Portfolio Design Labs LLC Invests $1.10 Million in Occidental Petroleum Corporation $OXY

Key Points

• Portfolio Design Labs LLC bought 22,680 Occidental Petroleum shares during the second quarter, valued at approximately $1.10 million. Institutional ownership remains high at 88.7%.
• Analyst views remain mixed: the stock carries a consensus “Hold” rating and a $64.83 target price, while recent targets ranged from $60 to $79. CEO Richard A. Jackson also purchased 4,770 shares.
• Occidental reported strong quarterly results, with $2.40 in EPS and $8.06 billion in revenue, beating estimates and marking 53.4% year-over-year revenue growth. The company also raised its quarterly dividend to $0.28 per share.

Portfolio Design Labs LLC purchased a new stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 22,680 shares of the oil and gas producer's stock, valued at approximately $1,102,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in OXY. Bank of New York Mellon Corp lifted its holdings in Occidental Petroleum by 84.8% during the second quarter. Bank of New York Mellon Corp now owns 10,643,916 shares of the oil and gas producer's stock valued at $516,975,000 after purchasing an additional 4,882,834 shares in the last quarter. Danske Bank A S purchased a new stake in shares of Occidental Petroleum during the second quarter worth about $172,413,000. Dimensional Fund Advisors LP raised its position in shares of Occidental Petroleum by 21.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer's stock worth $436,008,000 after purchasing an additional 1,883,721 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Occidental Petroleum by 54.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,959,638 shares of the oil and gas producer's stock worth $162,820,000 after purchasing an additional 1,393,638 shares during the last quarter. Finally, Wellington Management Group LLP lifted its stake in Occidental Petroleum by 1,029.9% in the 3rd quarter. Wellington Management Group LLP now owns 1,493,747 shares of the oil and gas producer's stock valued at $70,580,000 after buying an additional 1,361,541 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company's stock.

Insider Buying and Selling at Occidental Petroleum

In other Occidental Petroleum news, CEO Richard A. Jackson acquired 4,770 shares of the business's stock in a transaction that occurred on Tuesday, June 23rd. The stock was purchased at an average cost of $52.38 per share, with a total value of $249,852.60. Following the transaction, the chief executive officer owned 444,098 shares of the company's stock, valued at $23,261,853.24. This trade represents a 1.09% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.50% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have commented on OXY shares. Wall Street Zen upgraded Occidental Petroleum from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. The Goldman Sachs Group decreased their target price on Occidental Petroleum from $64.00 to $60.00 and set a "neutral" rating on the stock in a research report on Tuesday, June 30th. Wells Fargo & Company lifted their price target on Occidental Petroleum from $72.00 to $79.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. Weiss Ratings raised Occidental Petroleum from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, August 11th. Finally, Susquehanna raised their price objective on Occidental Petroleum from $67.00 to $70.00 and gave the company a "positive" rating in a report on Tuesday, August 11th. Ten investment analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the company's stock. According to data from MarketBeat, Occidental Petroleum has a consensus rating of "Hold" and a consensus target price of $64.83.

Occidental Petroleum Stock Up 2.3%

Shares of NYSE OXY opened at $61.48 on Friday. The company has a 50 day simple moving average of $54.46 and a 200-day simple moving average of $55.43. The company has a market capitalization of $61.46 billion, a P/E ratio of 9.52, a P/E/G ratio of 0.81 and a beta of 0.15. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.13. Occidental Petroleum Corporation has a 1 year low of $38.80 and a 1 year high of $67.45.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 EPS for the quarter, beating analysts' consensus estimates of $1.83 by $0.57. The firm had revenue of $8.06 billion for the quarter, compared to analysts' expectations of $7.07 billion. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.The firm's quarterly revenue was up 53.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.39 earnings per share. On average, equities research analysts predict that Occidental Petroleum Corporation will post 5.81 earnings per share for the current year.

Occidental Petroleum Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, September 10th will be issued a dividend of $0.28 per share. The ex-dividend date is Thursday, September 10th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.8%. This is a boost from Occidental Petroleum's previous quarterly dividend of $0.26. Occidental Petroleum's dividend payout ratio (DPR) 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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