Brookstone Capital Management lifted its position in Occidental Petroleum Co. (NYSE:OXY) by 3.2% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 65,034 shares of the oil and gas producer’s stock after purchasing an additional 2,010 shares during the quarter. Brookstone Capital Management’s holdings in Occidental Petroleum were worth $5,344,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Sawtooth Solutions LLC lifted its position in Occidental Petroleum by 2.0% during the 2nd quarter. Sawtooth Solutions LLC now owns 34,912 shares of the oil and gas producer’s stock worth $2,922,000 after acquiring an additional 679 shares during the period. Wetherby Asset Management Inc. lifted its position in Occidental Petroleum by 7.7% during the 2nd quarter. Wetherby Asset Management Inc. now owns 9,789 shares of the oil and gas producer’s stock worth $820,000 after acquiring an additional 703 shares during the period. TCW Group Inc. lifted its position in Occidental Petroleum by 3.4% during the 2nd quarter. TCW Group Inc. now owns 21,697 shares of the oil and gas producer’s stock worth $1,815,000 after acquiring an additional 705 shares during the period. HighPoint Advisor Group LLC lifted its position in Occidental Petroleum by 4.7% during the 3rd quarter. HighPoint Advisor Group LLC now owns 16,151 shares of the oil and gas producer’s stock worth $1,168,000 after acquiring an additional 721 shares during the period. Finally, Mutual of America Capital Management LLC lifted its position in Occidental Petroleum by 0.7% during the 2nd quarter. Mutual of America Capital Management LLC now owns 98,708 shares of the oil and gas producer’s stock worth $8,260,000 after acquiring an additional 729 shares during the period. 80.95% of the stock is owned by hedge funds and other institutional investors.
In other news, Director William R. Klesse acquired 5,000 shares of the company’s stock in a transaction that occurred on Monday, August 13th. The stock was purchased at an average cost of $78.55 per share, with a total value of $392,750.00. Following the purchase, the director now directly 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 at the SEC website. Company insiders own 0.14% of the company’s stock.
A number of analysts have weighed in on the company. Morgan Stanley decreased their price objective on Occidental Petroleum from $100.00 to $96.00 and set a “buy” rating for the company in a research report on Monday. ValuEngine cut Occidental Petroleum from a “hold” rating to a “sell” rating in a research report on Friday, November 2nd. Raymond James raised Occidental Petroleum from an “outperform” rating to a “strong-buy” rating in a research report on Monday, October 22nd. They noted that the move was a valuation call. Mitsubishi UFJ Financial Group cut their target price on Occidental Petroleum to $92.00 and set a “neutral” rating for the company in a research note on Tuesday, October 16th. Finally, Zacks Investment Research raised Occidental Petroleum from a “hold” rating to a “buy” rating and set a $92.00 target price for the company in a research note on Wednesday, October 10th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $83.75.
Shares of OXY stock opened at $73.34 on Wednesday. The company has a market cap of $52.24 billion, a PE ratio of 82.40, a price-to-earnings-growth ratio of 1.86 and a beta of 0.80. Occidental Petroleum Co. has a 12-month low of $62.47 and a 12-month high of $87.67. 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 (NYSE:OXY) last issued its earnings results on Monday, November 5th. The oil and gas producer reported $1.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.51 by $0.26. The business had revenue of $6.18 billion during the quarter, compared to the consensus estimate of $4.60 billion. Occidental Petroleum had a return on equity of 9.68% and a net margin of 15.36%. The company’s revenue for the quarter was up 98.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.18 EPS. On average, equities research analysts expect that Occidental Petroleum Co. will post 5.11 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Monday, December 10th will be paid a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 4.25%. The ex-dividend date of this dividend is Friday, December 7th. Occidental Petroleum’s payout ratio is currently 350.56%.
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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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