Occidental Petroleum Corporation $OXY Shares Acquired by Engineers Gate Manager LP

Key Points

• Engineers Gate Manager LP increased its Occidental Petroleum stake by 1,329.2% in the second quarter, acquiring 55,546 additional shares for a total holding worth approximately $2.9 million. Institutional investors collectively own 88.7% of OXY.
• Analysts maintain a cautious outlook, with Occidental carrying a consensus “Hold” rating and an average price target of $64.96. Recent ratings included multiple downgrades or target-price reductions, although Stephens kept an “overweight” rating.
• Occidental reported strong quarterly results, including $2.40 in EPS and $8.06 billion in revenue, while raising its quarterly dividend from $0.26 to $0.28 per share, equivalent to a 1.8% annualized yield.

Engineers Gate Manager LP increased its position in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 1,329.2% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 59,725 shares of the oil and gas producer's stock after purchasing an additional 55,546 shares during the quarter. Engineers Gate Manager LP's holdings in Occidental Petroleum were worth $2,901,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of OXY. National Pension Service raised its stake in shares of Occidental Petroleum by 13.0% during the 4th quarter. National Pension Service now owns 1,084,356 shares of the oil and gas producer's stock valued at $44,589,000 after buying an additional 124,879 shares during the last quarter. Berkshire Hathaway Inc acquired a new stake in Occidental Petroleum during the second quarter worth about $12,868,205,000. Public Employees Retirement System of Ohio acquired a new position in Occidental Petroleum in the second quarter valued at approximately $10,041,000. Swiss National Bank boosted its position in Occidental Petroleum by 7.2% in the 1st quarter. Swiss National Bank now owns 2,168,414 shares of the oil and gas producer's stock worth $140,947,000 after purchasing an additional 145,100 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Occidental Petroleum by 4.1% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,685,169 shares of the oil and gas producer's stock valued at $109,536,000 after purchasing an additional 66,438 shares in the last quarter. Institutional investors and hedge funds own 88.70% of the company's stock.

Wall Street Analysts Forecast Growth

OXY has been the topic of a number of recent analyst reports. Weiss Ratings downgraded shares of Occidental Petroleum from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, August 25th. Truist Financial increased their target price on shares of Occidental Petroleum from $57.00 to $63.00 and gave the stock a "hold" rating in a research note on Monday, August 10th. Stifel Nicolaus began coverage on Occidental Petroleum in a report on Thursday. They issued a "hold" rating and a $68.00 price target for the company. Zacks Research lowered Occidental Petroleum from a "strong-buy" rating to a "hold" rating in a report on Monday, June 22nd. Finally, Stephens reduced their target price on Occidental Petroleum from $73.00 to $69.00 and set an "overweight" rating for the company in a research note on Tuesday, July 14th. Ten analysts have rated the stock with a Buy rating and seventeen have given a Hold rating to the company's stock. According to data from MarketBeat, Occidental Petroleum currently has a consensus rating of "Hold" and an average target price of $64.96.

Insider Transactions at Occidental Petroleum

In other Occidental Petroleum news, CEO Richard Jackson bought 4,770 shares of the stock in a transaction on Tuesday, June 23rd. The shares were bought at an average price of $52.38 per share, with a total value of $249,852.60. Following the purchase, the chief executive officer directly owned 444,098 shares in the company, valued at $23,261,853.24. This trade represents a 1.09% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.50% of the stock is currently owned by company insiders.

Occidental Petroleum Trading Down 0.0%

Shares of Occidental Petroleum stock opened at $61.45 on Monday. The company has a current ratio of 1.41, a quick ratio of 1.13 and a debt-to-equity ratio of 0.40. Occidental Petroleum Corporation has a twelve month low of $38.80 and a twelve month high of $67.45. The firm has a market capitalization of $61.42 billion, a PE ratio of 9.51, a P/E/G ratio of 0.96 and a beta of 0.16. The firm's 50-day moving average price is $57.33 and its 200 day moving average price is $56.91.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its earnings results 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. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.The business had revenue of $8.06 billion during the quarter, compared to analysts' expectations of $7.07 billion. During the same quarter in the prior year, the firm earned $0.39 earnings per share. The business's revenue was up 53.4% compared to the same quarter last year. On average, sell-side analysts predict that Occidental Petroleum Corporation will post 6.2 EPS for the current fiscal year.

Occidental Petroleum Increases Dividend

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

About Occidental Petroleum

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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