OVERSEA CHINESE BANKING Corp Ltd Acquires New Shares in Occidental Petroleum Corporation (NYSE:OXY)

Key Points

• Oversea Chinese Banking Corp Ltd acquired a new stake in Occidental Petroleum, purchasing 25,735 shares valued at approximately $1,274,000.
• Institutional investors and hedge funds collectively own 88.70% of Occidental Petroleum's stock, indicating significant institutional interest in the company.
• Occidental Petroleum recently declared a quarterly dividend of $0.24 per share, reflecting an annual yield of 2.2% and a payout ratio of 39.02%.

OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 25,735 shares of the oil and gas producer's stock, valued at approximately $1,274,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Altshuler Shaham Ltd bought a new stake in Occidental Petroleum during the fourth quarter worth approximately $26,000. Bernard Wealth Management Corp. bought a new position in shares of Occidental Petroleum in the fourth quarter valued at $32,000. Grove Bank & Trust increased its holdings in shares of Occidental Petroleum by 129.2% in the first quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer's stock valued at $36,000 after buying an additional 407 shares in the last quarter. American National Bank & Trust bought a new position in shares of Occidental Petroleum in the first quarter valued at $39,000. Finally, Quarry LP increased its holdings in shares of Occidental Petroleum by 615.2% in the fourth quarter. Quarry LP now owns 987 shares of the oil and gas producer's stock valued at $49,000 after buying an additional 849 shares in the last quarter. Institutional investors own 88.70% of the company's stock.

Occidental Petroleum Stock Down 0.7%

Shares of Occidental Petroleum stock traded down $0.29 on Tuesday, hitting $42.57. 1,899,333 shares of the company traded hands, compared to its average volume of 12,016,451. The company has a 50-day moving average price of $43.76 and a 200 day moving average price of $44.50. The company has a quick ratio of 0.79, a current ratio of 1.01 and a debt-to-equity ratio of 0.90. Occidental Petroleum Corporation has a 12-month low of $34.78 and a 12-month high of $59.31. The company has a market cap of $41.90 billion, a PE ratio of 17.32 and a beta of 0.91.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The oil and gas producer reported $0.87 EPS for the quarter, beating the consensus estimate of $0.74 by $0.13. Occidental Petroleum had a net margin of 11.20% and a return on equity of 16.60%. The business had revenue of $6.80 billion for the quarter, compared to analysts' expectations of $6.97 billion. During the same period in the previous year, the company posted $0.63 EPS. Occidental Petroleum's revenue was up 13.9% on a year-over-year basis. Sell-side analysts predict that Occidental Petroleum Corporation will post 3.58 earnings per share for the current year.

Occidental Petroleum Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, September 10th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Wednesday, September 10th. Occidental Petroleum's payout ratio is presently 39.02%.

Analyst Ratings Changes

OXY has been the topic of several research reports. Scotiabank upped their price target on Occidental Petroleum from $40.00 to $45.00 and gave the company a "sector perform" rating in a report on Friday, July 11th. UBS Group dropped their price target on Occidental Petroleum from $44.00 to $38.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. TD Cowen cut Occidental Petroleum from a "buy" rating to a "hold" rating and dropped their price target for the company from $68.00 to $45.00 in a report on Tuesday, April 8th. Citigroup upped their price target on Occidental Petroleum from $42.00 to $44.00 and gave the company a "neutral" rating in a report on Monday, May 19th. Finally, JPMorgan Chase & Co. upped their price target on Occidental Petroleum from $47.00 to $48.00 and gave the company a "neutral" rating in a report on Tuesday, July 15th. Three analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, Occidental Petroleum has an average rating of "Hold" and an average price target of $53.71.

About Occidental Petroleum

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.