Viking Fund Management LLC boosted its position in Occidental Petroleum Co. (NYSE:OXY) by 15.3% in the 1st quarter, HoldingsChannel.com reports. The fund owned 37,700 shares of the oil and gas producer’s stock after purchasing an additional 5,000 shares during the period. Viking Fund Management LLC’s holdings in Occidental Petroleum were worth $2,496,000 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. Norges Bank acquired a new position in shares of Occidental Petroleum in the 4th quarter valued at $475,929,000. Oregon Public Employees Retirement Fund boosted its holdings in shares of Occidental Petroleum by 5,978.5% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 5,105,650 shares of the oil and gas producer’s stock valued at $83,000 after purchasing an additional 5,021,655 shares during the last quarter. Dodge & Cox boosted its holdings in shares of Occidental Petroleum by 58.7% in the 3rd quarter. Dodge & Cox now owns 9,887,895 shares of the oil and gas producer’s stock valued at $812,488,000 after purchasing an additional 3,656,670 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Occidental Petroleum by 401.0% in the 4th quarter. Millennium Management LLC now owns 3,275,239 shares of the oil and gas producer’s stock valued at $201,034,000 after purchasing an additional 2,621,463 shares during the last quarter. Finally, Vanguard Group Inc boosted its holdings in shares of Occidental Petroleum by 2.2% in the 3rd quarter. Vanguard Group Inc now owns 62,477,713 shares of the oil and gas producer’s stock valued at $5,133,793,000 after purchasing an additional 1,370,841 shares during the last quarter. 84.32% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE:OXY traded down $1.99 during midday trading on Monday, hitting $63.34. 7,993,008 shares of the company’s stock traded hands, compared to its average volume of 3,955,647. The company has a current ratio of 1.34, a quick ratio of 1.17 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $48.86 billion, a price-to-earnings ratio of 12.64, a PEG ratio of 1.30 and a beta of 0.83. Occidental Petroleum Co. has a twelve month low of $56.83 and a twelve month high of $87.67.
Occidental Petroleum (NYSE:OXY) last posted its earnings results on Tuesday, February 12th. The oil and gas producer reported $1.22 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.12 by $0.10. The business had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.39 billion. Occidental Petroleum had a net margin of 21.87% and a return on equity of 18.17%. The business’s quarterly revenue was up 33.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.41 EPS. On average, analysts predict that Occidental Petroleum Co. will post 3.56 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Monday, March 11th will be issued a dividend of $0.78 per share. The ex-dividend date of this dividend is Friday, March 8th. This represents a $3.12 annualized dividend and a dividend yield of 4.93%. Occidental Petroleum’s payout ratio is 62.28%.
A number of equities analysts have weighed in on the stock. ValuEngine upgraded shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Wednesday, February 20th. Zacks Investment Research upgraded shares of Occidental Petroleum from a “strong sell” rating to a “hold” rating in a report on Tuesday, March 5th. Citigroup lowered shares of Occidental Petroleum from a “buy” rating to a “neutral” rating and decreased their price target for the company from $80.00 to $72.00 in a report on Tuesday, February 19th. Oppenheimer assumed coverage on shares of Occidental Petroleum in a report on Wednesday, March 27th. They issued a “market perform” rating on the stock. Finally, Mizuho reiterated a “buy” rating and issued a $82.00 price target on shares of Occidental Petroleum in a report on Wednesday, February 13th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $84.56.
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Occidental Petroleum Profile
Occidental Petroleum Corp. engages in the exploration and production of oil and natural gas. It operates through the following segments: Oil & Gas, Chemical and Midstream & Marketing. The Oil & Gas segment explores for, develops and produces oil and condensate, natural gas liquids and natural gas. The Chemical segment manufactures and markets basic chemicals and vinyls.
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