Nykredit A S Purchases New Stake in Occidental Petroleum Corporation $OXY

Key Points

• Nykredit A S acquired 53,475 shares of Occidental Petroleum in the second quarter, valued at approximately $2.6 million. Institutional investors collectively own 88.7% of OXY.
• Analyst sentiment remains mixed, with a consensus “Hold” rating from 27 analysts and an average price target of $65.17, compared with the stock’s reported price of $56.33.
• Occidental reported strong quarterly results, posting $2.40 in adjusted EPS and $8.06 billion in revenue, while revenue increased 53.4% year over year. The company also raised its quarterly dividend to $0.28 per share, implying a 2.0% annual yield.

Nykredit A S purchased a new position in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 53,475 shares of the oil and gas producer's stock, valued at approximately $2,597,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Allianz Asset Management GmbH bought a new position in Occidental Petroleum in the second quarter valued at approximately $790,000. Corient Private Wealth LP raised its holdings in shares of Occidental Petroleum by 30.0% during the second quarter. Corient Private Wealth LP now owns 214,439 shares of the oil and gas producer's stock worth $10,420,000 after acquiring an additional 49,523 shares during the period. Amundi lifted its position in Occidental Petroleum by 4.0% in the 2nd quarter. Amundi now owns 3,098,454 shares of the oil and gas producer's stock valued at $150,492,000 after acquiring an additional 119,074 shares in the last quarter. Wedmont Private Capital lifted its position in Occidental Petroleum by 20.7% in the 2nd quarter. Wedmont Private Capital now owns 19,683 shares of the oil and gas producer's stock valued at $1,041,000 after acquiring an additional 3,379 shares in the last quarter. Finally, Guardian Wealth Management Inc. boosted its stake in Occidental Petroleum by 0.3% in the 2nd quarter. Guardian Wealth Management Inc. now owns 107,695 shares of the oil and gas producer's stock worth $5,231,000 after purchasing an additional 273 shares during the period. 88.70% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

OXY has been the topic of a number of research reports. Mizuho boosted their price target on Occidental Petroleum from $72.00 to $75.00 and gave the company an "outperform" rating in a report on Wednesday, May 27th. The Goldman Sachs Group decreased their price objective on Occidental Petroleum from $64.00 to $60.00 and set a "neutral" rating for the company in a report on Tuesday, June 30th. Wall Street Zen raised Occidental Petroleum from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Weiss Ratings downgraded Occidental Petroleum from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, August 25th. Finally, Citigroup decreased their price target on shares of Occidental Petroleum from $62.00 to $60.00 and set a "neutral" rating for the company in a research note on Friday, July 17th. Ten analysts have rated the stock with a Buy rating and seventeen have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $65.17.

Occidental Petroleum Trading Down 1.6%

OXY stock opened at $56.33 on Wednesday. Occidental Petroleum Corporation has a one year low of $38.80 and a one year high of $67.45. The stock has a market cap of $56.31 billion, a price-to-earnings ratio of 8.72, a price-to-earnings-growth ratio of 0.89 and a beta of 0.16. The company has a fifty day moving average price of $58.28 and a two-hundred day moving average price of $57.25. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.13.

Occidental Petroleum (NYSE:OXY - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 EPS for the quarter, beating analysts' consensus estimates of $1.83 by $0.57. The firm 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%.The company's revenue for the quarter was up 53.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.39 EPS. Equities analysts anticipate that Occidental Petroleum Corporation will post 6.2 EPS for the current year.

Occidental Petroleum Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, September 10th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Thursday, September 10th. This is a positive change from Occidental Petroleum's previous quarterly dividend of $0.26. Occidental Petroleum's dividend payout ratio is 17.34%.

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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