Occidental Petroleum Corporation $OXY Shares Purchased by Bleakley Financial Group LLC

Key Points

• Bleakley Financial Group increased its stake in Occidental Petroleum by 290% in the fourth quarter, ending with 61,392 shares valued at about $2.5 million.
• Occidental recently reported Q1 earnings of $1.06 per share, beating analyst expectations, though revenue of $5.11 billion came in below estimates and was down 8.3% year over year.
• The company also announced a quarterly dividend of $0.26 per share, equal to an annualized yield of about 1.8%, while analysts’ consensus rating remains Hold despite some recent target-price upgrades.

Bleakley Financial Group LLC grew its stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 290.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 61,392 shares of the oil and gas producer's stock after purchasing an additional 45,652 shares during the quarter. Bleakley Financial Group LLC's holdings in Occidental Petroleum were worth $2,524,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the stock. Lighthouse Investment Partners LLC bought a new stake in Occidental Petroleum during the third quarter valued at $22,345,000. DNB Asset Management AS increased its stake in Occidental Petroleum by 100.3% during the third quarter. DNB Asset Management AS now owns 267,807 shares of the oil and gas producer's stock valued at $12,654,000 after purchasing an additional 134,128 shares during the last quarter. Mirabella Financial Services LLP increased its stake in Occidental Petroleum by 154.7% during the third quarter. Mirabella Financial Services LLP now owns 29,566 shares of the oil and gas producer's stock valued at $1,394,000 after purchasing an additional 17,958 shares during the last quarter. Gifford Fong Associates increased its stake in Occidental Petroleum by 41.2% during the third quarter. Gifford Fong Associates now owns 171,429 shares of the oil and gas producer's stock valued at $8,100,000 after purchasing an additional 50,000 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in Occidental Petroleum by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 89,900,677 shares of the oil and gas producer's stock valued at $3,696,716,000 after purchasing an additional 699,137 shares during the last quarter. Institutional investors and hedge funds own 88.70% of the company's stock.

Occidental Petroleum Stock Performance

Shares of OXY opened at $56.86 on Thursday. The firm has a 50-day moving average price of $58.93 and a 200 day moving average price of $49.81. The firm has a market capitalization of $56.56 billion, a PE ratio of 14.32 and a beta of 0.17. The company has a quick ratio of 1.01, a current ratio of 1.21 and a debt-to-equity ratio of 0.49. Occidental Petroleum Corporation has a 52-week low of $38.80 and a 52-week high of $67.45.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its earnings results on Tuesday, May 5th. The oil and gas producer reported $1.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.60 by $0.46. The firm had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.44 billion. Occidental Petroleum had a net margin of 19.98% and a return on equity of 9.65%. Occidental Petroleum's revenue was down 8.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.14 EPS. On average, sell-side analysts anticipate that Occidental Petroleum Corporation will post 5.33 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Wednesday, June 10th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Wednesday, June 10th. Occidental Petroleum's dividend payout ratio is currently 26.20%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on OXY. TD Cowen boosted their target price on shares of Occidental Petroleum from $48.00 to $54.00 and gave the company a "hold" rating in a research note on Monday, February 23rd. Piper Sandler upgraded shares of Occidental Petroleum from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $54.00 to $66.00 in a research report on Thursday, March 12th. Citigroup lowered their price target on shares of Occidental Petroleum from $67.00 to $62.00 and set a "neutral" rating for the company in a research report on Friday, April 17th. Argus upgraded shares of Occidental Petroleum to a "hold" rating in a research report on Friday, February 27th. Finally, Truist Financial lowered their price target on shares of Occidental Petroleum from $65.00 to $57.00 and set a "hold" rating for the company in a research report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $63.61.

Key Occidental Petroleum News

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

• Positive Sentiment: Barclays upgraded Occidental Petroleum to Overweight and lifted its price target to $72 from $59, citing the setup for a multi-year oil boom and stronger cash flow potential from tighter global supply. Barclays sees multi-year oil boom, sees upside in OXY, Devon and ConocoPhillips
• Positive Sentiment: Mizuho also raised its price target on OXY to $75 from $72 and kept an Outperform rating, reinforcing the view that the shares still have meaningful upside from current levels. Benzinga report on Mizuho price target increase
• Positive Sentiment: Reuters reported that Occidental is taking a 10% stake in Exxon Mobil’s deepwater exploration block offshore Trinidad and Tobago, which could expand its international exploration exposure and add to future growth prospects. Exclusive: Occidental takes 10% stake in Exxon deepwater block offshore Trinidad, sources say
• Neutral Sentiment: Zacks published a value-investor analysis asking whether OXY is attractive at current levels, but the item mainly reiterates standard valuation and estimate-revision screening rather than delivering a fresh catalyst. Should Value Investors Buy Occidental Petroleum (OXY) Stock?
• Neutral Sentiment: A 24/7 Wall St. feature highlighted a large long-term winning OXY trade that has grown into a major portfolio concentration issue; this is more investor commentary than a direct company-specific catalyst. From $90K Bet to $800K Windfall: When Does a Winning Oil Trade Become a Retirement Risk?
• Negative Sentiment: Broader market coverage noted weakness in energy producers, which may be contributing to the stock’s recent softness despite the bullish analyst updates. Stocks Pressured by Weakness in Energy Producers and Cybersecurity Stocks

Occidental Petroleum Company Profile

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental's operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.

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