Wealthfront Advisers LLC Purchases 109,002 Shares of Occidental Petroleum Corporation $OXY

Key Points

• Wealthfront Advisers increased its Occidental Petroleum position by 37.7% in the second quarter, adding 109,002 shares for a total holding of 398,176 shares valued at approximately $19.3 million. Institutional investors collectively own 88.7% of OXY.
• Occidental reported strong quarterly results, with EPS of $2.40 beating estimates of $1.83 and revenue rising 53.4% year over year to $8.06 billion. The company also raised its quarterly dividend to $0.28 per share, up from $0.26.
• Analyst sentiment remains mixed, with 10 Buy ratings and 16 Holds; the consensus rating is Hold with a target price of $64.83. OXY shares opened at $59.82, compared with a 12-month range of $38.80 to $67.45.

Wealthfront Advisers LLC boosted its position in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 37.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 398,176 shares of the oil and gas producer's stock after acquiring an additional 109,002 shares during the period. Wealthfront Advisers LLC's holdings in Occidental Petroleum were worth $19,339,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Bank of New York Mellon Corp grew its holdings in Occidental Petroleum by 84.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 10,643,916 shares of the oil and gas producer's stock valued at $516,975,000 after buying an additional 4,882,834 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Occidental Petroleum by 21.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer's stock worth $436,008,000 after acquiring an additional 1,883,721 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Occidental Petroleum by 54.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,959,638 shares of the oil and gas producer's stock worth $162,820,000 after acquiring an additional 1,393,638 shares during the last quarter. Wellington Management Group LLP increased its position in Occidental Petroleum by 1,029.9% during the third quarter. Wellington Management Group LLP now owns 1,493,747 shares of the oil and gas producer's stock worth $70,580,000 after acquiring an additional 1,361,541 shares during the period. Finally, Assenagon Asset Management S.A. raised its stake in Occidental Petroleum by 326.5% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,702,420 shares of the oil and gas producer's stock valued at $82,687,000 after purchasing an additional 1,303,263 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors.

Insider Transactions at Occidental Petroleum

In related news, CEO Richard A. Jackson acquired 4,770 shares of the business's stock in a transaction on Tuesday, June 23rd. The stock was bought at an average cost of $52.38 per share, with a total value of $249,852.60. Following the completion of the acquisition, the chief executive officer owned 444,098 shares in the company, valued at $23,261,853.24. The trade was a 1.09% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.50% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have issued reports on OXY shares. Stephens decreased their price target on shares of Occidental Petroleum from $73.00 to $69.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 14th. Citigroup cut their price objective on shares of Occidental Petroleum from $62.00 to $60.00 and set a "neutral" rating for the company in a research report on Friday, July 17th. Susquehanna increased their target price on shares of Occidental Petroleum from $67.00 to $70.00 and gave the company a "positive" rating in a research note on Tuesday, August 11th. Wells Fargo & Company boosted their price target on Occidental Petroleum from $72.00 to $79.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. Finally, JPMorgan Chase & Co. cut their price target on Occidental Petroleum from $64.00 to $63.00 in a report on Thursday, May 7th. Ten research analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the company. According to data from MarketBeat.com, Occidental Petroleum has an average rating of "Hold" and a consensus target price of $64.83.

Occidental Petroleum Stock Up 1.3%

Shares of OXY opened at $59.82 on Wednesday. The company has a quick ratio of 1.13, a current ratio of 1.41 and a debt-to-equity ratio of 0.40. The company has a 50-day moving average price of $54.28 and a two-hundred day moving average price of $55.21. The stock has a market cap of $59.80 billion, a price-to-earnings ratio of 9.26, a P/E/G ratio of 0.79 and a beta of 0.15. Occidental Petroleum Corporation has a 12 month low of $38.80 and a 12 month high of $67.45.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, beating the consensus estimate of $1.83 by $0.57. The company had revenue of $8.06 billion for the quarter, compared to analyst estimates of $7.07 billion. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.The company's revenue was up 53.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.39 EPS. Equities analysts predict that Occidental Petroleum Corporation will post 5.81 EPS for the current fiscal year.

Occidental Petroleum Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, September 10th will be paid a dividend of $0.28 per share. 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 1.9%. The ex-dividend date is Thursday, September 10th. Occidental Petroleum's dividend payout ratio is currently 17.34%.

About Occidental Petroleum

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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