Occidental Petroleum Corporation $OXY Holdings Increased by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. grew its holdings in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 67.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,849,248 shares of the oil and gas producer's stock after purchasing an additional 1,146,828 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.29% of Occidental Petroleum worth $157,620,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Berkshire Hathaway Inc acquired a new stake in shares of Occidental Petroleum in the second quarter valued at approximately $12,868,205,000. State Street Corp grew its holdings in Occidental Petroleum by 6.6% in the 2nd quarter. State Street Corp now owns 46,141,269 shares of the oil and gas producer's stock valued at $2,252,271,000 after buying an additional 2,870,472 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Occidental Petroleum by 84.8% in the 2nd 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 in the last quarter. Amundi increased its stake in shares of Occidental Petroleum by 2.7% in the 1st quarter. Amundi now owns 2,979,380 shares of the oil and gas producer's stock worth $193,660,000 after acquiring an additional 78,335 shares during the last quarter. Finally, Danske Bank A S acquired a new stake in shares of Occidental Petroleum in the 2nd quarter worth $172,413,000. Hedge funds and other institutional investors own 88.70% of the company's stock.

Key Headlines Impacting Occidental Petroleum

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

• Positive Sentiment: Occidental reported a third-quarter oil gain, a potentially favorable sign for production and operating performance ahead of its results. Occidental Petroleum reports third-quarter oil gain
• Positive Sentiment: Zacks said Occidental has a strong history of exceeding earnings estimates and currently has the factors supporting another potential earnings beat. This could improve sentiment ahead of the next quarterly report. Will Occidental Beat Estimates Again?
• Positive Sentiment: Morgan Stanley raised its price target to $71 from $69, while Truist lifted its target to $64 from $63. Although both firms maintained equal-weight or hold ratings, the higher targets indicate increased valuation support.
• Positive Sentiment: Occidental has pointed to higher energy prices as a factor benefiting third-quarter results, providing a potential boost to revenue and profitability. Occidental points to higher energy prices impacting Q3 results

Occidental Petroleum Trading Down 1.3%

Shares of NYSE OXY opened at $60.61 on Friday. Occidental Petroleum Corporation has a twelve month low of $38.80 and a twelve month high of $67.45. The company has a current ratio of 1.41, a quick ratio of 1.13 and a debt-to-equity ratio of 0.40. The stock has a fifty day simple moving average of $59.28 and a 200-day simple moving average of $57.25. The stock has a market capitalization of $60.59 billion, a PE ratio of 13.93, a PEG ratio of 0.96 and a beta of 0.24.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.83 by $0.57. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%. The firm had revenue of $8.06 billion for the quarter, compared to analyst estimates of $7.07 billion. During the same quarter in the prior year, the company earned $0.39 EPS. Occidental Petroleum's revenue was up 53.4% on a year-over-year basis. On average, equities analysts forecast that Occidental Petroleum Corporation will post 6.20 earnings per share for the current year.

Occidental Petroleum Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Thursday, September 10th were given a $0.28 dividend. The ex-dividend date of this dividend was Thursday, September 10th. This represents a $1.12 annualized dividend and a yield of 1.8%. This is a boost from Occidental Petroleum's previous quarterly dividend of $0.26. Occidental Petroleum's dividend payout ratio is 17.34%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Susquehanna upped their price objective on shares of Occidental Petroleum from $67.00 to $70.00 and gave the company a "positive" rating in a report on Tuesday, August 11th. Weiss Ratings raised shares of Occidental Petroleum from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday. The Goldman Sachs Group raised shares of Occidental Petroleum from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $63.00 to $69.00 in a research note on Thursday, October 1st. Wells Fargo & Company boosted their target price on shares of Occidental Petroleum from $79.00 to $82.00 and gave the company an "overweight" rating in a report on Monday, September 14th. Finally, BMO Capital Markets reissued a "market perform" rating and issued a $68.00 price target on shares of Occidental Petroleum in a research note on Wednesday. Twelve research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $66.08.

Occidental Petroleum Profile

Occidental Petroleum Corporation, commonly known as Oxy, is an energy company engaged in the exploration, development and production of oil and natural gas. Its upstream operations are concentrated in the United States, including the Permian and Denver-Julesburg basins, and in selected international regions such as the Middle East and North Africa.

The company also operates midstream and marketing businesses that support the gathering, processing, transportation and sale of oil, natural gas and natural gas liquids.

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