Occidental Petroleum Corporation $OXY Shares Bought by Scharf Investments LLC

Key Points

• Scharf Investments LLC increased its stake in Occidental Petroleum by 17.5%, owning approximately 3,480,890 shares as of the latest SEC filing, making it the fund's 10th largest holding.
• Occidental Petroleum recently reported $0.39 earnings per share (EPS), beating estimates, with a quarterly revenue of $6.41 billion, despite a 6.1% decline year-over-year.
• The company announced a quarterly dividend of $0.24 per share to be paid on October 15th, representing a dividend yield of 2.1% and a payout ratio of 56.80%.

Scharf Investments LLC grew its holdings in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 17.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,480,890 shares of the oil and gas producer's stock after purchasing an additional 517,451 shares during the quarter. Occidental Petroleum makes up approximately 4.2% of Scharf Investments LLC's holdings, making the stock its 10th biggest holding. Scharf Investments LLC owned about 0.35% of Occidental Petroleum worth $146,232,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the stock. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of Occidental Petroleum during the 1st quarter worth about $1,274,000. Kestra Private Wealth Services LLC boosted its holdings in shares of Occidental Petroleum by 5.6% during the 1st quarter. Kestra Private Wealth Services LLC now owns 17,086 shares of the oil and gas producer's stock worth $843,000 after buying an additional 906 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Occidental Petroleum by 9.7% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,596,699 shares of the oil and gas producer's stock worth $78,813,000 after purchasing an additional 140,528 shares in the last quarter. swisspartners Advisors Ltd purchased a new stake in shares of Occidental Petroleum during the 1st quarter valued at $6,006,000. Finally, Blackhawk Capital Partners LLC. purchased a new stake in Occidental Petroleum in the 1st quarter worth about $344,000. Institutional investors own 88.70% of the company's stock.

Occidental Petroleum Price Performance

NYSE OXY opened at $46.16 on Monday. Occidental Petroleum Corporation has a 1 year low of $34.78 and a 1 year high of $56.49. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.83 and a current ratio of 1.05. The stock has a market capitalization of $45.44 billion, a P/E ratio of 27.31 and a beta of 1.04. The business's fifty day moving average is $45.07 and its two-hundred day moving average is $43.79.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01. The business had revenue of $6.41 billion during the quarter, compared to analyst estimates of $6.29 billion. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. Occidental Petroleum's quarterly revenue was down 6.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.03 EPS. On average, research analysts forecast that Occidental Petroleum Corporation will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, September 10th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $0.96 annualized dividend and a dividend yield of 2.1%. Occidental Petroleum's payout ratio is presently 56.80%.

Analyst Upgrades and Downgrades

OXY has been the subject of a number of recent research reports. Melius Research initiated coverage on Occidental Petroleum in a research report on Wednesday, August 20th. They issued a "hold" rating and a $64.00 target price for the company. Wells Fargo & Company dropped their price objective on Occidental Petroleum from $47.00 to $46.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 15th. Melius initiated coverage on Occidental Petroleum in a research note on Wednesday, August 20th. They issued a "hold" rating and a $64.00 price objective on the stock. JPMorgan Chase & Co. lifted their target price on Occidental Petroleum from $47.00 to $48.00 and gave the company a "neutral" rating in a research note on Tuesday, July 15th. Finally, Wall Street Zen downgraded Occidental Petroleum from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Four research analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Occidental Petroleum has an average rating of "Hold" and a consensus price target of $54.70.

Occidental Petroleum Company 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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