Highstreet Asset Management Inc. increased its position in shares of Occidental Petroleum Co. (NYSE:OXY) by 51.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 9,734 shares of the oil and gas producer’s stock after buying an additional 3,311 shares during the quarter. Highstreet Asset Management Inc.’s holdings in Occidental Petroleum were worth $489,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of the stock. Harvest Group Wealth Management LLC bought a new position in Occidental Petroleum in the first quarter valued at approximately $34,000. Cornerstone Advisors Inc. boosted its stake in shares of Occidental Petroleum by 110.9% during the 1st quarter. Cornerstone Advisors Inc. now owns 694 shares of the oil and gas producer’s stock worth $46,000 after acquiring an additional 365 shares during the period. Meridian Wealth Management LLC bought a new position in shares of Occidental Petroleum during the 1st quarter worth approximately $46,000. Truvestments Capital LLC bought a new position in shares of Occidental Petroleum during the 1st quarter worth approximately $49,000. Finally, TCG Advisors LP bought a new position in shares of Occidental Petroleum during the 1st quarter worth approximately $54,000. Institutional investors and hedge funds own 80.49% of the company’s stock.
Shares of OXY stock traded down $0.11 on Wednesday, reaching $45.15. The company’s stock had a trading volume of 325,739 shares, compared to its average volume of 11,092,845. 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 $43.08 and a 12-month high of $83.35. The company has a market capitalization of $33.35 billion, a P/E ratio of 8.99, a PEG ratio of 2.56 and a beta of 0.82. The stock’s 50 day simple moving average is $49.28 and its 200-day simple moving average is $57.32.Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Wednesday, July 31st. The oil and gas producer reported $0.97 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to the consensus estimate of $4.39 billion. During the same quarter last year, the business posted $1.10 earnings per share. The firm’s revenue was up 8.4% compared to the same quarter last year. Research analysts expect that Occidental Petroleum Co. will post 3.32 EPS for the current year.
The company 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 dividend of $0.79 per share. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.78. The ex-dividend date of this dividend is Monday, September 9th. This represents a $3.16 dividend on an annualized basis and a yield of 7.00%. Occidental Petroleum’s dividend payout ratio (DPR) is presently 62.28%.
Several analysts recently weighed in on OXY shares. Raymond James set a $80.00 price target on Occidental Petroleum and gave the stock a “buy” rating in a report on Thursday, May 23rd. Argus cut Occidental Petroleum from a “buy” rating to a “hold” rating and set a $54.61 price objective for the company. in a report on Thursday, May 16th. ValuEngine lowered Occidental Petroleum from a “sell” rating to a “strong sell” rating in a research report on Tuesday, April 30th. Jefferies Financial Group lowered Occidental Petroleum from a “buy” rating to a “hold” rating and reduced their price target for the company from $74.00 to $66.00 in a research report on Monday, April 29th. Finally, TheStreet downgraded Occidental Petroleum from a “b-” rating to a “c+” rating in a research note on Friday, May 24th. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $67.56.
In related news, Director William R. Klesse acquired 5,000 shares of Occidental Petroleum stock in a transaction dated Monday, August 12th. The shares were purchased at an average cost of $44.96 per share, with a total value of $224,800.00. Following the completion of the purchase, the director now owns 96,203 shares of the company’s stock, valued at $4,325,286.88. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Marcia E. Backus acquired 10,000 shares of Occidental Petroleum stock in a transaction dated Monday, June 10th. The shares were bought at an average cost of $48.09 per share, for a total transaction of $480,900.00. Following the completion of the purchase, the senior vice president now directly owns 101,248 shares of the company’s stock, valued at approximately $4,869,016.32. The disclosure for this purchase can be found here. Insiders have acquired 109,160 shares of company stock worth $5,246,126 in the last 90 days. Company insiders own 0.15% of the company’s stock.
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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