Manning & Napier Advisors LLC Invests $1.40 Million in Occidental Petroleum Corporation $OXY

Manning & Napier Advisors LLC purchased a new position in Occidental Petroleum Corporation (NYSE:OXY) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 28,553 shares of the oil and gas producer’s stock, valued at approximately $1,402,000.

A number of other institutional investors and hedge funds have also bought and sold shares of OXY. Axiom Investment Management LLC purchased a new stake in shares of Occidental Petroleum during the first quarter valued at approximately $25,000. Hara Capital LLC purchased a new position in Occidental Petroleum in the 2nd quarter worth approximately $25,000. GKV Capital Management Co. Inc. bought a new position in Occidental Petroleum in the 1st quarter valued at approximately $26,000. Portus Wealth Advisors LLC bought a new position in Occidental Petroleum in the 1st quarter valued at approximately $29,000. Finally, Caitlin John LLC purchased a new stake in Occidental Petroleum during the 4th quarter valued at $29,000. 88.70% of the stock is currently owned by institutional investors.

Insider Activity

In other Occidental Petroleum news, CEO Richard A. Jackson bought 4,770 shares of the business’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was bought at an average cost of $52.38 per share, for a total transaction of $249,852.60. Following the completion of the transaction, the chief executive officer owned 444,098 shares of the company’s stock, valued at $23,261,853.24. This represents a 1.09% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.50% of the company’s stock.

Occidental Petroleum Stock Performance

Shares of OXY opened at $58.44 on Wednesday. The firm has a market capitalization of $58.42 billion, a P/E ratio of 9.05, a PEG ratio of 0.95 and a beta of 0.15. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.13. Occidental Petroleum Corporation has a one year low of $38.80 and a one year high of $67.45. The business has a fifty day moving average of $54.77 and a 200 day moving average of $55.74.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.83 by $0.57. The company had revenue of $8.06 billion for the quarter, compared to the consensus estimate of $7.07 billion. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.Occidental Petroleum’s revenue was up 53.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.39 earnings per share. As a group, sell-side analysts anticipate that Occidental Petroleum Corporation will post 6.09 EPS for the current year.

Occidental Petroleum Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, September 10th will be paid a $0.28 dividend. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.26. The ex-dividend date is Thursday, September 10th. This represents a $1.12 annualized dividend and a dividend yield of 1.9%. Occidental Petroleum’s dividend payout ratio (DPR) is currently 16.10%.

Analyst Upgrades and Downgrades

OXY has been the subject of several recent analyst reports. JPMorgan Chase & Co. decreased their price target on Occidental Petroleum from $64.00 to $63.00 in a research note on Thursday, May 7th. Raymond James Financial lifted their price objective on Occidental Petroleum from $64.00 to $75.00 and gave the stock an “outperform” rating in a report on Monday, May 4th. Evercore raised Occidental Petroleum from an “in-line” rating to an “outperform” rating and set a $65.00 target price for the company in a research report on Wednesday, July 8th. Susquehanna upped their target price on shares of Occidental Petroleum from $67.00 to $70.00 and gave the company a “positive” rating in a research note on Tuesday, August 11th. Finally, The Goldman Sachs Group reduced their price target on shares of Occidental Petroleum from $64.00 to $60.00 and set a “neutral” rating for the company in a research note on Tuesday, June 30th. Ten analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $64.83.

Occidental Petroleum Profile

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental’s operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.