X Square Capital LLC Takes $1.69 Million Position in Occidental Petroleum Corporation $OXY

Key Points

• X Square Capital LLC acquired 34,766 shares of Occidental Petroleum worth approximately $1.69 million, while institutional investors collectively own 88.7% of the company.
• Analyst sentiment remains cautious: OXY has a consensus “Hold” rating and an average price target of $64.83 after several firms lowered their targets.
• Occidental reported stronger-than-expected quarterly results, with $2.40 in EPS and $8.06 billion in revenue, and raised its quarterly dividend to $0.28 per share.

X Square Capital LLC bought a new stake in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The firm bought 34,766 shares of the oil and gas producer's stock, valued at approximately $1,689,000.

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

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Morgan Stanley decreased their price objective on shares of Occidental Petroleum from $74.00 to $68.00 and set an "equal weight" rating for the company in a research report on Friday, June 26th. The Goldman Sachs Group dropped their target price on Occidental Petroleum from $64.00 to $60.00 and set a "neutral" rating on the stock in a research report on Tuesday, June 30th. JPMorgan Chase & Co. cut their price target on Occidental Petroleum from $64.00 to $63.00 in a research note on Thursday, May 7th. UBS Group reduced their price target on Occidental Petroleum from $67.00 to $65.00 and set a "neutral" rating for the company in a report on Thursday, May 7th. Finally, Wall Street Zen upgraded Occidental Petroleum from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Ten analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $64.83.

Occidental Petroleum Price Performance

OXY opened at $61.34 on Friday. The company has a 50-day moving average of $54.56 and a 200-day moving average of $55.47. The company has a market capitalization of $61.32 billion, a P/E ratio of 9.50, a PEG ratio of 0.79 and a beta of 0.15. Occidental Petroleum Corporation has a 1-year low of $38.80 and a 1-year high of $67.45. 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 quarterly earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 EPS for the quarter, topping the consensus estimate of $1.83 by $0.57. The business had revenue of $8.06 billion for the quarter, compared to analysts' expectations of $7.07 billion. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The company's quarterly revenue was up 53.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.39 earnings per share. Equities analysts expect that Occidental Petroleum Corporation will post 6.09 EPS for the current fiscal year.

Occidental Petroleum Increases Dividend

The company also recently announced 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 of this dividend is Thursday, September 10th. This represents a $1.12 dividend on an annualized basis and a yield of 1.8%. This is a boost from Occidental Petroleum's previous quarterly dividend of $0.26. Occidental Petroleum's dividend payout ratio (DPR) is 16.10%.

Insider Activity at Occidental Petroleum

In other news, CEO Richard A. Jackson purchased 4,770 shares of the stock in a transaction dated Tuesday, June 23rd. The stock was acquired at an average cost of $52.38 per share, for a total transaction of $249,852.60. Following the acquisition, 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 ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.50% of the company's stock.

Occidental Petroleum 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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