Fisher Asset Management LLC reduced its position in shares of Occidental Petroleum Co. (NYSE:OXY) by 7.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 863,227 shares of the oil and gas producer’s stock after selling 67,088 shares during the period. Fisher Asset Management LLC owned 0.12% of Occidental Petroleum worth $43,403,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Northern Oak Wealth Management Inc. grew its position in Occidental Petroleum by 69.5% in the second quarter. Northern Oak Wealth Management Inc. now owns 109,462 shares of the oil and gas producer’s stock valued at $5,504,000 after acquiring an additional 44,867 shares during the period. Point View Wealth Management Inc. grew its position in Occidental Petroleum by 13.8% in the second quarter. Point View Wealth Management Inc. now owns 11,104 shares of the oil and gas producer’s stock valued at $558,000 after acquiring an additional 1,349 shares during the period. Janney Montgomery Scott LLC grew its position in Occidental Petroleum by 4.3% in the second quarter. Janney Montgomery Scott LLC now owns 94,723 shares of the oil and gas producer’s stock valued at $4,763,000 after acquiring an additional 3,943 shares during the period. Nikko Asset Management Americas Inc. grew its holdings in shares of Occidental Petroleum by 8.6% during the second quarter. Nikko Asset Management Americas Inc. now owns 124,426 shares of the oil and gas producer’s stock worth $6,256,000 after purchasing an additional 9,821 shares during the last quarter. Finally, Stoneridge Investment Partners LLC grew its holdings in shares of Occidental Petroleum by 55.6% during the second quarter. Stoneridge Investment Partners LLC now owns 68,054 shares of the oil and gas producer’s stock worth $3,422,000 after purchasing an additional 24,329 shares during the last quarter. 80.49% of the stock is currently owned by institutional investors.
Several analysts have recently commented on OXY shares. ValuEngine cut Occidental Petroleum from a “sell” rating to a “strong sell” rating in a report on Tuesday, April 30th. Wolfe Research lowered Occidental Petroleum from an “outperform” rating to a “peer perform” rating and cut their price target for the company from $85.00 to $65.00 in a research note on Monday, May 13th. Argus lowered Occidental Petroleum from a “buy” rating to a “hold” rating and set a $54.61 price target on the stock. in a research note on Thursday, May 16th. Piper Jaffray Companies set a $59.00 target price on Occidental Petroleum and gave the company a “buy” rating in a research note on Friday, August 16th. Finally, Morgan Stanley cut their target price on Occidental Petroleum from $55.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Friday, July 12th. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $66.51.
In other news, CFO Cedric W. Burgher acquired 4,100 shares of Occidental Petroleum stock in a transaction that occurred on Thursday, June 13th. The shares were acquired at an average price of $49.61 per share, for a total transaction of $203,401.00. Following the transaction, the chief financial officer now directly owns 76,842 shares of the company’s stock, valued at approximately $3,812,131.62. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Cedric W. Burgher acquired 2,500 shares of Occidental Petroleum stock in a transaction that occurred on Wednesday, August 14th. The shares were purchased at an average price of $43.27 per share, for a total transaction of $108,175.00. Following the transaction, the chief financial officer now directly owns 79,342 shares in the company, valued at $3,433,128.34. The disclosure for this purchase can be found here. Insiders acquired a total of 109,160 shares of company stock valued at $5,246,126 over the last ninety days. Insiders own 0.15% of the company’s stock.
OXY opened at $42.37 on Monday. The stock has a market cap of $33.45 billion, a price-to-earnings ratio of 8.46, a PEG ratio of 2.69 and a beta of 0.82. The business has a 50 day moving average of $48.99 and a 200-day moving average of $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 Co. has a 12-month low of $42.17 and a 12-month high of $83.35.
Occidental Petroleum (NYSE:OXY) last released its quarterly earnings results on Wednesday, July 31st. The oil and gas producer reported $0.97 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.06. The business had revenue of $4.48 billion during the quarter, compared to analysts’ expectations of $4.39 billion. Occidental Petroleum had a return on equity of 17.06% and a net margin of 19.65%. The firm’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period last year, the firm posted $1.10 EPS. As a group, analysts expect that Occidental Petroleum Co. will post 3.23 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 10th will be issued a $0.79 dividend. The ex-dividend date is Monday, September 9th. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.78. This represents a $3.16 annualized dividend and a yield of 7.46%. Occidental Petroleum’s payout ratio is currently 62.28%.
Occidental Petroleum Company 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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