State Street Corp Increases Stake in Occidental Petroleum Corporation $OXY

Key Points

• State Street increased its Occidental Petroleum stake by 6.6% in the second quarter, adding 2.87 million shares to own 46.14 million shares, or 4.62% of OXY. Institutional investors collectively hold 88.7% of the company.
• Analyst sentiment remains mixed, with 10 Buy ratings and 17 Holds producing an average rating of “Hold” and an average price target of $65.17, above OXY’s reported $56.33 share price.
• Occidental exceeded quarterly expectations with $2.40 in EPS versus the $1.83 consensus and $8.06 billion in revenue, while raising its quarterly dividend from $0.26 to $0.28 per share.

State Street Corp raised its position in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 6.6% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 46,141,269 shares of the oil and gas producer's stock after purchasing an additional 2,870,472 shares during the quarter. State Street Corp owned 4.62% of Occidental Petroleum worth $2,252,271,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Whittier Trust Co. of Nevada Inc. lifted its holdings in Occidental Petroleum by 12.5% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 1,765 shares of the oil and gas producer's stock worth $111,000 after acquiring an additional 196 shares during the last quarter. Athena Wealth Management LLC raised its position in Occidental Petroleum by 1.2% in the first quarter. Athena Wealth Management LLC now owns 18,547 shares of the oil and gas producer's stock worth $1,206,000 after purchasing an additional 214 shares in the last quarter. Elevation Wealth Partners LLC raised its position in Occidental Petroleum by 15.8% in the second quarter. Elevation Wealth Partners LLC now owns 1,615 shares of the oil and gas producer's stock worth $78,000 after purchasing an additional 220 shares in the last quarter. HBK Sorce Advisory LLC lifted its stake in Occidental Petroleum by 2.8% during the second quarter. HBK Sorce Advisory LLC now owns 8,210 shares of the oil and gas producer's stock worth $442,000 after purchasing an additional 220 shares during the period. Finally, Guardian Wealth Management Inc. boosted its holdings in Occidental Petroleum by 0.3% during the second quarter. Guardian Wealth Management Inc. now owns 107,695 shares of the oil and gas producer's stock valued at $5,231,000 after purchasing an additional 273 shares in the last quarter. Institutional investors own 88.70% of the company's stock.

Wall Street Analysts Forecast Growth

OXY has been the subject of a number of recent research reports. Truist Financial increased their target price on Occidental Petroleum from $57.00 to $63.00 and gave the stock a "hold" rating in a report on Monday, August 10th. Wall Street Zen upgraded Occidental Petroleum from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Citigroup cut their price objective on Occidental Petroleum from $62.00 to $60.00 and set a "neutral" rating for the company in a report on Friday, July 17th. Barclays lowered their target price on shares of Occidental Petroleum from $75.00 to $71.00 and set an "overweight" rating on the stock in a report on Monday, August 17th. Finally, Susquehanna lifted their price target on shares of Occidental Petroleum from $67.00 to $70.00 and gave the company a "positive" rating in a report on Tuesday, August 11th. Ten analysts have rated the stock with a Buy rating and seventeen have assigned a Hold rating to the stock. Based on data from MarketBeat, Occidental Petroleum currently has an average rating of "Hold" and an average target price of $65.17.

Occidental Petroleum Stock Down 1.6%

NYSE OXY opened at $56.33 on Wednesday. The stock has a market capitalization of $56.31 billion, a P/E ratio of 8.72, a price-to-earnings-growth ratio of 0.89 and a beta of 0.16. Occidental Petroleum Corporation has a 52 week low of $38.80 and a 52 week high of $67.45. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.13 and a current ratio of 1.41. The stock has a fifty day moving average of $58.28 and a 200-day moving average of $57.25.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.83 by $0.57. The business had revenue of $8.06 billion for the quarter, compared to analysts' expectations of $7.07 billion. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.The firm's quarterly revenue was up 53.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.39 earnings per share. On average, equities research analysts forecast that Occidental Petroleum Corporation will post 6.2 EPS for the current year.

Occidental Petroleum Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, September 10th will be issued a $0.28 dividend. This is an increase from Occidental Petroleum's previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 2.0%. The ex-dividend date is Thursday, September 10th. Occidental Petroleum's dividend payout ratio (DPR) is currently 17.34%.

Occidental Petroleum Company Profile

Occidental Petroleum Corporation is an energy company engaged in the exploration, development and production of oil and natural gas. Its operations are concentrated primarily in the United States, including the Permian and DJ basins, and it also has international activities in regions such as the Middle East and North Africa.

The company operates through oil and gas, chemical and midstream and marketing businesses. Its chemical segment, OxyChem, manufactures and markets chlor-alkali products, vinyls and other basic chemicals used in water treatment, construction, industrial manufacturing and consumer products.

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