UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Has $225.72 Million Stake in Occidental Petroleum Corporation $OXY

Key Points

• UBS Asset Management reduced its Occidental Petroleum stake by 4.6% in the second quarter, selling 225,108 shares. It still held 4.65 million shares valued at approximately $225.7 million, or 0.46% of OXY.
• Occidental reported strong quarterly results, with earnings per share of $2.40 beating estimates of $1.83 and revenue rising 53.4% year over year to $8.06 billion.
• The company increased its quarterly dividend from $0.26 to $0.28 per share, equivalent to a $1.12 annualized payout and a 1.9% yield. Analysts maintain a consensus “Hold” rating with an average price target of $64.83.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC decreased its stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 4.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,647,331 shares of the oil and gas producer's stock after selling 225,108 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.46% of Occidental Petroleum worth $225,721,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of OXY. Axiom Investment Management LLC acquired a new position in Occidental Petroleum in the first quarter valued at $25,000. GKV Capital Management Co. Inc. bought a new position in shares of Occidental Petroleum in the 1st quarter worth about $26,000. Portus Wealth Advisors LLC bought a new position in shares of Occidental Petroleum in the 1st quarter worth about $29,000. Hara Capital LLC acquired a new position in shares of Occidental Petroleum in the 2nd quarter valued at about $25,000. Finally, Ballast Advisors LLC bought a new stake in shares of Occidental Petroleum during the 1st quarter valued at about $39,000. Institutional investors own 88.70% of the company's stock.

Occidental Petroleum Trading Up 2.0%

Shares of Occidental Petroleum stock opened at $60.28 on Tuesday. The stock has a market capitalization of $60.26 billion, a PE ratio of 9.33, a price-to-earnings-growth ratio of 0.94 and a beta of 0.15. Occidental Petroleum Corporation has a 52 week low of $38.80 and a 52 week high of $67.45. The stock has a 50 day moving average price of $55.34 and a two-hundred day moving average price of $56.11. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.13 and a current ratio of 1.41.

Occidental Petroleum (NYSE:OXY - Get Free Report) last issued its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, topping analysts' consensus estimates of $1.83 by $0.57. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.The company had revenue of $8.06 billion for the quarter, compared to analyst estimates of $7.07 billion. During the same period in the prior year, the firm earned $0.39 earnings per share. Occidental Petroleum's revenue for the quarter was up 53.4% on a year-over-year basis. As a group, equities analysts anticipate that Occidental Petroleum Corporation will post 6.09 earnings per share for the current fiscal year.

Occidental Petroleum Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, September 10th will be issued a dividend of $0.28 per share. The ex-dividend date is Thursday, September 10th. This is a positive change from Occidental Petroleum's previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 1.9%. Occidental Petroleum's dividend payout ratio is currently 16.10%.

Insiders Place Their Bets

In other Occidental Petroleum news, CEO Richard A. Jackson acquired 4,770 shares of the company's stock in a transaction on Tuesday, June 23rd. The shares were purchased at an average cost of $52.38 per share, with a total value of $249,852.60. Following the completion of the purchase, the chief executive officer owned 444,098 shares of the company's stock, valued at approximately $23,261,853.24. This represents a 1.09% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.50% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on OXY shares. Barclays lowered their target price on Occidental Petroleum from $75.00 to $71.00 and set an "overweight" rating for the company in a report on Monday, August 17th. UBS Group cut their price target on Occidental Petroleum from $67.00 to $65.00 and set a "neutral" rating on the stock in a report on Thursday, May 7th. Raymond James Financial lifted their price objective on shares of Occidental Petroleum from $64.00 to $75.00 and gave the company an "outperform" rating in a research note on Monday, May 4th. Capital One Financial increased their target price on shares of Occidental Petroleum from $67.00 to $70.00 in a research note on Wednesday, May 27th. Finally, Mizuho raised their price target on shares of Occidental Petroleum from $72.00 to $75.00 and gave the stock an "outperform" rating in a report on Wednesday, May 27th. Ten equities research analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $64.83.

Occidental Petroleum Company Profile

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental's operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.

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