Industry News

Occidental Petroleum Co. (NYSE:OXY) Shares Acquired by Highstreet Asset Management Inc.

By August 22, 2019 No Comments

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.

Other hedge funds also recently bought and sold shares of the company. Essex Savings Bank lifted its holdings in Occidental Petroleum by 16.8% during the 1st quarter. Essex Savings Bank now owns 1,216 shares of the oil and gas producer’s stock worth $80,000 after purchasing an additional 175 shares during the last quarter. OLD Second National Bank of Aurora increased its stake in shares of Occidental Petroleum by 0.3% in the 1st quarter. OLD Second National Bank of Aurora now owns 54,908 shares of the oil and gas producer’s stock valued at $3,635,000 after purchasing an additional 178 shares during the last quarter. Wetherby Asset Management Inc. increased its stake in shares of Occidental Petroleum by 1.1% in the 1st quarter. Wetherby Asset Management Inc. now owns 16,215 shares of the oil and gas producer’s stock valued at $1,074,000 after purchasing an additional 182 shares during the last quarter. ACG Wealth increased its stake in shares of Occidental Petroleum by 5.3% in the 1st quarter. ACG Wealth now owns 3,916 shares of the oil and gas producer’s stock valued at $259,000 after purchasing an additional 198 shares during the last quarter. Finally, Fruth Investment Management increased its stake in shares of Occidental Petroleum by 5.1% in the 1st quarter. Fruth Investment Management now owns 4,118 shares of the oil and gas producer’s stock valued at $272,000 after purchasing an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 80.49% of the company’s stock.

Shares of NYSE OXY traded down $0.11 during trading hours on Wednesday, hitting $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 debt-to-equity ratio of 0.50, a quick ratio of 1.00 and a current ratio of 1.20. The stock has a market cap of $33.35 billion, a price-to-earnings ratio of 8.99, a P/E/G ratio of 2.56 and a beta of 0.82. Occidental Petroleum Co. has a 12 month low of $43.08 and a 12 month high of $83.35. The business has a 50-day simple moving average of $49.28 and a 200-day simple moving average of $57.32.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Wednesday, July 31st. The oil and gas producer reported $0.97 earnings per share (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 analysts’ expectations of $4.39 billion. Occidental Petroleum had a return on equity of 17.06% and a net margin of 19.65%. Occidental Petroleum’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period last year, the firm earned $1.10 earnings per share. On average, equities research analysts forecast that Occidental Petroleum Co. will post 3.32 EPS for the current year.

The company also recently disclosed 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 represents a $3.16 annualized dividend and a yield of 7.00%. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.78. The ex-dividend date is Monday, September 9th. Occidental Petroleum’s payout ratio is presently 62.28%.

Several equities analysts have recently issued reports on the company. KeyCorp lowered Occidental Petroleum from an “overweight” rating to a “sector weight” rating in a research note on Wednesday, April 24th. Argus downgraded Occidental Petroleum from a “buy” rating to a “hold” rating and set a $54.61 price objective on the stock. in a research note on Thursday, May 16th. Atlantic Securities downgraded Occidental Petroleum from an “overweight” rating to a “neutral” rating and set a $61.50 price objective on the stock. in a research note on Thursday, April 25th. Piper Jaffray Companies set a $59.00 price objective on Occidental Petroleum and gave the stock a “buy” rating in a research note on Friday, August 16th. Finally, Wolfe Research downgraded Occidental Petroleum from an “outperform” rating to a “peer perform” rating and lowered their price objective for the stock from $85.00 to $65.00 in a research note on Monday, May 13th. Two research 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’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $67.56.

In other news, insider Vicki A. Hollub acquired 37,460 shares of Occidental Petroleum stock in a transaction that occurred on Monday, June 10th. The shares were bought at an average cost of $48.15 per share, with a total value of $1,803,699.00. Following the transaction, the insider now directly owns 248,326 shares of the company’s stock, valued at approximately $11,956,896.90. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Cedric W. Burgher acquired 4,100 shares of Occidental Petroleum stock in a transaction that occurred on Thursday, June 13th. The stock was purchased at an average cost of $49.61 per share, for a total transaction of $203,401.00. Following the completion of the transaction, the chief financial officer now directly owns 76,842 shares in the company, valued at $3,812,131.62. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 109,160 shares of company stock worth $5,246,126. 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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Institutional Ownership by Quarter for Occidental Petroleum (NYSE:OXY)

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