Eagle Asset Management Inc. raised its stake in shares of Occidental Petroleum Co. (NYSE:OXY) by 1.9% during the 2nd quarter, HoldingsChannel reports. 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.’s holdings in Occidental Petroleum were worth $72,562,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently made changes to their positions in the company. Harvest Group Wealth Management LLC bought a new stake in shares of Occidental Petroleum in the first quarter valued at approximately $34,000. Mizuho Securities Co. Ltd. bought a new stake in shares of Occidental Petroleum in the second quarter valued at approximately $30,000. Cornerstone Advisors Inc. boosted its position in shares of Occidental Petroleum by 110.9% in the first quarter. Cornerstone Advisors Inc. now owns 694 shares of the oil and gas producer’s stock valued at $46,000 after acquiring an additional 365 shares during the period. Meridian Wealth Management LLC bought a new stake in shares of Occidental Petroleum in the first quarter valued at approximately $46,000. Finally, TRUE Private Wealth Advisors bought a new stake in shares of Occidental Petroleum in the second quarter valued at approximately $36,000. Institutional investors own 80.49% of the company’s stock.
Shares of NYSE:OXY opened at $44.57 on Monday. Occidental Petroleum Co. has a twelve month low of $43.08 and a twelve month high of $83.35. The firm has a market cap of $32.90 billion, a PE ratio of 8.90, a price-to-earnings-growth ratio of 2.47 and a beta of 0.82. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.00 and a current ratio of 1.20. The business has a fifty day moving average of $49.69 and a 200-day moving average of $57.62.
Occidental Petroleum (NYSE:OXY) last announced its earnings results on Wednesday, July 31st. The oil and gas producer reported $0.97 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.91 by $0.06. Occidental Petroleum had a return on equity of 17.06% and a net margin of 19.65%. The company had revenue of $4.48 billion during the quarter, compared to analyst estimates of $4.39 billion. During the same period last year, the company posted $1.10 earnings per share. The firm’s quarterly revenue was up 8.4% compared to the same quarter last year. On average, analysts anticipate that Occidental Petroleum Co. will post 3.48 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, September 10th will be given a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 7.09%. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.78. The ex-dividend date of this dividend is Monday, September 9th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 62.28%.
OXY has been the subject of several research reports. Royal Bank of Canada increased their price objective on Occidental Petroleum to $76.00 in a research report on Tuesday, May 7th. Morgan Stanley reduced their price objective on Occidental Petroleum from $55.00 to $52.00 and set an “equal weight” rating for the company in a research report on Friday, July 12th. Wells Fargo & Co reaffirmed a “hold” rating on shares of Occidental Petroleum in a research report on Friday. ValuEngine cut Occidental Petroleum from a “sell” rating to a “strong sell” rating in a research report on Tuesday, April 30th. Finally, Atlantic Securities cut Occidental Petroleum from an “overweight” rating to a “neutral” rating and set a $61.50 target price for the company. in a research report on Thursday, April 25th. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $69.88.
In other news, Director Bob Shearer acquired 15,000 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was purchased at an average cost of $50.22 per share, for a total transaction 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 purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Margaret M. Foran acquired 1,000 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was purchased at an average price of $43.15 per share, with a total value of $43,150.00. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 104,160 shares of company stock valued at $5,023,276. Corporate 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.
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