Townsquare Capital LLC Boosts Stake in Occidental Petroleum Corporation (NYSE:OXY)

Key Points

• Townsquare Capital LLC increased its stake in Occidental Petroleum by 15.1%, acquiring an additional 17,914 shares, bringing their total holdings to 136,865 shares valued at $6,756,000.
• Occidental Petroleum recently announced a quarterly dividend of $0.24 per share, representing an annualized yield of 2.2% and a dividend payout ratio of 56.80%.
• Analysts have mixed ratings on Occidental Petroleum stock, with a consensus target price of $53.71, where three have rated it as a sell, fourteen as hold, and five as buy.

Townsquare Capital LLC increased its stake in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 15.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 136,865 shares of the oil and gas producer's stock after buying an additional 17,914 shares during the quarter. Townsquare Capital LLC's holdings in Occidental Petroleum were worth $6,756,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in OXY. Cerity Partners LLC grew its stake in Occidental Petroleum by 14.6% during the 4th quarter. Cerity Partners LLC now owns 80,892 shares of the oil and gas producer's stock valued at $4,059,000 after purchasing an additional 10,312 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Occidental Petroleum by 86.7% during the fourth quarter. Renaissance Technologies LLC now owns 297,672 shares of the oil and gas producer's stock worth $14,708,000 after purchasing an additional 138,264 shares during the period. Advisory Services Network LLC boosted its position in Occidental Petroleum by 48.5% in the fourth quarter. Advisory Services Network LLC now owns 21,208 shares of the oil and gas producer's stock valued at $1,048,000 after buying an additional 6,925 shares during the last quarter. Treasurer of the State of North Carolina increased its holdings in Occidental Petroleum by 2.7% in the 4th quarter. Treasurer of the State of North Carolina now owns 299,422 shares of the oil and gas producer's stock worth $14,794,000 after buying an additional 7,970 shares during the period. Finally, Argent Trust Co raised its position in Occidental Petroleum by 12.9% during the 4th quarter. Argent Trust Co now owns 7,929 shares of the oil and gas producer's stock worth $392,000 after buying an additional 907 shares during the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

Occidental Petroleum Price Performance

Shares of NYSE OXY opened at $44.31 on Friday. The firm has a 50-day simple moving average of $43.94 and a 200-day simple moving average of $44.33. The company has a quick ratio of 0.79, a current ratio of 1.05 and a debt-to-equity ratio of 0.84. The stock has a market capitalization of $43.62 billion, a price-to-earnings ratio of 26.22 and a beta of 0.91. Occidental Petroleum Corporation has a 52 week low of $34.78 and a 52 week high of $59.11.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its earnings results 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 business 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 revenue was down 6.1% on a year-over-year basis. During the same period last year, the company posted $1.03 EPS. On average, equities analysts predict that Occidental Petroleum Corporation will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The business also recently announced 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 dividend on an annualized basis and a dividend yield of 2.2%. Occidental Petroleum's dividend payout ratio (DPR) is 56.80%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. 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 note on Thursday, May 8th. UBS Group lowered their price objective on Occidental Petroleum from $44.00 to $38.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 16th. Piper Sandler lifted their target price on shares of Occidental Petroleum from $48.00 to $50.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Citigroup boosted their target price 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, Hsbc Global Res upgraded shares of Occidental Petroleum to a "hold" rating in a research report on Wednesday, April 16th. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $53.71.

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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