Woodmont Investment Counsel LLC lifted its holdings in shares of Occidental Petroleum Co. (NYSE:OXY) by 307.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 125,444 shares of the oil and gas producer’s stock after buying an additional 94,686 shares during the period. Occidental Petroleum makes up about 1.6% of Woodmont Investment Counsel LLC’s investment portfolio, making the stock its 14th largest holding. Woodmont Investment Counsel LLC’s holdings in Occidental Petroleum were worth $6,307,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Occidental Petroleum by 238.1% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,150,909 shares of the oil and gas producer’s stock worth $57,868,000 after acquiring an additional 810,550 shares in the last quarter. OppenheimerFunds Inc. lifted its stake in shares of Occidental Petroleum by 35.6% in the first quarter. OppenheimerFunds Inc. now owns 1,020,876 shares of the oil and gas producer’s stock worth $67,582,000 after acquiring an additional 268,067 shares in the last quarter. Envestnet Asset Management Inc. lifted its stake in shares of Occidental Petroleum by 13.9% in the first quarter. Envestnet Asset Management Inc. now owns 1,027,862 shares of the oil and gas producer’s stock worth $68,044,000 after acquiring an additional 125,245 shares in the last quarter. Covenant Multifamily Offices LLC bought a new stake in Occidental Petroleum in the second quarter valued at about $1,667,000. Finally, Alexandria Capital LLC increased its holdings in Occidental Petroleum by 7.5% in the second quarter. Alexandria Capital LLC now owns 43,823 shares of the oil and gas producer’s stock valued at $2,203,000 after buying an additional 3,071 shares during the last quarter. Institutional investors and hedge funds own 85.28% of the company’s stock.
Several analysts recently weighed in on the company. Raymond James set a $80.00 price objective on Occidental Petroleum and gave the company a “buy” rating in a report on Thursday, May 23rd. TheStreet lowered Occidental Petroleum from a “b-” rating to a “c+” rating in a report on Friday, May 24th. Goldman Sachs Group initiated coverage on Occidental Petroleum in a report on Tuesday, August 27th. They issued a “neutral” rating and a $52.50 price objective for the company. Bank of America reaffirmed a “buy” rating and set a $80.00 target price on shares of Occidental Petroleum in a report on Monday, August 26th. Finally, Barclays initiated coverage on Occidental Petroleum in a report on Monday, August 19th. They set an “equal weight” rating and a $61.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and six have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $65.93.
In related news, insider Oscar K. Brown acquired 5,000 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was bought at an average price of $42.62 per share, for a total transaction of $213,100.00. Following the transaction, the insider now owns 114,519 shares of the company’s stock, valued at $4,880,799.78. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Bob Shearer acquired 15,000 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were bought at an average price of $50.22 per share, with a total value of $753,300.00. Following the transaction, the director now directly owns 19,218 shares in the company, valued at approximately $965,127.96. The disclosure for this purchase can be found here. Insiders acquired 33,500 shares of company stock valued at $1,565,375 over the last 90 days. 0.15% of the stock is currently owned by insiders.
OXY traded down $0.59 during trading on Wednesday, reaching $44.56. The stock had a trading volume of 399,963 shares, compared to its average volume of 7,991,875. The firm has a market capitalization of $33.74 billion, a price-to-earnings ratio of 8.89, a price-to-earnings-growth ratio of 3.11 and a beta of 0.85. 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 1-year low of $41.83 and a 1-year high of $83.35. The stock has a 50 day moving average of $45.77 and a two-hundred day moving average of $54.32.
Occidental Petroleum (NYSE:OXY) last released its earnings results on Wednesday, July 31st. The oil and gas producer reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.06. The firm had revenue of $4.48 billion during the quarter, compared to the consensus estimate of $4.39 billion. Occidental Petroleum had a return on equity of 17.06% and a net margin of 19.65%. The firm’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.10 earnings per share. On average, research analysts forecast that Occidental Petroleum Co. will post 2.9 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 10th will be given a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 7.09%. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.78. The ex-dividend date of this dividend is Monday, September 9th. Occidental Petroleum’s dividend payout ratio is 63.07%.
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 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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