Patton Fund Management Inc. Takes Position in Occidental Petroleum Corporation $OXY

Key Points

• Patton Fund Management Inc. has acquired a new stake in Occidental Petroleum Corporation, purchasing 5,457 shares valued at approximately $229,000 in the second quarter.
• Institutional investors currently own 88.70% of Occidental Petroleum's stock, with several firms significantly increasing their holdings, including GAMMA Investing LLC, which boosted its stake by 6,237.1%.
• Occidental Petroleum plans to pay a quarterly dividend of $0.24 per share on October 15th, representing an annualized dividend yield of 2.0%.

Patton Fund Management Inc. acquired a new stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 5,457 shares of the oil and gas producer's stock, valued at approximately $229,000.

A number of other large investors have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC raised its stake in Occidental Petroleum by 25.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 95,888 shares of the oil and gas producer's stock worth $4,738,000 after acquiring an additional 19,734 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Occidental Petroleum by 5.0% during the fourth quarter. Wellington Management Group LLP now owns 108,232 shares of the oil and gas producer's stock worth $5,348,000 after purchasing an additional 5,160 shares during the last quarter. MassMutual Private Wealth & Trust FSB boosted its holdings in Occidental Petroleum by 20.2% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,631 shares of the oil and gas producer's stock valued at $81,000 after acquiring an additional 274 shares during the last quarter. Moody National Bank Trust Division boosted its holdings in Occidental Petroleum by 8.2% in the first quarter. Moody National Bank Trust Division now owns 15,026 shares of the oil and gas producer's stock valued at $742,000 after acquiring an additional 1,145 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in Occidental Petroleum by 6,237.1% in the first quarter. GAMMA Investing LLC now owns 336,438 shares of the oil and gas producer's stock valued at $16,607,000 after acquiring an additional 331,129 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Occidental Petroleum Stock Up 1.0%

NYSE:OXY opened at $47.46 on Monday. The company has a quick ratio of 0.83, a current ratio of 1.05 and a debt-to-equity ratio of 0.84. The firm has a market capitalization of $46.72 billion, a price-to-earnings ratio of 28.08 and a beta of 1.04. Occidental Petroleum Corporation has a twelve month low of $34.78 and a twelve month high of $56.49. The stock's 50 day moving average price is $45.39 and its two-hundred day moving average price is $43.80.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share for the quarter, topping analysts' consensus estimates of $0.38 by $0.01. The business had revenue of $6.41 billion for the quarter, compared to analyst estimates of $6.29 billion. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%.The firm's revenue was down 6.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.03 EPS. Equities research analysts expect that Occidental Petroleum Corporation will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, September 10th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.0%. Occidental Petroleum's payout ratio is presently 56.80%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Melius assumed coverage on Occidental Petroleum in a report on Wednesday, August 20th. They set a "hold" rating and a $64.00 target price on the stock. Melius Research began coverage on Occidental Petroleum in a research report on Wednesday, August 20th. They set a "hold" rating and a $64.00 price target on the stock. Wall Street Zen lowered Occidental Petroleum from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Piper Sandler lifted their target price on Occidental Petroleum from $48.00 to $50.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Finally, Mizuho dropped their target price on Occidental Petroleum from $65.00 to $58.00 and set a "neutral" rating on the stock in a research report on Monday, September 15th. Four analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $54.70.

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.

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