Price T Rowe Associates Inc. MD Has $48.20 Million Stock Position in Occidental Petroleum Corporation $OXY

Key Points

• Price T Rowe Associates Inc. MD increased its stake in Occidental Petroleum by 2.3%, owning approximately $48.20 million worth of shares post-acquisition.
• Institutional investors own 88.70% of Occidental Petroleum, with notable stakes increased by Berkshire Hathaway and Vanguard Group.
• Occidental Petroleum recently reported an EPS of $0.39 for the quarter, exceeding expectations, and announced a quarterly dividend of $0.24 per share.

Price T Rowe Associates Inc. MD lifted its stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 2.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 976,526 shares of the oil and gas producer's stock after acquiring an additional 21,754 shares during the period. Price T Rowe Associates Inc. MD owned approximately 0.10% of Occidental Petroleum worth $48,202,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Berkshire Hathaway Inc grew its stake in shares of Occidental Petroleum by 3.5% in the fourth quarter. Berkshire Hathaway Inc now owns 264,178,414 shares of the oil and gas producer's stock worth $13,053,055,000 after acquiring an additional 8,896,890 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Occidental Petroleum by 17.8% during the first quarter. Vanguard Group Inc. now owns 80,230,989 shares of the oil and gas producer's stock valued at $3,960,202,000 after acquiring an additional 12,107,285 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Occidental Petroleum by 9.6% during the first quarter. Dimensional Fund Advisors LP now owns 8,128,136 shares of the oil and gas producer's stock valued at $401,162,000 after acquiring an additional 710,220 shares during the period. Northern Trust Corp lifted its holdings in shares of Occidental Petroleum by 1.6% during the first quarter. Northern Trust Corp now owns 7,175,439 shares of the oil and gas producer's stock valued at $354,180,000 after acquiring an additional 110,378 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Occidental Petroleum by 4.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 4,432,722 shares of the oil and gas producer's stock valued at $218,799,000 after acquiring an additional 195,742 shares during the period. Institutional investors and hedge funds own 88.70% of the company's stock.

Occidental Petroleum Stock Performance

NYSE:OXY opened at $46.08 on Wednesday. The stock's 50-day simple moving average is $44.18 and its 200 day simple moving average is $44.05. The firm has a market capitalization of $45.36 billion, a PE ratio of 27.27 and a beta of 0.91. The company has a quick ratio of 0.83, a current ratio of 1.05 and a debt-to-equity ratio of 0.84. Occidental Petroleum Corporation has a twelve month low of $34.78 and a twelve month high of $57.57.

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

Occidental Petroleum Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, September 10th will be given a $0.24 dividend. The ex-dividend date is Wednesday, September 10th. This represents a $0.96 annualized dividend and a yield of 2.1%. Occidental Petroleum's dividend payout ratio (DPR) is currently 56.80%.

Analysts Set New Price Targets

OXY has been the subject of a number of analyst reports. Melius Research began coverage on Occidental Petroleum in a report on Wednesday, August 20th. They set a "hold" rating and a $64.00 price objective for the company. Melius began coverage on Occidental Petroleum in a report on Wednesday, August 20th. They issued a "hold" rating and a $64.00 price target for the company. Wall Street Zen cut Occidental Petroleum from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Mizuho cut their price target on Occidental Petroleum from $60.00 to $58.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. Finally, Citigroup lifted 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. Four analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $54.65.

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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