Industry News

Eagle Asset Management Inc. Boosts Holdings in Occidental Petroleum Co. (NYSE:OXY)

By August 27, 2019 No Comments

Eagle Asset Management Inc. raised its position in shares of Occidental Petroleum Co. (NYSE:OXY) by 1.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,443,161 shares of the oil and gas producer’s stock after purchasing an additional 27,443 shares during the quarter. Eagle Asset Management Inc. owned 0.19% of Occidental Petroleum worth $72,562,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. OppenheimerFunds Inc. raised its position in Occidental Petroleum by 35.6% in the first quarter. OppenheimerFunds Inc. now owns 1,020,876 shares of the oil and gas producer’s stock worth $67,582,000 after purchasing an additional 268,067 shares in the last quarter. Envestnet Asset Management Inc. raised its position in Occidental Petroleum by 13.9% in the first quarter. Envestnet Asset Management Inc. now owns 1,027,862 shares of the oil and gas producer’s stock worth $68,044,000 after purchasing an additional 125,245 shares in the last quarter. Covenant Multifamily Offices LLC acquired a new position in Occidental Petroleum in the second quarter worth about $1,667,000. Flagship Harbor Advisors LLC raised its position in Occidental Petroleum by 98.1% in the second quarter. Flagship Harbor Advisors LLC now owns 7,933 shares of the oil and gas producer’s stock worth $398,000 after purchasing an additional 3,929 shares in the last quarter. Finally, Capital Investment Advisors LLC raised its position in Occidental Petroleum by 15.6% in the second quarter. Capital Investment Advisors LLC now owns 35,790 shares of the oil and gas producer’s stock worth $1,800,000 after purchasing an additional 4,823 shares in the last quarter. 80.49% of the stock is currently owned by institutional investors.

OXY traded down $0.05 during trading on Monday, hitting $42.32. The company had a trading volume of 4,146,372 shares, compared to its average volume of 11,445,466. The company has a market capitalization of $33.45 billion, a PE ratio of 8.45, a PEG ratio of 2.69 and a beta of 0.82. Occidental Petroleum Co. has a one year low of $42.17 and a one year high of $83.35. The firm’s 50-day moving average price is $48.99 and its 200 day moving average price is $56.97. The company has a quick ratio of 1.00, a current ratio of 1.20 and a debt-to-equity ratio of 0.50.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings data on Wednesday, July 31st. The oil and gas producer reported $0.97 EPS for the quarter, beating the consensus estimate of $0.91 by $0.06. Occidental Petroleum had a net margin of 19.65% and a return on equity of 17.06%. The business had revenue of $4.48 billion for the quarter, compared to analysts’ expectations of $4.39 billion. During the same period in the previous year, the firm posted $1.10 EPS. The firm’s revenue was up 8.4% compared to the same quarter last year. Sell-side analysts forecast that Occidental Petroleum Co. will post 3.23 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 10th will be paid a $0.79 dividend. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.78. This represents a $3.16 annualized dividend and a yield of 7.47%. The ex-dividend date of this dividend is Monday, September 9th. Occidental Petroleum’s payout ratio is presently 62.28%.

Several analysts have recently weighed in on OXY shares. JPMorgan Chase & Co. started coverage on shares of Occidental Petroleum in a report on Tuesday, August 13th. They set an “underweight” rating and a $50.00 price objective for the company. ValuEngine lowered shares of Occidental Petroleum from a “sell” rating to a “strong sell” rating in a report on Tuesday, April 30th. Piper Jaffray Companies set a $59.00 price objective on shares of Occidental Petroleum and gave the stock a “buy” rating in a report on Friday, August 16th. Wells Fargo & Co lowered their price target on shares of Occidental Petroleum from $53.00 to $48.00 and set a “market perform” rating for the company in a report on Friday, August 16th. Finally, Bank of America reissued a “buy” rating and issued a $80.00 price target on shares of Occidental Petroleum in a report on Monday. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $67.22.

In related news, Director Avedick Baruyr Poladian bought 5,000 shares of Occidental Petroleum stock in a transaction that occurred on Wednesday, June 12th. The stock was acquired at an average price of $48.77 per share, with a total value of $243,850.00. Following the acquisition, the director now owns 60,319 shares of the company’s stock, valued at approximately $2,941,757.63. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Marcia E. Backus bought 10,000 shares of Occidental Petroleum stock in a transaction that occurred on Monday, June 10th. The shares were bought at an average cost of $48.09 per share, with a total value of $480,900.00. Following the acquisition, the senior vice president now directly owns 101,248 shares in the company, valued at approximately $4,869,016.32. The disclosure for this purchase can be found here. Insiders acquired a total of 109,160 shares of company stock worth $5,246,126 over the last quarter. Company insiders own 0.15% of the company’s stock.

About Occidental Petroleum

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.

Read More: Certificate of Deposit (CD)

Institutional Ownership by Quarter for Occidental Petroleum (NYSE:OXY)

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