Quantitative Investment Management LLC Buys New Shares in Occidental Petroleum Corporation $OXY

Key Points

• Quantitative Investment Management LLC invested approximately $2.14 million in Occidental Petroleum Corporation by acquiring 43,389 shares in the first quarter.
• Analysts have raised their target price for Occidental Petroleum, with Scotiabank raising it from $40.00 to $45.00 and Citigroup from $42.00 to $44.00, reflecting positive sentiment on the stock.
• Occidental Petroleum announced a quarterly dividend of $0.24 per share, with a dividend yield of 2.1%, to be paid on October 15th.

Quantitative Investment Management LLC bought a new position in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 43,389 shares of the oil and gas producer's stock, valued at approximately $2,141,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Southeast Asset Advisors LLC boosted its holdings in Occidental Petroleum by 522.8% during the first quarter. Southeast Asset Advisors LLC now owns 26,209 shares of the oil and gas producer's stock worth $1,294,000 after buying an additional 22,001 shares during the last quarter. Jump Financial LLC boosted its holdings in Occidental Petroleum by 23.8% during the first quarter. Jump Financial LLC now owns 459,872 shares of the oil and gas producer's stock worth $22,699,000 after buying an additional 88,418 shares during the last quarter. APG Asset Management N.V. boosted its holdings in Occidental Petroleum by 44.3% during the first quarter. APG Asset Management N.V. now owns 201,993 shares of the oil and gas producer's stock worth $9,230,000 after buying an additional 62,014 shares during the last quarter. AlphaQuest LLC lifted its holdings in Occidental Petroleum by 168.8% during the first quarter. AlphaQuest LLC now owns 8,650 shares of the oil and gas producer's stock worth $427,000 after acquiring an additional 5,432 shares in the last quarter. Finally, Allstate Corp lifted its holdings in Occidental Petroleum by 42.6% during the first quarter. Allstate Corp now owns 27,206 shares of the oil and gas producer's stock worth $1,343,000 after acquiring an additional 8,132 shares in the last quarter. Institutional investors own 88.70% of the company's stock.

Occidental Petroleum Stock Up 1.4%

Shares of OXY traded up $0.66 during mid-day trading on Thursday, hitting $47.53. 7,982,064 shares of the company's stock were exchanged, compared to its average volume of 11,816,473. The company has a market cap of $46.79 billion, a PE ratio of 28.12 and a beta of 0.91. Occidental Petroleum Corporation has a 52 week low of $34.78 and a 52 week high of $57.57. The company has a 50-day simple moving average of $44.21 and a 200 day simple moving average of $44.07. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.05 and a quick ratio of 0.83.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.38 by $0.01. The business had revenue of $6.41 billion for 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%.Occidental Petroleum's quarterly revenue was down 6.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.03 earnings per share. On average, research analysts forecast that Occidental Petroleum Corporation will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, September 10th will be given a $0.24 dividend. 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 currently 56.80%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on OXY shares. Piper Sandler lifted their target price on Occidental Petroleum from $48.00 to $50.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. JPMorgan Chase & Co. lifted their price target on shares of Occidental Petroleum from $47.00 to $48.00 and gave the company a "neutral" rating in a research note on Tuesday, July 15th. Wells Fargo & Company reduced their price target on shares of Occidental Petroleum from $47.00 to $46.00 and set an "equal weight" rating for the company in a report on Tuesday, July 15th. Melius Research initiated coverage on shares of Occidental Petroleum in a report on Wednesday, August 20th. They set a "hold" rating and a $64.00 price objective on the stock. Finally, Barclays upped their target price on shares of Occidental Petroleum from $46.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 8th. Four research analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $54.65.

Occidental Petroleum 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.