Occidental Petroleum Corporation $OXY Stock Position Raised by Chevy Chase Trust Holdings LLC

Key Points

• Chevy Chase Trust Holdings LLC increased its position in Occidental Petroleum by 5.8% during the 2nd quarter, now holding 375,281 shares valued at $15.77 million.
• Occidental Petroleum recently declared a quarterly dividend of $0.24 per share, resulting in an annualized yield of 2.3%.
• The company's stock has a consensus rating of "Hold", with analysts providing a price target average of $52.43.

Chevy Chase Trust Holdings LLC lifted its position in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 5.8% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 375,281 shares of the oil and gas producer's stock after acquiring an additional 20,528 shares during the quarter. Chevy Chase Trust Holdings LLC's holdings in Occidental Petroleum were worth $15,766,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the company. Caitong International Asset Management Co. Ltd acquired a new position in Occidental Petroleum in the 1st quarter valued at approximately $39,000. Spectrum Wealth Counsel LLC increased its stake in Occidental Petroleum by 5,000.0% in the 1st quarter. Spectrum Wealth Counsel LLC now owns 1,020 shares of the oil and gas producer's stock valued at $50,000 after buying an additional 1,000 shares during the period. Ransom Advisory Ltd acquired a new position in Occidental Petroleum in the 1st quarter valued at approximately $54,000. Quarry LP increased its stake in Occidental Petroleum by 69.7% in the 1st quarter. Quarry LP now owns 1,675 shares of the oil and gas producer's stock valued at $83,000 after buying an additional 688 shares during the period. Finally, Harvest Fund Management Co. Ltd acquired a new position in Occidental Petroleum in the 1st quarter valued at approximately $95,000. Hedge funds and other institutional investors own 88.70% of the company's stock.

Occidental Petroleum Stock Down 0.3%

Occidental Petroleum stock opened at $40.91 on Friday. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.05 and a quick ratio of 0.83. Occidental Petroleum Corporation has a fifty-two week low of $34.78 and a fifty-two week high of $53.20. The firm has a fifty day moving average price of $45.46 and a two-hundred day moving average price of $43.39. The firm has a market cap of $40.28 billion, a price-to-earnings ratio of 24.21 and a beta of 0.95.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.38 by $0.01. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. The company had revenue of $6.41 billion during the quarter, compared to analysts' expectations of $6.29 billion. During the same period in the prior year, the company earned $1.03 earnings per share. The business's quarterly revenue was down 6.1% compared to the same quarter last year. As a group, analysts forecast that Occidental Petroleum Corporation will post 3.58 earnings per share for the current year.

Occidental Petroleum Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Wednesday, September 10th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date was Wednesday, September 10th. Occidental Petroleum's dividend payout ratio is 56.80%.

Wall Street Analyst Weigh In

Several research firms have weighed in on OXY. Wells Fargo & Company began coverage on shares of Occidental Petroleum in a research note on Friday. They issued an "underweight" rating and a $42.00 price objective on the stock. Evercore ISI dropped their price objective on shares of Occidental Petroleum from $40.00 to $38.00 and set an "underperform" rating on the stock in a research note on Friday, October 3rd. HSBC upgraded shares of Occidental Petroleum from a "hold" rating to a "buy" rating and raised their price target for the company from $48.00 to $55.00 in a report on Friday, October 3rd. Mizuho raised shares of Occidental Petroleum from a "neutral" rating to an "outperform" rating and increased their target price for the stock from $58.00 to $60.00 in a research report on Friday, October 3rd. Finally, Melius Research started coverage on Occidental Petroleum in a research report on Wednesday, August 20th. They issued a "hold" rating and a $64.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, fifteen have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $52.43.

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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