Intech Investment Management LLC Raises Stock Position in Occidental Petroleum Co. (NYSE:OXY)

Intech Investment Management LLC raised its holdings in Occidental Petroleum Co. (NYSE:OXY) by 59.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 64,283 shares of the oil and gas producer’s stock after purchasing an additional 23,966 shares during the quarter. Intech Investment Management LLC’s holdings in Occidental Petroleum were worth $4,052,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of OXY. XTX Topco Ltd acquired a new stake in Occidental Petroleum during the second quarter worth about $256,000. Seven Eight Capital LP acquired a new stake in Occidental Petroleum during the second quarter valued at $2,000,000. Elkhorn Partners Limited Partnership grew its position in shares of Occidental Petroleum by 525.0% during the 2nd quarter. Elkhorn Partners Limited Partnership now owns 12,500 shares of the oil and gas producer’s stock valued at $788,000 after acquiring an additional 10,500 shares during the period. Vanguard Personalized Indexing Management LLC boosted its position in Occidental Petroleum by 19.3% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 66,630 shares of the oil and gas producer’s stock worth $4,198,000 after purchasing an additional 10,796 shares in the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. grew its holdings in Occidental Petroleum by 6.2% in the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 9,689 shares of the oil and gas producer’s stock valued at $611,000 after purchasing an additional 563 shares during the period. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Stephens reiterated an “overweight” rating and set a $76.00 target price on shares of Occidental Petroleum in a research report on Thursday, August 8th. Mizuho dropped their target price on shares of Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. Scotiabank reduced their price target on shares of Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Truist Financial lowered their price objective on Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating on the stock in a report on Monday, August 12th. Finally, UBS Group reduced their price objective on Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating for the company in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Occidental Petroleum currently has a consensus rating of “Hold” and a consensus price target of $71.60.

Insider Transactions 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 stock was sold at an average price of $35.75, for a total value of $697,125,000.00. Following the sale, 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 document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.31% of the company’s stock.

Occidental Petroleum Stock Performance

NYSE OXY opened at $51.64 on Friday. The stock has a market cap of $45.79 billion, a PE ratio of 14.11 and a beta of 1.58. Occidental Petroleum Co. has a twelve month low of $49.90 and a twelve month high of $71.18. The stock has a fifty day simple moving average of $56.91 and a 200-day simple moving average of $61.26. The company has a current ratio of 1.04, a quick ratio of 0.75 and a debt-to-equity ratio of 0.77.

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

Occidental Petroleum Announces Dividend

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 paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date of this dividend is Tuesday, September 10th. Occidental Petroleum’s dividend payout ratio (DPR) is 24.04%.

Occidental Petroleum Company Profile

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.