Solitude Financial Services Makes New Investment in Occidental Petroleum Corporation (NYSE:OXY)

Key Points

• Solitude Financial Services has acquired a new stake in Occidental Petroleum, purchasing 8,779 shares valued at approximately $433,000.
• Recent price target adjustments by analysts include a reduction by UBS Group from $44.00 to $38.00, while Barclays increased theirs from $46.00 to $48.00.
• Occidental Petroleum has announced a quarterly dividend of $0.24 per share, which will be paid on October 15th, representing a 2.2% yield.

Solitude Financial Services acquired a new stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 8,779 shares of the oil and gas producer's stock, valued at approximately $433,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of OXY. Wellington Management Group LLP increased its position in Occidental Petroleum by 5.0% during the fourth quarter. Wellington Management Group LLP now owns 108,232 shares of the oil and gas producer's stock worth $5,348,000 after purchasing an additional 5,160 shares during the last quarter. World Investment Advisors purchased a new stake in Occidental Petroleum during the fourth quarter worth approximately $228,000. Resona Asset Management Co. Ltd. acquired a new stake in shares of Occidental Petroleum in the fourth quarter worth $8,982,000. Wedbush Securities Inc. increased its position in shares of Occidental Petroleum by 10.3% in the fourth quarter. Wedbush Securities Inc. now owns 18,321 shares of the oil and gas producer's stock worth $905,000 after acquiring an additional 1,712 shares in the last quarter. Finally, Benchmark Investment Advisors LLC acquired a new stake in shares of Occidental Petroleum in the fourth quarter worth $642,000. Institutional investors and hedge funds own 88.70% of the company's stock.

Occidental Petroleum Price Performance

Shares of NYSE:OXY traded up $0.72 during trading hours on Friday, hitting $44.31. 10,085,135 shares of the company's stock traded hands, compared to its average volume of 12,113,762. Occidental Petroleum Corporation has a 52 week low of $34.78 and a 52 week high of $59.11. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.79 and a current ratio of 1.01. The company's fifty day simple moving average is $43.86 and its two-hundred day simple moving average is $44.42. The company has a market cap of $43.60 billion, a price-to-earnings ratio of 26.22 and a beta of 0.91.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.95%. The company had revenue of $6.41 billion during the quarter, compared to analyst estimates of $6.29 billion. During the same quarter last year, the firm posted $1.03 EPS. The business's revenue for the quarter was down 6.1% on a year-over-year basis. As a group, equities analysts anticipate that Occidental Petroleum Corporation will post 3.58 EPS for the current fiscal year.

Occidental Petroleum Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, September 10th will be given a dividend of $0.24 per share. The ex-dividend date is Wednesday, September 10th. This represents a $0.96 annualized dividend and a dividend yield of 2.2%. Occidental Petroleum's dividend payout ratio (DPR) is 56.80%.

Analyst Upgrades and Downgrades

OXY has been the subject of several recent research reports. Piper Sandler increased their price objective on shares of Occidental Petroleum from $48.00 to $50.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Barclays increased their price objective on shares of Occidental Petroleum from $46.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 8th. Mizuho decreased their target price on shares of Occidental Petroleum from $60.00 to $58.00 and set a "neutral" rating for the company in a research note on Tuesday, May 13th. UBS Group decreased their target price on shares of Occidental Petroleum from $44.00 to $38.00 and set a "neutral" rating for the company in a research note on Wednesday, April 16th. Finally, JPMorgan Chase & Co. upped their target price on shares of Occidental Petroleum from $47.00 to $48.00 and gave the company a "neutral" rating in a research note on Tuesday, July 15th. Three equities research 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 MarketBeat, Occidental Petroleum presently has a consensus rating of "Hold" and a consensus target price of $53.71.

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.