Occidental Petroleum Corporation $OXY Shares Bought by NorthCrest Asset Manangement LLC

Key Points

• NorthCrest Asset Management more than doubled its Occidental Petroleum stake in the third quarter, adding 17,299 shares to hold 34,504 shares valued at approximately $2.08 million. Institutional investors own 88.7% of OXY.
• Analyst sentiment remains mixed: 12 analysts rate OXY a Buy and 15 a Hold, producing an overall “Hold” consensus and an average price target of $65.92.
• Occidental reported quarterly EPS of $2.40, beating estimates, while revenue rose 53.4% year over year to $8.06 billion. The company also raised its quarterly dividend to $0.28 per share, equal to a 1.8% annualized yield.

NorthCrest Asset Manangement LLC grew its stake in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 100.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 34,504 shares of the oil and gas producer's stock after buying an additional 17,299 shares during the period. NorthCrest Asset Manangement LLC's holdings in Occidental Petroleum were worth $2,080,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of OXY. Whittier Trust Co. of Nevada Inc. lifted its position in Occidental Petroleum by 12.5% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 1,765 shares of the oil and gas producer's stock valued at $111,000 after acquiring an additional 196 shares in the last quarter. Venture Visionary Partners LLC grew its stake in Occidental Petroleum by 2.2% in the third quarter. Venture Visionary Partners LLC now owns 9,639 shares of the oil and gas producer's stock valued at $533,000 after purchasing an additional 203 shares in the last quarter. Athena Wealth Management LLC increased its holdings in Occidental Petroleum by 1.2% during the first quarter. Athena Wealth Management LLC now owns 18,547 shares of the oil and gas producer's stock worth $1,206,000 after buying an additional 214 shares during the last quarter. Elevation Wealth Partners LLC grew its holdings in Occidental Petroleum by 15.8% during the second quarter. Elevation Wealth Partners LLC now owns 1,615 shares of the oil and gas producer's stock worth $78,000 after purchasing an additional 220 shares during the period. Finally, HBK Sorce Advisory LLC increased its holdings in shares of Occidental Petroleum by 2.8% during the 2nd quarter. HBK Sorce Advisory LLC now owns 8,210 shares of the oil and gas producer's stock worth $442,000 after acquiring an additional 220 shares during the last quarter. 88.70% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on OXY. Evercore raised shares of Occidental Petroleum from an "in-line" rating to an "outperform" rating and set a $65.00 price target on the stock in a report on Wednesday, July 8th. Truist Financial raised their target price on shares of Occidental Petroleum from $57.00 to $63.00 and gave the company a "hold" rating in a report on Monday, August 10th. BMO Capital Markets reissued a "market perform" rating and set a $68.00 price target on shares of Occidental Petroleum in a report on Wednesday. Weiss Ratings raised shares of Occidental Petroleum from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday. Finally, Wells Fargo & Company increased their target price on Occidental Petroleum from $79.00 to $82.00 and gave the company an "overweight" rating in a research report on Monday, September 14th. Twelve analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $65.92.

Occidental Petroleum Stock Down 0.4%

Shares of NYSE:OXY opened at $61.42 on Thursday. Occidental Petroleum Corporation has a 52-week low of $38.80 and a 52-week high of $67.45. The business's 50 day simple moving average is $59.18 and its two-hundred day simple moving average is $57.28. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.13 and a current ratio of 1.41. The firm has a market cap of $61.40 billion, a P/E ratio of 13.98, a PEG ratio of 0.96 and a beta of 0.24.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.83 by $0.57. The business had revenue of $8.06 billion during the quarter, compared to the consensus estimate of $7.07 billion. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. Occidental Petroleum's revenue was up 53.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.39 EPS. As a group, research analysts forecast that Occidental Petroleum Corporation will post 6.20 EPS for the current fiscal year.

Occidental Petroleum Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, September 10th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Thursday, September 10th. This is a positive change from Occidental Petroleum's previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 1.8%. Occidental Petroleum's payout ratio is presently 17.34%.

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.

Want to see what other hedge funds are holding OXY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Occidental Petroleum Corporation (NYSE:OXY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.