Occidental Petroleum Corporation $OXY Shares Purchased by Vanguard Group Inc.

Key Points

• Vanguard Group increased its stake in Occidental by 0.8% in Q4, buying 699,137 shares to hold 89,900,677 shares (about 9.13%) valued at roughly $3.697 billion.
• Wall Street's consensus rating on OXY is a "Hold" with a consensus target of $61.83, based on 1 Strong Buy, 8 Buy, 15 Hold and 2 Sell ratings.
• Occidental raised its quarterly dividend to $0.26 (annualized $1.04), a yield of 1.8% and a payout ratio of 64.6%.

Vanguard Group Inc. lifted its holdings in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 0.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 89,900,677 shares of the oil and gas producer's stock after purchasing an additional 699,137 shares during the quarter. Vanguard Group Inc. owned about 9.13% of Occidental Petroleum worth $3,696,716,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Lighthouse Investment Partners LLC acquired a new stake in shares of Occidental Petroleum in the 3rd quarter worth $22,345,000. DNB Asset Management AS raised its stake in Occidental Petroleum by 100.3% in the 3rd quarter. DNB Asset Management AS now owns 267,807 shares of the oil and gas producer's stock worth $12,654,000 after acquiring an additional 134,128 shares during the last quarter. Mirabella Financial Services LLP raised its stake in Occidental Petroleum by 154.7% in the 3rd quarter. Mirabella Financial Services LLP now owns 29,566 shares of the oil and gas producer's stock worth $1,394,000 after acquiring an additional 17,958 shares during the last quarter. Gifford Fong Associates raised its stake in Occidental Petroleum by 41.2% in the 3rd quarter. Gifford Fong Associates now owns 171,429 shares of the oil and gas producer's stock worth $8,100,000 after acquiring an additional 50,000 shares during the last quarter. Finally, Cooperman Leon G purchased a new position in Occidental Petroleum in the 3rd quarter worth $15,947,000. Institutional investors and hedge funds own 88.70% of the company's stock.

Wall Street Analysts Forecast Growth

OXY has been the subject of a number of research analyst reports. Truist Financial assumed coverage on Occidental Petroleum in a research note on Tuesday, March 24th. They issued a "hold" rating and a $65.00 target price for the company. The Goldman Sachs Group lifted their price objective on Occidental Petroleum from $41.00 to $54.00 and gave the company a "sell" rating in a research note on Wednesday, March 11th. Citigroup cut their price target on Occidental Petroleum from $67.00 to $62.00 and set a "neutral" rating for the company in a research note on Friday, April 17th. Barclays lifted their price target on Occidental Petroleum from $55.00 to $59.00 and gave the company an "equal weight" rating in a research note on Monday, March 16th. Finally, Mizuho boosted their price objective on Occidental Petroleum from $67.00 to $72.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 17th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, fifteen have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $61.83.

Occidental Petroleum Trading Up 0.3%

Shares of Occidental Petroleum stock opened at $57.27 on Tuesday. The stock has a market cap of $56.79 billion, a P/E ratio of 35.57 and a beta of 0.23. The stock's 50 day simple moving average is $57.07 and its 200-day simple moving average is $47.49. Occidental Petroleum Corporation has a 1-year low of $38.72 and a 1-year high of $67.45. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.74.

Occidental Petroleum (NYSE:OXY - Get Free Report) last issued its earnings results on Wednesday, February 18th. The oil and gas producer reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.13. The business had revenue of $5.11 billion for the quarter, compared to analysts' expectations of $6.02 billion. Occidental Petroleum had a return on equity of 9.89% and a net margin of 9.14%.The business's revenue for the quarter was down 5.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.80 EPS. Analysts predict that Occidental Petroleum Corporation will post 4.01 EPS for the current fiscal year.

Occidental Petroleum Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 10th were issued a dividend of $0.26 per share. The ex-dividend date was Tuesday, March 10th. This represents a $1.04 annualized dividend and a dividend yield of 1.8%. This is an increase from Occidental Petroleum's previous quarterly dividend of $0.24. Occidental Petroleum's payout ratio is presently 64.60%.

Occidental Petroleum 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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