Resona Asset Management Co. Ltd. Grows Stock Holdings in Occidental Petroleum Corporation (NYSE:OXY)

Key Points

• Resona Asset Management Co. Ltd. increased its holdings in Occidental Petroleum by 20.1%, purchasing an additional 36,715 shares to own a total of 218,947 shares valued at approximately $10.79 million.
• Occidental Petroleum recently reported quarterly earnings of $0.39 EPS, slightly surpassing analyst estimates, although its revenue decreased by 6.1% year-over-year to $6.41 billion.
• The company announced a quarterly dividend of $0.24 per share, with a dividend yield of 2.1%, and a payout ratio of 56.80% as of the latest filing.

Resona Asset Management Co. Ltd. increased its position in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 20.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 218,947 shares of the oil and gas producer's stock after buying an additional 36,715 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Occidental Petroleum were worth $10,790,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Altshuler Shaham Ltd purchased a new position in Occidental Petroleum in the fourth quarter valued at about $26,000. Bernard Wealth Management Corp. acquired a new position in shares of Occidental Petroleum in the fourth quarter valued at approximately $32,000. Grove Bank & Trust boosted its holdings in shares of Occidental Petroleum by 129.2% during the first quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer's stock worth $36,000 after purchasing an additional 407 shares during the last quarter. American National Bank & Trust purchased a new position in shares of Occidental Petroleum during the 1st quarter worth about $39,000. Finally, Quarry LP increased its holdings in shares of Occidental Petroleum by 615.2% during the 4th quarter. Quarry LP now owns 987 shares of the oil and gas producer's stock worth $49,000 after buying an additional 849 shares during the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Citigroup raised their target price on shares of Occidental Petroleum from $42.00 to $44.00 and gave the stock a "neutral" rating in a report on Monday, May 19th. Scotiabank boosted their target price on Occidental Petroleum from $40.00 to $45.00 and gave the stock a "sector perform" rating in a research report on Friday, July 11th. Piper Sandler lifted their price target on Occidental Petroleum from $48.00 to $50.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Wells Fargo & Company cut their price objective on Occidental Petroleum from $47.00 to $46.00 and set an "equal weight" rating for the company in a report on Tuesday, July 15th. Finally, Wall Street Zen lowered shares of Occidental Petroleum from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Occidental Petroleum has an average rating of "Hold" and an average target price of $53.71.

Occidental Petroleum Price Performance

Shares of OXY stock traded down $0.16 during trading hours on Friday, hitting $44.61. 8,755,868 shares of the company's stock were exchanged, compared to its average volume of 9,930,384. The business's 50 day simple moving average is $44.17 and its 200-day simple moving average is $44.19. The company has a current ratio of 1.05, a quick ratio of 0.83 and a debt-to-equity ratio of 0.84. Occidental Petroleum Corporation has a 12-month low of $34.78 and a 12-month high of $58.47. The company has a market capitalization of $43.92 billion, a PE ratio of 26.40 and a beta of 0.91.

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

Occidental Petroleum Dividend Announcement

The business 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. This represents a $0.96 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Wednesday, September 10th. Occidental Petroleum's payout ratio is 56.80%.

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.