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Palouse Capital Management Inc. Boosts Stock Position in Occidental Petroleum Co. (NYSE:OXY)

By August 31, 2019 No Comments

Palouse Capital Management Inc. grew its position in Occidental Petroleum Co. (NYSE:OXY) by 18.0% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 116,878 shares of the oil and gas producer’s stock after buying an additional 17,831 shares during the period. Occidental Petroleum accounts for approximately 2.1% of Palouse Capital Management Inc.’s investment portfolio, making the stock its 15th largest holding. Palouse Capital Management Inc.’s holdings in Occidental Petroleum were worth $5,877,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Mizuho Securities Co. Ltd. bought a new position in Occidental Petroleum during the second quarter worth about $30,000. Global Trust Asset Management LLC increased its position in 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 worth $33,000 after buying an additional 11,693 shares during the last quarter. Harvest Group Wealth Management LLC acquired a new position in Occidental Petroleum during the first quarter worth approximately $34,000. TRUE Private Wealth Advisors acquired a new position in shares of Occidental Petroleum in the second quarter valued at approximately $36,000. Finally, Kavar Capital Partners LLC acquired a new position in shares of Occidental Petroleum in the second quarter valued at approximately $39,000. 80.49% of the stock is owned by institutional investors and hedge funds.

Several equities research analysts have weighed in on OXY shares. TheStreet cut Occidental Petroleum from a “b-” rating to a “c+” rating in a research note on Friday, May 24th. Raymond James set a $80.00 target price on Occidental Petroleum and gave the stock a “buy” rating in a research note on Thursday, May 23rd. Wells Fargo & Co cut their target price on Occidental Petroleum from $53.00 to $48.00 and set a “market perform” rating for the company in a research note on Friday, August 16th. Barclays began coverage on Occidental Petroleum in a report on Monday, August 19th. They set an “equal weight” rating and a $61.00 price target for the company. Finally, Royal Bank of Canada raised their price target on shares of Occidental Petroleum to $76.00 in a research report on Tuesday, May 7th. Two research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and five have assigned a buy rating to the company’s stock. Occidental Petroleum has an average rating of “Hold” and a consensus price target of $66.48.

In other news, Director Margaret M. Foran bought 1,000 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were purchased at an average price of $43.15 per share, for a total transaction of $43,150.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Marcia E. Backus acquired 10,000 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were bought at an average price of $48.09 per share, for a total transaction of $480,900.00. Following the transaction, the senior vice president now owns 101,248 shares of the company’s stock, valued at $4,869,016.32. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 114,160 shares of company stock worth $5,459,226. Corporate insiders own 0.15% of the company’s stock.

Shares of NYSE:OXY traded up $0.11 during midday trading on Friday, hitting $43.48. 6,881,869 shares of the stock traded hands, compared to its average volume of 8,210,288. The stock has a market capitalization of $31.69 billion, a PE ratio of 8.68, a P/E/G ratio of 2.66 and a beta of 0.82. The business’s 50 day moving average is $48.17 and its two-hundred day moving average is $56.26. 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 one year low of $41.83 and a one year high of $83.35.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Wednesday, July 31st. The oil and gas producer reported $0.97 EPS for the quarter, beating the consensus estimate of $0.91 by $0.06. Occidental Petroleum had a net margin of 19.65% and a return on equity of 17.06%. The firm had revenue of $4.48 billion during the quarter, compared to the consensus estimate of $4.39 billion. During the same period in the prior year, the firm posted $1.10 earnings per share. The company’s quarterly revenue was up 8.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Occidental Petroleum Co. will post 3.18 earnings per share for the current year.

The firm 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. This represents a $3.16 dividend on an annualized basis and a yield of 7.27%. The ex-dividend date is Monday, September 9th. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.78. Occidental Petroleum’s dividend payout ratio is 62.28%.

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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