Hartford Investment Management Co. boosted its stake in Occidental Petroleum Co. (NYSE:OXY) by 0.5% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 109,704 shares of the oil and gas producer’s stock after acquiring an additional 545 shares during the quarter. Hartford Investment Management Co.’s holdings in Occidental Petroleum were worth $5,516,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Global Trust Asset Management LLC increased its holdings in shares of Occidental Petroleum by 2,725.6% during the second quarter. Global Trust Asset Management LLC now owns 12,122 shares of the oil and gas producer’s stock valued at $33,000 after purchasing an additional 11,693 shares during the period. Harvest Group Wealth Management LLC acquired a new position in shares of Occidental Petroleum during the first quarter valued at $34,000. Cornerstone Advisors Inc. increased its holdings in shares of Occidental Petroleum by 110.9% during the first quarter. Cornerstone Advisors Inc. now owns 694 shares of the oil and gas producer’s stock valued at $46,000 after purchasing an additional 365 shares during the period. Meridian Wealth Management LLC bought a new position in Occidental Petroleum during the first quarter valued at about $46,000. Finally, Truvestments Capital LLC bought a new position in Occidental Petroleum during the first quarter valued at about $49,000. Institutional investors own 80.49% of the company’s stock.
Shares of OXY stock opened at $43.11 on Thursday. The stock’s 50 day simple moving average is $48.30 and its 200 day simple moving average is $56.37. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.00 and a current ratio of 1.20. Occidental Petroleum Co. has a twelve month low of $41.83 and a twelve month high of $83.35. The company has a market capitalization of $31.71 billion, a price-to-earnings ratio of 8.60, a PEG ratio of 2.62 and a beta of 0.82.
Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings results on Wednesday, July 31st. The oil and gas producer reported $0.97 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.06. The company had revenue of $4.48 billion for the quarter, compared to the consensus estimate 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 for the quarter was up 8.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.10 EPS. On average, analysts forecast that Occidental Petroleum Co. will post 3.18 EPS for the current fiscal 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 given a $0.79 dividend. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.78. This represents a $3.16 annualized dividend and a yield of 7.33%. The ex-dividend date is Monday, September 9th. Occidental Petroleum’s payout ratio is currently 62.28%.
In other news, insider Oscar K. Brown acquired 5,000 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were bought at an average price of $42.62 per share, with a total value of $213,100.00. Following the acquisition, the insider now owns 114,519 shares of the company’s stock, valued at $4,880,799.78. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Marcia E. Backus purchased 10,000 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The stock was bought at an average cost of $48.09 per share, for a total transaction of $480,900.00. Following the purchase, the senior vice president now owns 101,248 shares in the company, valued at $4,869,016.32. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 114,160 shares of company stock worth $5,459,226. Company insiders own 0.15% of the company’s stock.
OXY has been the subject of several research reports. Argus cut Occidental Petroleum from a “buy” rating to a “hold” rating and set a $54.61 target price for the company. in a research note on Thursday, May 16th. Raymond James set a $80.00 price target on Occidental Petroleum and gave the company a “buy” rating in a research report on Thursday, May 23rd. Barclays started coverage on Occidental Petroleum in a research report on Monday, August 19th. They issued an “equal weight” rating and a $61.00 price target for the company. Wells Fargo & Co decreased their price target on Occidental Petroleum from $53.00 to $48.00 and set a “market perform” rating for the company in a research report on Friday, August 16th. Finally, Piper Jaffray Companies set a $59.00 price target on Occidental Petroleum and gave the company a “buy” rating in a research report on Friday, August 16th. Two analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and five have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $66.48.
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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