Nuveen LLC Makes New $99.85 Million Investment in Occidental Petroleum Corporation (NYSE:OXY)

Key Points

• Nuveen LLC has invested approximately $99.85 million in Occidental Petroleum Corporation by acquiring over 2 million shares, representing about 0.21% of the company.
• Berkshire Hathaway Inc and Vanguard Group Inc are among other significant investors that have recently increased their stakes in Occidental Petroleum, reflecting strong institutional interest in the stock.
• Occidental Petroleum announced a quarterly dividend of $0.24 per share, payable on October 15th, with a dividend yield of 2.2% based on the current stock price.

Nuveen LLC purchased a new position in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) in the first quarter, according to its most recent filing with the SEC. The firm purchased 2,022,945 shares of the oil and gas producer's stock, valued at approximately $99,853,000. Nuveen LLC owned 0.21% of Occidental Petroleum at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of OXY. MassMutual Private Wealth & Trust FSB boosted its stake in Occidental Petroleum by 20.2% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,631 shares of the oil and gas producer's stock valued at $81,000 after purchasing an additional 274 shares during the last quarter. World Investment Advisors raised its holdings in Occidental Petroleum by 6.6% during the 1st quarter. World Investment Advisors now owns 4,912 shares of the oil and gas producer's stock valued at $242,000 after acquiring an additional 306 shares during the period. Koshinski Asset Management Inc. increased its holdings in shares of Occidental Petroleum by 1.0% in the first quarter. Koshinski Asset Management Inc. now owns 32,736 shares of the oil and gas producer's stock worth $1,616,000 after purchasing an additional 309 shares during the period. Seaview Investment Managers LLC increased its holdings in shares of Occidental Petroleum by 6.8% in the fourth quarter. Seaview Investment Managers LLC now owns 4,891 shares of the oil and gas producer's stock worth $242,000 after purchasing an additional 310 shares during the period. Finally, Aaron Wealth Advisors LLC increased its holdings in shares of Occidental Petroleum by 4.9% in the first quarter. Aaron Wealth Advisors LLC now owns 6,663 shares of the oil and gas producer's stock worth $329,000 after purchasing an additional 310 shares during the period. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

OXY has been the subject of several research reports. Mizuho cut their target price on shares of Occidental Petroleum from $60.00 to $58.00 and set a "neutral" rating for the company in a research report on Tuesday, May 13th. Scotiabank upped their price target on shares of Occidental Petroleum from $40.00 to $45.00 and gave the company a "sector perform" rating in a research report on Friday, July 11th. Piper Sandler upped their price target on shares of Occidental Petroleum from $48.00 to $50.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Citigroup upped their price target on shares of Occidental Petroleum from $42.00 to $44.00 and gave the company a "neutral" rating in a research report on Monday, May 19th. Finally, JPMorgan Chase & Co. increased their target price on shares of Occidental Petroleum from $47.00 to $48.00 and gave the stock a "neutral" rating in a report on Tuesday, July 15th. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Occidental Petroleum has a consensus rating of "Hold" and an average price target of $53.71.

Occidental Petroleum Trading Down 0.4%

Occidental Petroleum stock traded down $0.16 during trading hours on Friday, reaching $44.61. The stock had a trading volume of 8,755,868 shares, compared to its average volume of 9,930,384. The company has a fifty day simple moving average of $44.17 and a 200-day simple moving average of $44.19. The stock has a market cap of $43.92 billion, a PE ratio of 26.40 and a beta of 0.91. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.05 and a quick ratio of 0.83. Occidental Petroleum Corporation has a 52 week low of $34.78 and a 52 week high of $58.47.

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

Occidental Petroleum Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, September 10th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.2%. The ex-dividend date is Wednesday, September 10th. Occidental Petroleum's payout ratio is presently 56.80%.

Occidental Petroleum Profile

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.