Jennison Associates LLC bought a new stake in shares of Occidental Petroleum Co. (NYSE:OXY) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 8,226 shares of the oil and gas producer’s stock, valued at approximately $688,000.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Stelac Advisory Services LLC purchased a new stake in Occidental Petroleum during the 1st quarter valued at $112,000. Bedel Financial Consulting Inc. purchased a new stake in Occidental Petroleum during the 1st quarter valued at $114,000. Silvant Capital Management LLC purchased a new stake in Occidental Petroleum during the 1st quarter valued at $141,000. Kaizen Advisory LLC grew its position in shares of Occidental Petroleum by 142.0% during the 2nd quarter. Kaizen Advisory LLC now owns 1,793 shares of the oil and gas producer’s stock valued at $150,000 after acquiring an additional 1,052 shares during the period. Finally, Spectrum Management Group Inc. bought a new stake in shares of Occidental Petroleum during the 2nd quarter valued at $160,000. Institutional investors and hedge funds own 80.55% of the company’s stock.
OXY has been the subject of a number of recent research reports. Citigroup raised shares of Occidental Petroleum from a “neutral” rating to a “buy” rating in a research report on Tuesday, June 5th. Morgan Stanley initiated coverage on shares of Occidental Petroleum in a research report on Thursday, July 12th. They set an “overweight” rating and a $100.00 price objective for the company. Capital One Financial raised shares of Occidental Petroleum from an “equal weight” rating to an “overweight” rating in a research report on Tuesday, May 29th. Jefferies Financial Group raised shares of Occidental Petroleum from a “hold” rating to a “buy” rating and boosted their price objective for the company from $87.00 to $98.00 in a research report on Monday, June 11th. Finally, Scotiabank raised shares of Occidental Petroleum from a “sector perform” rating to an “outperform” rating in a research report on Monday, May 21st. Two analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $83.60.
Shares of Occidental Petroleum stock opened at $78.55 on Friday. The firm has a market capitalization of $60.24 billion, a P/E ratio of 88.26, a PEG ratio of 2.55 and a beta of 0.63. The company has a quick ratio of 1.19, a current ratio of 1.36 and a debt-to-equity ratio of 0.49. Occidental Petroleum Co. has a fifty-two week low of $58.44 and a fifty-two week high of $87.67.
Occidental Petroleum (NYSE:OXY) last issued its earnings results on Wednesday, August 8th. The oil and gas producer reported $1.10 earnings per share for the quarter, missing the consensus estimate of $1.21 by ($0.11). The firm had revenue of $4.13 billion during the quarter, compared to the consensus estimate of $4.13 billion. Occidental Petroleum had a return on equity of 9.68% and a net margin of 15.36%. The company’s quarterly revenue was up 14.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.15 EPS. sell-side analysts forecast that Occidental Petroleum Co. will post 4.88 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Monday, September 10th will be issued a $0.78 dividend. The ex-dividend date is Friday, September 7th. This represents a $3.12 annualized dividend and a yield of 3.97%. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.77. Occidental Petroleum’s dividend payout ratio is currently 346.07%.
In other news, Director William R. Klesse bought 5,000 shares of the company’s stock in a transaction that occurred on Monday, August 13th. The stock was bought at an average price of $78.55 per share, with a total value of $392,750.00. Following the acquisition, the director now owns 77,963 shares of the company’s stock, valued at approximately $6,123,993.65. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.14% 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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