OVERSEA CHINESE BANKING Corp Ltd Acquires Shares of 19,649 Occidental Petroleum Corporation $OXY

Key Points

• Oversea-Chinese Banking Corp. acquired 19,649 Occidental Petroleum shares worth approximately $982,000 in the second quarter. Institutional investors collectively own 88.7% of OXY.
• Analysts maintain a generally cautious outlook, with a consensus “Hold” rating and average price target of $64.83, despite several recent target increases and cuts.
• Occidental reported strong quarterly results, earning $2.40 per share on $8.06 billion in revenue, while raising its quarterly dividend to $0.28 per share, or $1.12 annually.

OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 19,649 shares of the oil and gas producer's stock, valued at approximately $982,000.

Several other large investors have also recently modified their holdings of the stock. Woodline Partners LP increased its position in Occidental Petroleum by 40.7% during the first quarter. Woodline Partners LP now owns 57,079 shares of the oil and gas producer's stock valued at $2,817,000 after acquiring an additional 16,506 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of Occidental Petroleum in the 2nd quarter worth about $4,584,000. Federated Hermes Inc. lifted its holdings in shares of Occidental Petroleum by 696.7% in the 2nd quarter. Federated Hermes Inc. now owns 23,997 shares of the oil and gas producer's stock worth $1,008,000 after acquiring an additional 20,985 shares during the last quarter. Daiwa Securities Group Inc. boosted its stake in shares of Occidental Petroleum by 7.4% during the 2nd quarter. Daiwa Securities Group Inc. now owns 105,767 shares of the oil and gas producer's stock worth $4,443,000 after purchasing an additional 7,285 shares during the period. Finally, AXA S.A. grew its holdings in Occidental Petroleum by 24.3% during the 2nd quarter. AXA S.A. now owns 136,625 shares of the oil and gas producer's stock valued at $5,740,000 after purchasing an additional 26,741 shares during the last quarter. Institutional investors own 88.70% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on OXY shares. JPMorgan Chase & Co. decreased their price target on Occidental Petroleum from $64.00 to $63.00 in a research note on Thursday, May 7th. The Goldman Sachs Group reduced their target price on Occidental Petroleum from $64.00 to $60.00 and set a "neutral" rating on the stock in a research note on Tuesday, June 30th. Raymond James Financial lifted their target price on Occidental Petroleum from $64.00 to $75.00 and gave the stock an "outperform" rating in a research report on Monday, May 4th. Morgan Stanley cut their price target on shares of Occidental Petroleum from $74.00 to $68.00 and set an "equal weight" rating on the stock in a report on Friday, June 26th. Finally, Susquehanna raised their price target on shares of Occidental Petroleum from $67.00 to $70.00 and gave the stock a "positive" rating in a research note on Tuesday, August 11th. Ten investment analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the stock. According to MarketBeat, Occidental Petroleum presently has a consensus rating of "Hold" and an average target price of $64.83.

Insider Buying and Selling

In other Occidental Petroleum news, CEO Richard A. Jackson purchased 4,770 shares of Occidental Petroleum stock in a transaction dated Tuesday, June 23rd. The stock was acquired at an average price of $52.38 per share, for a total transaction of $249,852.60. Following the acquisition, the chief executive officer owned 444,098 shares in the company, valued at $23,261,853.24. This trade represents a 1.09% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.50% of the company's stock.

Occidental Petroleum Trading Down 0.3%

OXY opened at $61.34 on Friday. The stock's fifty day moving average is $54.56 and its two-hundred day moving average is $55.47. The company has a market capitalization of $61.32 billion, a P/E ratio of 9.50, a PEG ratio of 0.80 and a beta of 0.15. Occidental Petroleum Corporation has a 52 week low of $38.80 and a 52 week high of $67.45. The company has a quick ratio of 1.13, a current ratio of 1.41 and a debt-to-equity ratio of 0.40.

Occidental Petroleum (NYSE:OXY - Get Free Report) last issued its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, topping the consensus estimate of $1.83 by $0.57. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.The business had revenue of $8.06 billion during the quarter, compared to analysts' expectations of $7.07 billion. During the same period in the prior year, the business earned $0.39 EPS. The business's revenue for the quarter was up 53.4% compared to the same quarter last year. Analysts forecast that Occidental Petroleum Corporation will post 6.08 earnings per share for the current year.

Occidental Petroleum Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, September 10th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 1.8%. This is a boost from Occidental Petroleum's previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Thursday, September 10th. Occidental Petroleum's payout ratio is currently 16.10%.

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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