Wedge Capital Management L L P NC Takes $13.64 Million Position in Occidental Petroleum Corporation $OXY

Key Points

• Wedge Capital Management has invested approximately $13.64 million in Occidental Petroleum, purchasing 324,593 shares during the second quarter.
• On average, analysts have issued a "Hold" rating for Occidental Petroleum, with a target price of $54.70 and four analysts recommending a Buy rating.
• Occidental Petroleum will pay a quarterly dividend of $0.24 on October 15, representing an annualized dividend yield of 2.1%.

Wedge Capital Management L L P NC acquired a new stake in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 324,593 shares of the oil and gas producer's stock, valued at approximately $13,636,000.

A number of other large investors also recently bought and sold shares of the business. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in shares of Occidental Petroleum during the first quarter valued at approximately $1,274,000. Kestra Private Wealth Services LLC raised its stake in 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 purchasing an additional 906 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Occidental Petroleum by 9.7% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,596,699 shares of the oil and gas producer's stock valued at $78,813,000 after buying an additional 140,528 shares during the period. swisspartners Advisors Ltd acquired a new stake in Occidental Petroleum during the 1st quarter worth $6,006,000. Finally, Blackhawk Capital Partners LLC. bought a new stake in Occidental Petroleum during the 1st quarter worth about $344,000. Hedge funds and other institutional investors own 88.70% of the company's stock.

Occidental Petroleum Stock Down 2.5%

Shares of NYSE OXY traded down $1.20 during trading on Friday, reaching $46.16. The company had a trading volume of 14,262,200 shares, compared to its average volume of 7,860,636. The stock has a market cap of $45.44 billion, a PE ratio of 27.31 and a beta of 1.04. The company has a quick ratio of 0.83, a current ratio of 1.05 and a debt-to-equity ratio of 0.84. The business's 50-day moving average is $45.07 and its 200 day moving average is $43.79. Occidental Petroleum Corporation has a 12-month low of $34.78 and a 12-month high of $56.49.

Occidental Petroleum (NYSE:OXY - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.38 by $0.01. The company had revenue of $6.41 billion for the quarter, compared to the consensus estimate 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 for the quarter was down 6.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.03 earnings per share. As a group, equities analysts forecast that Occidental Petroleum Corporation will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The firm 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 is Wednesday, September 10th. This represents a $0.96 annualized dividend and a yield of 2.1%. Occidental Petroleum's payout ratio is 56.80%.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Melius began coverage on shares of Occidental Petroleum in a report on Wednesday, August 20th. They set a "hold" rating and a $64.00 price target on the stock. Wall Street Zen cut shares of Occidental Petroleum from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Mizuho cut their price target on Occidental Petroleum from $65.00 to $58.00 and set a "neutral" rating for the company in a research note on Monday, September 15th. Piper Sandler boosted their price target on Occidental Petroleum from $48.00 to $50.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Finally, Scotiabank increased their price objective on Occidental Petroleum from $40.00 to $45.00 and gave the company a "sector perform" rating in a research report on Friday, July 11th. Four analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $54.70.

Occidental Petroleum 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.