Shell Asset Management Co. grew its stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 46.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 31,975 shares of the oil and gas producer's stock after purchasing an additional 10,067 shares during the period. Shell Asset Management Co.'s holdings in Occidental Petroleum were worth $1,343,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Northeast Financial Consultants Inc boosted its stake in shares of Occidental Petroleum by 0.4% in the 1st quarter. Northeast Financial Consultants Inc now owns 58,549 shares of the oil and gas producer's stock valued at $2,890,000 after buying an additional 242 shares during the period. S.A. Mason LLC boosted its stake in shares of Occidental Petroleum by 5.9% in the 2nd quarter. S.A. Mason LLC now owns 5,306 shares of the oil and gas producer's stock valued at $223,000 after buying an additional 295 shares during the period. Moody National Bank Trust Division boosted its stake in shares of Occidental Petroleum by 2.0% in the 2nd quarter. Moody National Bank Trust Division now owns 15,326 shares of the oil and gas producer's stock valued at $644,000 after buying an additional 300 shares during the period. Freestone Capital Holdings LLC boosted its stake in shares of Occidental Petroleum by 4.2% in the 1st quarter. Freestone Capital Holdings LLC now owns 7,521 shares of the oil and gas producer's stock valued at $371,000 after buying an additional 304 shares during the period. Finally, World Investment Advisors boosted its stake in shares of Occidental Petroleum by 6.6% in the 1st quarter. World Investment Advisors now owns 4,912 shares of the oil and gas producer's stock valued at $242,000 after buying an additional 306 shares during the period. Hedge funds and other institutional investors own 88.70% of the company's stock.
Analysts Set New Price Targets
OXY has been the subject of several recent research reports. Melius Research initiated coverage on Occidental Petroleum in a research note on Wednesday, August 20th. They issued a "hold" rating and a $64.00 price objective for the company. Morgan Stanley reiterated an "equal weight" rating and issued a $52.00 price objective on shares of Occidental Petroleum in a research note on Monday, August 18th. HSBC upgraded Occidental Petroleum from a "hold" rating to a "buy" rating and lifted their price objective for the company from $48.00 to $55.00 in a research note on Friday, October 3rd. Mizuho raised Occidental Petroleum from a "neutral" rating to an "outperform" rating and raised their target price for the stock from $58.00 to $60.00 in a research report on Friday, October 3rd. Finally, Melius began coverage on Occidental Petroleum in a research report on Wednesday, August 20th. They set a "hold" rating and a $64.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, sixteen have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Occidental Petroleum has an average rating of "Hold" and a consensus price target of $52.52.
View Our Latest Research Report on OXY
Occidental Petroleum Price Performance
Shares of NYSE OXY opened at $44.50 on Friday. The firm has a market capitalization of $43.80 billion, a PE ratio of 26.33 and a beta of 0.95. Occidental Petroleum Corporation has a fifty-two week low of $34.78 and a fifty-two week high of $55.24. The stock's 50-day simple moving average is $45.64 and its 200-day simple moving average is $43.74. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.83 and a current ratio of 1.05.
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 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. The company had revenue of $6.41 billion for the quarter, compared to analyst estimates of $6.29 billion. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%.The firm's revenue was down 6.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.03 earnings per share. As a group, equities research analysts forecast that Occidental Petroleum Corporation will post 3.58 EPS for the current fiscal year.
Occidental Petroleum Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, September 10th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $0.96 annualized dividend and a yield of 2.2%. Occidental Petroleum's payout ratio is 56.80%.
Occidental Petroleum Profile
(
Free Report)
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.
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