Readystate Asset Management LP Takes Position in Occidental Petroleum Corporation $OXY

Key Points

• Readystate Asset Management purchased 90,181 Occidental Petroleum shares worth approximately $5.86 million in the first quarter. Institutional investors and hedge funds collectively own 88.7% of OXY.
• Occidental reported first-quarter EPS of $1.06, beating consensus estimates of $0.60, though revenue fell 8.3% year over year to $5.11 billion. The company maintains a quarterly dividend of $0.26 per share, yielding about 1.9%.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $64.17 versus the stock’s reported price of $54.01. CEO Richard A. Jackson also bought 4,770 shares for roughly $250,000.

Readystate Asset Management LP purchased a new stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 90,181 shares of the oil and gas producer's stock, valued at approximately $5,862,000.

Other large investors have also added to or reduced their stakes in the company. Woodline Partners LP grew its holdings in shares of Occidental Petroleum by 40.7% during the 1st quarter. Woodline Partners LP now owns 57,079 shares of the oil and gas producer's stock worth $2,817,000 after purchasing an additional 16,506 shares in the last quarter. Marshall Wace LLP acquired a new position in Occidental Petroleum in the second quarter valued at about $4,584,000. Federated Hermes Inc. raised its stake in Occidental Petroleum by 696.7% in the second quarter. Federated Hermes Inc. now owns 23,997 shares of the oil and gas producer's stock valued at $1,008,000 after purchasing an additional 20,985 shares in the last quarter. Daiwa Securities Group Inc. lifted its position in Occidental Petroleum by 7.4% during the second quarter. Daiwa Securities Group Inc. now owns 105,767 shares of the oil and gas producer's stock worth $4,443,000 after purchasing an additional 7,285 shares during the period. Finally, AXA S.A. grew its stake in Occidental Petroleum by 24.3% during the second quarter. AXA S.A. now owns 136,625 shares of the oil and gas producer's stock worth $5,740,000 after buying an additional 26,741 shares in the last quarter. Institutional investors and hedge funds own 88.70% of the company's stock.

Occidental Petroleum Price Performance

Shares of NYSE:OXY opened at $54.01 on Wednesday. The firm has a 50 day simple moving average of $54.58 and a 200 day simple moving average of $53.77. The company has a market cap of $53.72 billion, a price-to-earnings ratio of 13.60 and a beta of 0.15. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.21 and a quick ratio of 1.01. Occidental Petroleum Corporation has a one year low of $38.80 and a one year high of $67.45.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $1.06 EPS for the quarter, beating analysts' consensus estimates of $0.60 by $0.46. The company had revenue of $5.11 billion during the quarter, compared to analysts' expectations of $5.44 billion. Occidental Petroleum had a return on equity of 9.65% and a net margin of 19.98%.Occidental Petroleum's revenue was down 8.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.14 EPS. Research analysts predict that Occidental Petroleum Corporation will post 5.66 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Wednesday, June 10th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Wednesday, June 10th. Occidental Petroleum's dividend payout ratio (DPR) is presently 26.20%.

Insider Buying and Selling at Occidental Petroleum

In other news, CEO Richard A. Jackson purchased 4,770 shares of Occidental Petroleum stock in a transaction dated Tuesday, June 23rd. The shares were bought at an average cost of $52.38 per share, for a total transaction of $249,852.60. Following the completion of the acquisition, the chief executive officer owned 444,098 shares in the company, valued at approximately $23,261,853.24. This trade represents a 1.09% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.50% of the company's stock.

Analyst Ratings Changes

OXY has been the subject of several analyst reports. Roth Capital boosted their target price on shares of Occidental Petroleum from $45.00 to $55.00 and gave the company a "neutral" rating in a research report on Wednesday, April 15th. UBS Group reduced their price target 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. Truist Financial decreased their price objective on shares of Occidental Petroleum from $65.00 to $57.00 and set a "hold" rating on the stock in a research note on Friday, May 8th. Citigroup lowered their price objective on shares of Occidental Petroleum from $62.00 to $60.00 and set a "neutral" rating for the company in a research report on Friday, July 17th. Finally, Raymond James Financial upped their target price on Occidental Petroleum from $64.00 to $75.00 and gave the stock an "outperform" rating in a research note on Monday, May 4th. Ten research analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the company. According to MarketBeat, Occidental Petroleum has a consensus rating of "Hold" and a consensus price target of $64.17.

About Occidental Petroleum

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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