Ping Capital Management Inc. Buys 10,000 Shares of Occidental Petroleum Corporation (NYSE:OXY)

Ping Capital Management Inc. increased its position in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 66.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 25,000 shares of the oil and gas producer's stock after purchasing an additional 10,000 shares during the quarter. Occidental Petroleum makes up about 0.5% of Ping Capital Management Inc.'s investment portfolio, making the stock its 24th largest holding. Ping Capital Management Inc.'s holdings in Occidental Petroleum were worth $1,234,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Altshuler Shaham Ltd purchased a new position in Occidental Petroleum during the fourth quarter valued at $26,000. VSM Wealth Advisory LLC purchased a new position in Occidental Petroleum during the fourth quarter valued at $27,000. Bernard Wealth Management Corp. purchased a new position in Occidental Petroleum during the fourth quarter valued at $32,000. Grove Bank & Trust raised its stake in Occidental Petroleum by 129.2% during 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 during the last quarter. Finally, American National Bank & Trust purchased a new position in Occidental Petroleum during the first quarter valued at $39,000. Hedge funds and other institutional investors own 88.70% of the company's stock.

Occidental Petroleum Stock Performance

Shares of OXY traded up $0.08 during trading hours on Friday, hitting $43.63. The stock had a trading volume of 11,719,864 shares, compared to its average volume of 12,051,490. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.01 and a quick ratio of 0.79. Occidental Petroleum Corporation has a 12 month low of $34.79 and a 12 month high of $64.04. The firm has a market capitalization of $42.94 billion, a PE ratio of 17.74 and a beta of 0.84. The stock has a fifty day moving average price of $43.39 and a 200 day moving average price of $45.14.

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

Occidental Petroleum Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Tuesday, June 10th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.20%. The ex-dividend date of this dividend was Tuesday, June 10th. Occidental Petroleum's dividend payout ratio is presently 39.02%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on OXY. Barclays lifted their price objective on Occidental Petroleum from $46.00 to $48.00 and gave the company an "equal weight" rating in a research note on Thursday, May 8th. Mizuho lowered their price objective on Occidental Petroleum from $60.00 to $58.00 and set a "neutral" rating for the company in a research note on Tuesday, May 13th. UBS Group reduced their target price on Occidental Petroleum from $44.00 to $38.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Susquehanna reduced their target price on Occidental Petroleum from $59.00 to $55.00 and set a "positive" rating for the company in a report on Tuesday, April 22nd. Finally, Citigroup lifted their target price on Occidental Petroleum from $42.00 to $44.00 and gave the stock a "neutral" rating in a report on Monday, May 19th. Three analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $53.71.

Occidental Petroleum Company 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.