Wellington Management Group LLP Grows Position in Occidental Petroleum Corporation $OXY

Key Points

• Wellington Management increased its Occidental Petroleum stake by 5.2% in the second quarter, bringing its holdings to 852,678 shares valued at approximately $41.4 million. Institutional investors collectively own 88.7% of OXY.
• Occidental reported a quarterly earnings beat, with EPS of $2.40 versus the $1.83 consensus, while revenue rose 53.4% year over year to $8.06 billion.
• The company raised its quarterly dividend to $0.28 per share, or $1.12 annually, for a 1.9% yield. Analysts maintain a consensus “Hold” rating with an average price target of $64.83.

Wellington Management Group LLP boosted its position in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 5.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 852,678 shares of the oil and gas producer's stock after acquiring an additional 42,107 shares during the quarter. Wellington Management Group LLP owned 0.09% of Occidental Petroleum worth $41,415,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Whittier Trust Co. of Nevada Inc. raised its stake in Occidental Petroleum by 12.5% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 1,765 shares of the oil and gas producer's stock valued at $111,000 after buying an additional 196 shares in the last quarter. Athena Wealth Management LLC increased its holdings in shares of Occidental Petroleum by 1.2% in the 1st quarter. Athena Wealth Management LLC now owns 18,547 shares of the oil and gas producer's stock valued at $1,206,000 after acquiring an additional 214 shares during the last quarter. Elevation Wealth Partners LLC increased its holdings in shares of Occidental Petroleum by 15.8% in the 2nd quarter. Elevation Wealth Partners LLC now owns 1,615 shares of the oil and gas producer's stock valued at $78,000 after acquiring an additional 220 shares during the last quarter. HBK Sorce Advisory LLC raised its position in shares of Occidental Petroleum by 2.8% during the 2nd quarter. HBK Sorce Advisory LLC now owns 8,210 shares of the oil and gas producer's stock worth $442,000 after acquiring an additional 220 shares in the last quarter. Finally, Summit Securities Group LLC lifted its stake in Occidental Petroleum by 18.5% during the fourth quarter. Summit Securities Group LLC now owns 1,469 shares of the oil and gas producer's stock worth $60,000 after purchasing an additional 229 shares during the last quarter. Institutional investors and hedge funds own 88.70% of the company's stock.

Insiders Place Their Bets

In other Occidental Petroleum news, CEO Richard Jackson acquired 4,770 shares of the business's stock in a transaction on Tuesday, June 23rd. The stock was purchased at an average price of $52.38 per share, for a total transaction of $249,852.60. Following the completion of the transaction, the chief executive officer owned 444,098 shares of the company's stock, valued at $23,261,853.24. The trade was a 1.09% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.50% of the stock is owned by corporate insiders.

Occidental Petroleum Stock Down 0.9%

Shares of NYSE:OXY opened at $60.05 on Friday. Occidental Petroleum Corporation has a fifty-two week low of $38.80 and a fifty-two week high of $67.45. 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 firm's 50-day simple moving average is $56.10 and its 200-day simple moving average is $56.45. The company has a market cap of $60.03 billion, a price-to-earnings ratio of 9.30, a PEG ratio of 0.96 and a beta of 0.16.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 EPS for the quarter, beating analysts' consensus estimates of $1.83 by $0.57. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The firm had revenue of $8.06 billion during the quarter, compared to the consensus estimate of $7.07 billion. During the same quarter last year, the firm earned $0.39 earnings per share. The firm's revenue was up 53.4% compared to the same quarter last year. As a group, equities research analysts predict that Occidental Petroleum Corporation will post 6.09 earnings per share for the current year.

Occidental Petroleum Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, September 10th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.9%. This is a boost from Occidental Petroleum's previous quarterly dividend of $0.26. The ex-dividend date is Thursday, September 10th. Occidental Petroleum's dividend payout ratio (DPR) is presently 16.10%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Truist Financial increased their price target on shares of Occidental Petroleum from $57.00 to $63.00 and gave the company a "hold" rating in a research note on Monday, August 10th. Capital One Financial upped their target price on shares of Occidental Petroleum from $67.00 to $70.00 in a report on Wednesday, May 27th. Barclays dropped their target price on shares of Occidental Petroleum from $75.00 to $71.00 and set an "overweight" rating on the stock in a research report on Monday, August 17th. Mizuho boosted their price target on shares of Occidental Petroleum from $72.00 to $75.00 and gave the company an "outperform" rating in a research report on Wednesday, May 27th. Finally, Evercore upgraded shares of Occidental Petroleum from an "in-line" rating to an "outperform" rating and set a $65.00 price objective for the company in a research note on Wednesday, July 8th. Ten equities research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the stock. According to MarketBeat.com, Occidental Petroleum presently has a consensus rating of "Hold" and a consensus target price of $64.83.

Key Headlines Impacting Occidental Petroleum

Here are the key news stories impacting Occidental Petroleum this week:

• Positive Sentiment: New analyst coverage adds support. Seaport Global initiated coverage of Occidental with a Buy rating, potentially improving investor sentiment and reinforcing the case that OXY remains undervalued relative to its earnings and cash-flow potential. Occidental Petroleum receives a Buy from Seaport Global
• Positive Sentiment: Post-earnings momentum remains notable. OXY is up 8.2% since reporting results 30 days ago. Investors are now watching forward earnings estimates to determine whether the rally can continue; the company’s prior earnings beat and substantial year-over-year revenue growth provide a constructive fundamental backdrop. Occidental up 8.2% since its last earnings report
• Neutral Sentiment: Broader value-investing commentary offers limited new information. Recent articles discussing cash-producing and value stocks may support interest in inexpensive, profitable companies, but the available reports do not identify a new operational development, acquisition, production update, or earnings revision for Occidental. Cash-producing stocks on a buy list
• Negative Sentiment: No new company-specific downside catalyst was reported. Following the recent advance, OXY may be vulnerable to profit-taking or weaker oil prices, but the supplied articles do not cite a new negative development. The absence of fresh earnings guidance or operating news may help explain why the stock has recently decreased despite favorable analyst coverage.

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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