Quantitative Investment Management LLC Takes Position in Occidental Petroleum Corporation $OXY

Key Points

• Quantitative Investment Management LLC purchased 58,716 Occidental Petroleum shares worth approximately $2.85 million during the second quarter. Institutional investors collectively own 88.70% of OXY.
• Occidental reported stronger-than-expected quarterly results, with $2.40 in EPS versus the $1.83 estimate and revenue of $8.06 billion, up 53.4% year over year.
• Analysts maintain a generally cautious outlook, with OXY carrying an average “Hold” rating and a $64.83 consensus price target. The company also raised its quarterly dividend to $0.28 per share, implying a 1.9% yield.

Quantitative Investment Management LLC purchased a new position in Occidental Petroleum Corporation (NYSE:OXY - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 58,716 shares of the oil and gas producer's stock, valued at approximately $2,851,000.

Other institutional investors have also recently bought and sold shares of the company. Axiom Investment Management LLC bought a new stake in shares of Occidental Petroleum in the 1st quarter valued at approximately $25,000. GKV Capital Management Co. Inc. bought a new position in Occidental Petroleum during the first quarter valued at approximately $26,000. Portus Wealth Advisors LLC acquired a new stake in Occidental Petroleum in the first quarter valued at approximately $29,000. Hara Capital LLC bought a new stake in Occidental Petroleum in the second quarter worth approximately $25,000. Finally, Ballast Advisors LLC bought a new stake in Occidental Petroleum in the first quarter worth approximately $39,000. Institutional investors and hedge funds own 88.70% of the company's stock.

Insider Buying and Selling at Occidental Petroleum

In other Occidental Petroleum news, CEO Richard A. Jackson bought 4,770 shares of the firm's stock in a transaction that occurred on Tuesday, June 23rd. The stock was purchased at an average price of $52.38 per share, for a total transaction of $249,852.60. Following the purchase, the chief executive officer directly owned 444,098 shares in the company, valued at $23,261,853.24. This trade represents a 1.09% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.50% of the company's stock.

Wall Street Analyst Weigh In

OXY has been the topic of a number of recent research reports. Truist Financial raised their price target on shares of Occidental Petroleum from $57.00 to $63.00 and gave the company a "hold" rating in a report on Monday, August 10th. UBS Group lowered their target price on shares of Occidental Petroleum from $67.00 to $65.00 and set a "neutral" rating on the stock in a research report on Thursday, May 7th. JPMorgan Chase & Co. cut their target price on Occidental Petroleum from $64.00 to $63.00 in a report on Thursday, May 7th. Capital One Financial boosted their price target on Occidental Petroleum from $67.00 to $70.00 in a research report on Wednesday, May 27th. Finally, Citigroup decreased their price target on Occidental Petroleum from $62.00 to $60.00 and set a "neutral" rating for the company in a research note on Friday, July 17th. Ten equities research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company. According to data from MarketBeat.com, Occidental Petroleum presently has an average rating of "Hold" and an average price target of $64.83.

Occidental Petroleum Price Performance

Shares of Occidental Petroleum stock opened at $59.12 on Monday. The company has a current ratio of 1.41, a quick ratio of 1.13 and a debt-to-equity ratio of 0.40. The firm has a fifty day simple moving average of $55.18 and a 200-day simple moving average of $56.01. The stock has a market capitalization of $59.10 billion, a price-to-earnings ratio of 9.15, a PEG ratio of 0.94 and a beta of 0.15. 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 posted its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.83 by $0.57. The business had revenue of $8.06 billion for the quarter, compared to analyst estimates of $7.07 billion. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. Occidental Petroleum's revenue was up 53.4% compared to the same quarter last year. During the same period last year, the business posted $0.39 EPS. On average, sell-side analysts expect that Occidental Petroleum Corporation will post 6.09 earnings per share for the current year.

Occidental Petroleum Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, September 10th will be paid a $0.28 dividend. The ex-dividend date is Thursday, September 10th. This is a boost from Occidental Petroleum's previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.9%. Occidental Petroleum's dividend payout ratio is presently 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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