Sei Investments Co. Raises Stock Holdings in Occidental Petroleum Corporation $OXY

Key Points

• Sei Investments Co. increased its Occidental Petroleum stake by 247% in Q1, adding 1.23 million shares to bring its total holdings to 1.73 million shares worth about $112.7 million.
• Occidental also saw continued interest from other institutions, while CEO Richard A. Jackson bought 4,770 shares in June, a transaction valued at about $249,853.
• The company reported better-than-expected earnings of $1.06 per share and pays a quarterly dividend of $0.26 per share, while analysts currently rate the stock a consensus Hold with a target price of $64.17.

Sei Investments Co. boosted its holdings in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 247.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,734,052 shares of the oil and gas producer's stock after acquiring an additional 1,234,350 shares during the quarter. Sei Investments Co. owned 0.17% of Occidental Petroleum worth $112,719,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of OXY. Dimensional Fund Advisors LP lifted its position in shares of Occidental Petroleum by 21.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer's stock worth $436,008,000 after purchasing an additional 1,883,721 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Occidental Petroleum by 44.6% in the 1st quarter. Bank of New York Mellon Corp now owns 5,761,082 shares of the oil and gas producer's stock worth $374,470,000 after buying an additional 1,776,922 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Occidental Petroleum by 54.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,959,638 shares of the oil and gas producer's stock valued at $162,820,000 after buying an additional 1,393,638 shares in the last quarter. Wellington Management Group LLP boosted its position in Occidental Petroleum by 1,029.9% in the 3rd quarter. Wellington Management Group LLP now owns 1,493,747 shares of the oil and gas producer's stock valued at $70,580,000 after buying an additional 1,361,541 shares during the period. Finally, Invesco Ltd. boosted its position in Occidental Petroleum by 18.9% in the 4th quarter. Invesco Ltd. now owns 6,730,847 shares of the oil and gas producer's stock valued at $276,772,000 after buying an additional 1,071,948 shares during the period. Institutional investors own 88.70% of the company's stock.

Insider Transactions at Occidental Petroleum

In other news, CEO Richard A. Jackson purchased 4,770 shares of the business's stock in a transaction on Tuesday, June 23rd. The shares were acquired at an average cost of $52.38 per share, with a total value of $249,852.60. Following the completion of the acquisition, the chief executive officer owned 444,098 shares of the company's stock, valued at $23,261,853.24. This trade represents a 1.09% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.50% of the company's stock.

Occidental Petroleum Price Performance

OXY opened at $57.68 on Friday. The firm has a market capitalization of $57.37 billion, a PE ratio of 14.53 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. The business's 50-day moving average is $54.85 and its two-hundred day moving average is $53.47. 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 released its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $1.06 EPS for the quarter, beating the consensus estimate of $0.60 by $0.46. Occidental Petroleum had a net margin of 19.98% and a return on equity of 9.65%. The business had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.44 billion. During the same period in the prior year, the firm posted $0.14 earnings per share. The company's quarterly revenue was down 8.3% on a year-over-year basis. Research analysts anticipate that Occidental Petroleum Corporation will post 5.66 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Wednesday, June 10th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 1.8%. The ex-dividend date was Wednesday, June 10th. Occidental Petroleum's dividend payout ratio (DPR) is 26.20%.

Analyst Upgrades and Downgrades

OXY has been the subject of a number of research reports. Raymond James Financial boosted their price target on Occidental Petroleum from $64.00 to $75.00 and gave the company an "outperform" rating in a report on Monday, May 4th. Citigroup reduced their price objective on Occidental Petroleum from $62.00 to $60.00 and set a "neutral" rating on the stock in a report on Friday, July 17th. Barclays raised Occidental Petroleum from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $59.00 to $72.00 in a research report on Tuesday, May 26th. Weiss Ratings lowered shares of Occidental Petroleum from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, June 23rd. Finally, Wolfe Research upped their price target on shares of Occidental Petroleum from $67.00 to $70.00 and gave the stock an "outperform" rating in a research report on Monday, April 6th. Ten analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $64.17.

Occidental Petroleum Company 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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