Summit Financial LLC Invests $494,000 in Occidental Petroleum Corporation $OXY

Key Points

• Summit Financial LLC has acquired a new stake in Occidental Petroleum Corporation by purchasing 9,999 shares valued at approximately $494,000 in the first quarter.
• Occidental Petroleum's stock recently increased by 2.6%, with a current market cap of $45.02 billion and a P/E ratio of 27.06.
• The company announced a quarterly dividend of $0.24 per share, payable on October 15th, representing an annualized yield of 2.1%.

Summit Financial LLC bought a new stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The fund bought 9,999 shares of the oil and gas producer's stock, valued at approximately $494,000.

A number of other hedge funds have also recently modified their holdings of the company. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in shares of Occidental Petroleum in the first quarter worth $1,274,000. Kestra Private Wealth Services LLC increased its stake in shares of Occidental Petroleum by 5.6% during the 1st quarter. Kestra Private Wealth Services LLC now owns 17,086 shares of the oil and gas producer's stock valued at $843,000 after acquiring an additional 906 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in Occidental Petroleum by 9.7% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,596,699 shares of the oil and gas producer's stock worth $78,813,000 after purchasing an additional 140,528 shares in the last quarter. Northern Trust Corp grew its position in shares of Occidental Petroleum by 7.5% during the fourth quarter. Northern Trust Corp now owns 7,065,061 shares of the oil and gas producer's stock worth $349,085,000 after buying an additional 491,797 shares in the last quarter. Finally, swisspartners Advisors Ltd acquired a new position in Occidental Petroleum in the first quarter worth $6,006,000. Hedge funds and other institutional investors own 88.70% of the company's stock.

Occidental Petroleum Trading Up 1.4%

OXY traded up $0.66 during midday trading on Thursday, reaching $47.53. 7,982,064 shares of the company's stock traded hands, compared to its average volume of 11,816,473. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.05 and a quick ratio of 0.83. The stock has a market capitalization of $46.79 billion, a price-to-earnings ratio of 28.12 and a beta of 0.91. The firm has a fifty day moving average of $44.21 and a two-hundred day moving average of $44.07. Occidental Petroleum Corporation has a 52 week low of $34.78 and a 52 week high of $57.57.

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 (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%.The business had revenue of $6.41 billion for the quarter, compared to analysts' expectations of $6.29 billion. During the same period in the prior year, the firm posted $1.03 EPS. The firm's quarterly revenue was down 6.1% on a year-over-year basis. On average, equities analysts anticipate that Occidental Petroleum Corporation will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, September 10th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $0.96 annualized dividend and a yield of 2.0%. Occidental Petroleum's dividend payout ratio (DPR) is presently 56.80%.

Analyst Upgrades and Downgrades

OXY has been the topic of several analyst reports. Morgan Stanley reissued an "equal weight" rating and issued a $52.00 target price on shares of Occidental Petroleum in a research report on Monday, August 18th. UBS Group raised their price target on Occidental Petroleum from $42.00 to $45.00 and gave the company a "neutral" rating in a report on Wednesday, August 20th. Melius Research assumed coverage on Occidental Petroleum in a report on Wednesday, August 20th. They set a "hold" rating and a $64.00 price objective for the company. Citigroup upped their price target on shares of Occidental Petroleum from $42.00 to $44.00 and gave the company a "neutral" rating in a research note on Monday, May 19th. Finally, Mizuho lowered their price target on Occidental Petroleum from $60.00 to $58.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. Four analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $54.65.

Occidental Petroleum Company 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.