.96 and a beta of 0.16. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.13 and a current ratio of 1.41. The stock has a 50 day moving average price of $57.83 and a 200-day moving average price of $57.07. Occidental Petroleum Corporation has a one year low of $38.80 and a one year high of $67.45.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, beating the consensus estimate of $1.83 by $0.57. The company had revenue of $8.06 billion for the quarter, compared to analyst estimates of $7.07 billion. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.Occidental Petroleum's quarterly revenue was up 53.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.39 EPS. Equities analysts expect that Occidental Petroleum Corporation will post 6.2 EPS for the current year.

Occidental Petroleum Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, September 10th will be issued a $0.28 dividend. This is a boost from Occidental Petroleum's previous quarterly dividend of $0.26. The ex-dividend date is Thursday, September 10th. This represents a $1.12 annualized dividend and a dividend yield of 1.8%. Occidental Petroleum's dividend payout ratio (DPR) is 17.34%.

Key Headlines Impacting Occidental Petroleum

Here are the key news stories impacting Occidental Petroleum this week:

• Positive Sentiment: OXY gained while the broader market declined, indicating relative strength and continued demand for the energy producer. The report did not identify a new fundamental catalyst, however. Occidental Petroleum Gains as Market Dips
• Positive Sentiment: UBS raised its price target for Occidental Petroleum from $59 to $67, implying additional upside from recent levels. The higher target provides some support for the shares despite the bank maintaining a neutral rating. UBS Reaffirms Hold Rating on Occidental Petroleum
• Neutral Sentiment: Analyst commentary covering OXY and other energy companies appears to reinforce a cautious outlook: investors remain focused on commodity prices, operating performance and balance-sheet considerations, with no clearly announced change in consensus expectations. Analysts Offer Insights on Energy Companies
• Neutral Sentiment: OXY is attracting heightened investor attention, but the coverage is informational rather than a new earnings, production or transaction announcement. Its previously reported earnings beat and strong revenue growth remain the more significant fundamental supports. Occidental Petroleum Attracting Investor Attention
• Neutral Sentiment: Investors are also monitoring Occidental’s carbon-capture strategy, which could offer longer-term growth potential but remains dependent on project execution, regulation and commercial adoption. Occidental Petroleum Carbon Capture Outlook

Insider Activity at Occidental Petroleum

In other news, CEO Richard Jackson purchased 4,770 shares of the business's stock in a transaction that occurred on Tuesday, June 23rd. The shares were 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. This trade represents a 1.09% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.50% of the company's stock.

Analyst Ratings Changes

Several analysts have recently issued reports on OXY shares. Stifel Nicolaus started coverage on Occidental Petroleum in a report on Thursday, September 10th. They set a "hold" rating and a $68.00 price objective on the stock. Wall Street Zen upgraded shares of Occidental Petroleum from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Capital One Financial upped their price target on shares of Occidental Petroleum from $67.00 to $70.00 in a research note on Wednesday, May 27th. Barclays lowered their price objective on shares of Occidental Petroleum from $75.00 to $71.00 and set an "overweight" rating for the company in a research report on Monday, August 17th. Finally, Seaport Research Partners started coverage on shares of Occidental Petroleum in a research note on Thursday, September 3rd. They issued a "buy" rating and a $73.00 price objective for the company. Ten analysts have rated the stock with a Buy rating and seventeen have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $65.17.

Occidental Petroleum Profile

Occidental Petroleum Corporation is an energy company engaged in the exploration, development and production of oil and natural gas. Its operations are concentrated primarily in the United States, including the Permian and DJ basins, and it also has international activities in regions such as the Middle East and North Africa.

The company operates through oil and gas, chemical and midstream and marketing businesses. Its chemical segment, OxyChem, manufactures and markets chlor-alkali products, vinyls and other basic chemicals used in water treatment, construction, industrial manufacturing and consumer products.

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