Morningstar Investment Services LLC boosted its stake in Occidental Petroleum Co. (NYSE:OXY) by 2.0% in the second quarter, HoldingsChannel reports. The firm owned 73,343 shares of the oil and gas producer’s stock after acquiring an additional 1,422 shares during the period. Morningstar Investment Services LLC’s holdings in Occidental Petroleum were worth $3,688,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently made changes to their positions in OXY. Charles Schwab Investment Advisory Inc. increased its holdings in shares of Occidental Petroleum by 86.7% in the 2nd quarter. Charles Schwab Investment Advisory Inc. now owns 5,839,718 shares of the oil and gas producer’s stock valued at $293,621,000 after acquiring an additional 2,712,579 shares during the period. Smead Capital Management Inc. acquired a new stake in shares of Occidental Petroleum in the 2nd quarter valued at $42,158,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Occidental Petroleum by 238.1% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,150,909 shares of the oil and gas producer’s stock worth $57,868,000 after purchasing an additional 810,550 shares in the last quarter. AMF Pensionsforsakring AB bought a new stake in Occidental Petroleum in the second quarter worth $29,186,000. Finally, First Trust Advisors LP increased its position in Occidental Petroleum by 91.2% during the first quarter. First Trust Advisors LP now owns 1,058,169 shares of the oil and gas producer’s stock worth $70,051,000 after buying an additional 504,837 shares during the last quarter. Institutional investors and hedge funds own 85.43% of the company’s stock.
In other news, Director Bob Shearer bought 15,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were acquired at an average cost of $50.22 per share, with a total value of $753,300.00. Following the completion of the transaction, the director now directly owns 19,218 shares in the company, valued at $965,127.96. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Margaret M. Foran purchased 1,000 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were purchased at an average price of $43.15 per share, for a total transaction of $43,150.00. The disclosure for this purchase can be found here. Insiders bought 37,600 shares of company stock valued at $1,768,776 over the last three months. 0.15% of the stock is owned by company insiders.
OXY has been the subject of a number of analyst reports. TheStreet cut Occidental Petroleum from a “b-” rating to a “c+” rating in a research report on Friday, May 24th. Barclays began coverage on Occidental Petroleum in a research note on Monday, August 19th. They set an “equal weight” rating and a $61.00 price target for the company. Goldman Sachs Group initiated coverage on Occidental Petroleum in a report on Tuesday, August 27th. They set a “neutral” rating and a $52.50 price objective on the stock. Bank of America reissued a “buy” rating and issued a $80.00 price objective on shares of Occidental Petroleum in a research note on Monday, August 26th. Finally, JPMorgan Chase & Co. initiated coverage on Occidental Petroleum in a report on Tuesday, August 13th. They issued an “underweight” rating and a $50.00 target price for the company. Two analysts have rated the stock with a sell rating, sixteen have given a hold rating and six have assigned a buy rating to the company’s stock. Occidental Petroleum currently has a consensus rating of “Hold” and a consensus target price of $65.93.
Shares of NYSE OXY traded down $0.11 during trading hours on Wednesday, hitting $46.32. 442,701 shares of the company’s stock were exchanged, compared to its average volume of 8,815,694. The company’s 50-day moving average price is $46.45 and its 200-day moving average price is $54.93. Occidental Petroleum Co. has a 1-year low of $41.83 and a 1-year high of $83.35. The stock has a market capitalization of $33.65 billion, a price-to-earnings ratio of 9.26, a PEG ratio of 3.06 and a beta of 0.85. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.20 and a quick ratio of 1.00.
Occidental Petroleum (NYSE:OXY) last released its earnings results on Wednesday, July 31st. The oil and gas producer reported $0.97 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.91 by $0.06. The firm had revenue of $4.48 billion for the quarter, compared to analyst estimates of $4.39 billion. Occidental Petroleum had a return on equity of 17.06% and a net margin of 19.65%. The company’s revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.10 EPS. On average, research analysts expect that Occidental Petroleum Co. will post 2.94 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, September 10th will be given a $0.79 dividend. This represents a $3.16 annualized dividend and a dividend yield of 6.82%. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.78. The ex-dividend date is Monday, September 9th. Occidental Petroleum’s dividend payout ratio is currently 63.07%.
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 and internationally. The company operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.
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