Wellington Management Group LLP Purchases 19,645 Shares of Occidental Petroleum Corporation $OXY

Key Points

• Wellington Management Group LLP increased its stake in Occidental Petroleum by 18.2%, holding 127,877 shares valued at approximately $6.31 million.
• Occidental Petroleum announced a quarterly dividend of $0.24 per share, with an annualized yield of 2.0%, payable on October 15th.
• Analysts have a consensus rating of "Hold" on Occidental Petroleum, with an average target price of $54.65, reflecting a range of recent upgrades and price targets.

Wellington Management Group LLP boosted its holdings in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 18.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 127,877 shares of the oil and gas producer's stock after purchasing an additional 19,645 shares during the quarter. Wellington Management Group LLP's holdings in Occidental Petroleum were worth $6,312,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in OXY. Vanguard Group Inc. boosted its holdings in Occidental Petroleum by 17.8% in the first quarter. Vanguard Group Inc. now owns 80,230,989 shares of the oil and gas producer's stock worth $3,960,202,000 after purchasing an additional 12,107,285 shares during the period. Berkshire Hathaway Inc boosted its holdings in Occidental Petroleum by 3.5% in the fourth quarter. Berkshire Hathaway Inc now owns 264,178,414 shares of the oil and gas producer's stock worth $13,053,055,000 after purchasing an additional 8,896,890 shares during the period. Nuveen LLC acquired a new position in Occidental Petroleum in the first quarter worth $99,853,000. Worldquant Millennium Advisors LLC boosted its holdings in Occidental Petroleum by 1,075.3% in the fourth quarter. Worldquant Millennium Advisors LLC now owns 1,930,776 shares of the oil and gas producer's stock worth $95,400,000 after purchasing an additional 1,766,491 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in Occidental Petroleum by 9.6% in the first quarter. Dimensional Fund Advisors LP now owns 8,128,136 shares of the oil and gas producer's stock worth $401,162,000 after purchasing an additional 710,220 shares during the period. Institutional investors and hedge funds own 88.70% of the company's stock.

Wall Street Analysts Forecast Growth

OXY has been the topic of a number of recent research reports. Barclays raised their target price on Occidental Petroleum from $46.00 to $48.00 and gave the company an "equal weight" rating in a research note on Thursday, May 8th. Melius started coverage on Occidental Petroleum in a research note on Wednesday, August 20th. They set a "hold" rating and a $64.00 target price on the stock. JPMorgan Chase & Co. upped their target price on Occidental Petroleum from $47.00 to $48.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 15th. Citigroup upped their price target on Occidental Petroleum from $42.00 to $44.00 and gave the stock a "neutral" rating in a report on Monday, May 19th. Finally, Wall Street Zen lowered Occidental Petroleum from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Four research analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $54.65.

Occidental Petroleum Price Performance

Shares of OXY stock traded up $0.14 during trading hours on Friday, hitting $47.65. 5,793,572 shares of the company's stock were exchanged, compared to its average volume of 9,574,829. The stock's 50-day moving average is $44.30 and its 200-day moving average is $44.03. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.05 and a quick ratio of 0.83. The stock has a market cap of $46.91 billion, a price-to-earnings ratio of 28.19 and a beta of 1.04. Occidental Petroleum Corporation has a 52 week low of $34.78 and a 52 week high of $57.57.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. The company had revenue of $6.41 billion for the quarter, compared to analysts' expectations of $6.29 billion. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%.The business'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 earned $1.03 earnings per share. As a group, research analysts forecast that Occidental Petroleum Corporation will post 3.58 EPS for the current year.

Occidental Petroleum Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, September 10th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Wednesday, September 10th. Occidental Petroleum's dividend payout ratio is presently 56.80%.

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.