Seven Eight Capital LP Buys Shares of 31,725 Occidental Petroleum Co. (NYSE:OXY)

Seven Eight Capital LP bought a new stake in Occidental Petroleum Co. (NYSE:OXY) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm bought 31,725 shares of the oil and gas producer’s stock, valued at approximately $2,000,000.

Other hedge funds have also recently bought and sold shares of the company. Coldstream Capital Management Inc. grew its holdings in shares of Occidental Petroleum by 100.7% during the 4th quarter. Coldstream Capital Management Inc. now owns 15,083 shares of the oil and gas producer’s stock valued at $901,000 after purchasing an additional 7,568 shares during the last quarter. Quest Partners LLC bought a new stake in shares of Occidental Petroleum during the 4th quarter valued at approximately $670,000. InterOcean Capital Group LLC grew its holdings in shares of Occidental Petroleum by 5.3% during the 4th quarter. InterOcean Capital Group LLC now owns 11,001 shares of the oil and gas producer’s stock valued at $657,000 after purchasing an additional 555 shares during the last quarter. Commerce Bank grew its holdings in shares of Occidental Petroleum by 0.9% during the 4th quarter. Commerce Bank now owns 31,159 shares of the oil and gas producer’s stock valued at $1,861,000 after purchasing an additional 271 shares during the last quarter. Finally, TCW Group Inc. bought a new stake in shares of Occidental Petroleum during the 4th quarter valued at approximately $6,361,000. 88.70% of the stock is owned by institutional investors.

Occidental Petroleum Stock Down 0.6 %

Shares of NYSE OXY opened at $51.77 on Thursday. The company has a market capitalization of $46.88 billion, a P/E ratio of 14.14 and a beta of 1.58. Occidental Petroleum Co. has a 52-week low of $49.90 and a 52-week high of $71.18. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.75 and a current ratio of 1.04. The company’s 50 day moving average price is $57.29 and its 200-day moving average price is $61.38.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.26. The firm had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.93 billion. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.68 EPS. Equities analysts forecast that Occidental Petroleum Co. will post 3.71 earnings per share for the current year.

Occidental Petroleum Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, September 10th will be given a dividend of $0.22 per share. The ex-dividend date is Tuesday, September 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.70%. Occidental Petroleum’s payout ratio is presently 24.04%.

Insider Activity at Occidental Petroleum

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the transaction, the insider now owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.31% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on OXY shares. Mizuho decreased their price target on shares of Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a report on Monday. Truist Financial reduced their target price on shares of Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating on the stock in a report on Monday, August 12th. Susquehanna reduced their target price on shares of Occidental Petroleum from $81.00 to $78.00 and set a “positive” rating on the stock in a report on Wednesday, September 4th. UBS Group reduced their target price on shares of Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating on the stock in a report on Wednesday. Finally, Citigroup reduced their target price on shares of Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating on the stock in a report on Friday, May 24th. Nine research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Occidental Petroleum presently has a consensus rating of “Hold” and an average target price of $71.60.

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, the Middle East, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.