Quantbot Technologies LP Takes $2.98 Million Position in Occidental Petroleum Corporation $OXY

Key Points

• Quantbot Technologies LP has acquired a new stake in Occidental Petroleum, purchasing 60,346 shares valued at approximately $2.98 million, as per its recent 13F filing with the SEC.
• Analysts have recently adjusted their target prices for Occidental Petroleum, with Citigroup raising it from $42 to $44, while UBS increased theirs to $45, and Morgan Stanley set it at $52.
• Occidental Petroleum announced a quarterly dividend of $0.24 per share, with an annualized yield of 2.2%, set to be paid on October 15 for investors of record by September 10.

Quantbot Technologies LP acquired a new stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 60,346 shares of the oil and gas producer's stock, valued at approximately $2,979,000.

Several other institutional investors have also modified their holdings of the company. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of 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 buying an additional 274 shares during the period. Freestone Capital Holdings LLC lifted its holdings in shares of Occidental Petroleum by 4.2% in the first quarter. Freestone Capital Holdings LLC now owns 7,521 shares of the oil and gas producer's stock valued at $371,000 after buying an additional 304 shares during the period. World Investment Advisors lifted its holdings in shares of Occidental Petroleum by 6.6% in the first quarter. World Investment Advisors now owns 4,912 shares of the oil and gas producer's stock valued at $242,000 after buying an additional 306 shares during the period. Koshinski Asset Management Inc. lifted its holdings in shares of Occidental Petroleum by 1.0% in the first quarter. Koshinski Asset Management Inc. now owns 32,736 shares of the oil and gas producer's stock valued at $1,616,000 after buying an additional 309 shares during the period. Finally, Aaron Wealth Advisors LLC lifted its holdings in shares of Occidental Petroleum by 4.9% in the first quarter. Aaron Wealth Advisors LLC now owns 6,663 shares of the oil and gas producer's stock valued at $329,000 after buying an additional 310 shares during the period. Institutional investors and hedge funds own 88.70% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently commented on OXY. Citigroup upped their target price on Occidental Petroleum from $42.00 to $44.00 and gave the company a "neutral" rating in a report on Monday, May 19th. Morgan Stanley reaffirmed an "equal weight" rating and set a $52.00 target price on shares of Occidental Petroleum in a report on Monday. UBS Group upped their target price on Occidental Petroleum from $42.00 to $45.00 and gave the company a "neutral" rating in a report on Wednesday. Scotiabank upped their target price on Occidental Petroleum from $40.00 to $45.00 and gave the company a "sector perform" rating in a report on Friday, July 11th. Finally, Melius began coverage on Occidental Petroleum in a report on Wednesday. They set a "hold" rating and a $64.00 target price for the company. Four analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $54.65.

Occidental Petroleum Stock Up 0.6%

NYSE:OXY opened at $44.2450 on Thursday. The firm has a market capitalization of $43.56 billion, a price-to-earnings ratio of 26.18 and a beta of 0.91. Occidental Petroleum Corporation has a 1-year low of $34.78 and a 1-year high of $58.47. The company has a current ratio of 1.05, a quick ratio of 0.83 and a debt-to-equity ratio of 0.84. The business's fifty day moving average price is $44.18 and its 200 day moving average price is $44.11.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. The firm 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%.Occidental Petroleum's quarterly revenue was down 6.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.03 earnings per share. On average, sell-side analysts forecast that Occidental Petroleum Corporation will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, September 10th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Wednesday, September 10th. Occidental Petroleum's payout ratio is presently 56.80%.

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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