Occidental Petroleum Corporation $OXY Shares Bought by Advisors Asset Management Inc.

Key Points

• Advisors Asset Management Inc. increased its holdings in Occidental Petroleum by 49.1%, acquiring an additional 25,576 shares during the 1st quarter, bringing their total to 77,703 shares worth approximately $3.8 million.
• Institutional investors and hedge funds own 88.70% of Occidental Petroleum's stock, reflecting strong institutional interest in the company.
• The company reported earnings of $0.39 per share, surpassing analysts' expectations, although revenue decreased by 6.1% compared to the same quarter last year.

Advisors Asset Management Inc. boosted its holdings in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 49.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 77,703 shares of the oil and gas producer's stock after buying an additional 25,576 shares during the period. Advisors Asset Management Inc.'s holdings in Occidental Petroleum were worth $3,835,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Cary Street Partners Financial LLC purchased a new stake in Occidental Petroleum during the 4th quarter valued at about $165,000. Brevan Howard Capital Management LP purchased a new stake in Occidental Petroleum during the 4th quarter valued at about $371,000. Cetera Investment Advisers grew its stake in Occidental Petroleum by 45.6% during the 4th quarter. Cetera Investment Advisers now owns 258,303 shares of the oil and gas producer's stock valued at $12,763,000 after purchasing an additional 80,883 shares during the last quarter. Crestline Management LP purchased a new stake in Occidental Petroleum during the 4th quarter valued at about $733,000. Finally, EP Wealth Advisors LLC grew its stake in Occidental Petroleum by 80.7% during the 4th quarter. EP Wealth Advisors LLC now owns 22,868 shares of the oil and gas producer's stock valued at $1,130,000 after purchasing an additional 10,213 shares during the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. UBS Group boosted their price target on Occidental Petroleum from $42.00 to $45.00 and gave the company a "neutral" rating in a research note on Wednesday, August 20th. Morgan Stanley reiterated an "equal weight" rating and set a $52.00 price target on shares of Occidental Petroleum in a research note on Monday, August 18th. Mizuho lowered their target price on Occidental Petroleum from $60.00 to $58.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 13th. Melius assumed coverage on Occidental Petroleum in a research note on Wednesday, August 20th. They issued a "hold" rating and a $64.00 target price on the stock. Finally, Wells Fargo & Company lowered their target price on Occidental Petroleum from $47.00 to $46.00 and set an "equal weight" rating on the stock in a research note on Tuesday, July 15th. Four research analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $54.65.

Occidental Petroleum Stock Performance

NYSE OXY opened at $45.89 on Friday. The stock has a market capitalization of $45.18 billion, a price-to-earnings ratio of 27.16 and a beta of 1.04. Occidental Petroleum Corporation has a twelve month low of $34.78 and a twelve month high of $56.49. The company has a current ratio of 1.05, a quick ratio of 0.83 and a debt-to-equity ratio of 0.84. The stock has a 50-day moving average of $44.69 and a 200 day moving average of $44.02.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released 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 company had revenue of $6.41 billion during the quarter, compared to analysts' expectations of $6.29 billion. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%.Occidental Petroleum's quarterly revenue was down 6.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.03 EPS. Sell-side analysts anticipate that Occidental Petroleum Corporation will post 3.58 EPS for the current fiscal year.

Occidental Petroleum Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, September 10th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $0.96 dividend on an annualized basis and a yield of 2.1%. Occidental Petroleum's dividend 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.

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