Syntax Research Inc. Makes New Investment in Occidental Petroleum Corporation $OXY

Key Points

• Syntax Research Inc. has invested in Occidental Petroleum Corporation, purchasing 20,000 shares worth approximately $840,000 during the second quarter.
• Analysts have varying opinions on OXY, with JPMorgan and Piper Sandler increasing their price targets, while Wells Fargo and Wall Street Zen have downgraded their ratings.
• Occidental Petroleum has declared a quarterly dividend of $0.24, reflecting an annualized yield of 2.2% and a payout ratio of 56.80%.

Syntax Research Inc. purchased a new position in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 20,000 shares of the oil and gas producer's stock, valued at approximately $840,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in Occidental Petroleum during the first quarter worth about $1,274,000. Kestra Private Wealth Services LLC grew its position in shares of Occidental Petroleum by 5.6% during the first quarter. Kestra Private Wealth Services LLC now owns 17,086 shares of the oil and gas producer's stock worth $843,000 after buying an additional 906 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its position in shares of Occidental Petroleum by 9.7% during the first 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 buying an additional 140,528 shares in the last quarter. swisspartners Advisors Ltd acquired a new position in shares of Occidental Petroleum during the first quarter worth about $6,006,000. Finally, Blackhawk Capital Partners LLC. acquired a new position in shares of Occidental Petroleum during the first quarter worth about $344,000. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

OXY has been the subject of a number of analyst reports. JPMorgan Chase & Co. boosted their price objective on Occidental Petroleum from $47.00 to $48.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 15th. Piper Sandler boosted their price objective on Occidental Petroleum from $48.00 to $50.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Wells Fargo & Company lowered their price objective on Occidental Petroleum from $47.00 to $46.00 and set an "equal weight" rating for the company in a research report on Tuesday, July 15th. Morgan Stanley reaffirmed an "equal weight" rating and issued a $52.00 price target on shares of Occidental Petroleum in a report on Monday, August 18th. Finally, Wall Street Zen downgraded Occidental Petroleum from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Four equities research analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $53.95.

Occidental Petroleum Trading Down 7.1%

NYSE:OXY opened at $44.32 on Friday. The stock has a fifty day moving average price of $45.62 and a two-hundred day moving average price of $43.84. The stock has a market capitalization of $43.63 billion, a price-to-earnings ratio of 26.22 and a beta of 0.95. 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 Corporation has a 1 year low of $34.78 and a 1 year high of $56.49.

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, topping the consensus estimate of $0.38 by $0.01. The firm had revenue of $6.41 billion during the quarter, compared to analysts' expectations of $6.29 billion. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%.Occidental Petroleum's revenue was down 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.03 earnings per share. As a group, sell-side analysts anticipate that Occidental Petroleum Corporation will post 3.58 earnings per share 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. Stockholders of record on Wednesday, September 10th will be given 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 2.2%. Occidental Petroleum's dividend payout ratio (DPR) is currently 56.80%.

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.

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