Southeast Asset Advisors LLC Increases Stock Position in Occidental Petroleum Corporation $OXY

Key Points

• Southeast Asset Advisors LLC significantly increased its position in Occidental Petroleum by 522.8% during the first quarter, now owning 26,209 shares valued at approximately $1.29 million.
• Analysts have varying ratings for Occidental Petroleum, with four rating it as a Buy and an average price target of $54.65.
• Occidental Petroleum announced a quarterly dividend of $0.24 per share, with a dividend yield of 2.1%, which will be paid on October 15th.

Southeast Asset Advisors LLC lifted its holdings in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 522.8% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 26,209 shares of the oil and gas producer's stock after purchasing an additional 22,001 shares during the period. Southeast Asset Advisors LLC's holdings in Occidental Petroleum were worth $1,294,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of OXY. Bernard Wealth Management Corp. purchased a new stake in shares of Occidental Petroleum in the 4th quarter worth approximately $32,000. Grove Bank & Trust raised its stake in shares of Occidental Petroleum by 129.2% during the 1st quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer's stock worth $36,000 after acquiring an additional 407 shares in the last quarter. American National Bank & Trust bought a new position in shares of Occidental Petroleum during the 1st quarter worth approximately $39,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Occidental Petroleum during the 1st quarter worth approximately $39,000. Finally, Quarry LP raised its stake 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 acquiring an additional 849 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on OXY. UBS Group boosted their price objective on shares of Occidental Petroleum from $42.00 to $45.00 and gave the stock a "neutral" rating in a research note on Wednesday. Wells Fargo & Company reduced their price objective on shares of Occidental Petroleum from $47.00 to $46.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 15th. Morgan Stanley reiterated an "equal weight" rating and set a $52.00 price objective on shares of Occidental Petroleum in a research note on Monday, August 18th. Melius Research initiated coverage on shares of Occidental Petroleum in a research note on Wednesday. They set a "hold" rating and a $64.00 price objective for the company. Finally, Melius initiated coverage on shares of Occidental Petroleum in a research note on Wednesday. They set a "hold" rating and a $64.00 price target on the stock. Four research analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $54.65.

Occidental Petroleum Stock Up 2.6%

NYSE:OXY opened at $45.7340 on Friday. The firm has a market capitalization of $45.02 billion, a P/E ratio of 27.06 and a beta of 0.91. Occidental Petroleum Corporation has a 1-year low of $34.78 and a 1-year high of $58.47. The company's fifty day moving average price is $44.16 and its 200-day moving average price is $44.06. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.05 and a quick ratio of 0.83.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share for the quarter, topping analysts' consensus estimates of $0.38 by $0.01. The firm had revenue of $6.41 billion for the quarter, compared to analyst estimates of $6.29 billion. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. The business's quarterly revenue was down 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.03 earnings per share. As a group, equities research analysts anticipate that Occidental Petroleum Corporation will post 3.58 EPS for the current 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 paid a $0.24 dividend. The ex-dividend date is Wednesday, September 10th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.1%. Occidental Petroleum's dividend payout ratio is presently 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.

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