Rakuten Investment Management Inc. Buys 12,493 Shares of Occidental Petroleum Corporation $OXY

Rakuten Investment Management Inc. increased its stake in Occidental Petroleum Corporation (NYSE:OXY) by 10.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 132,035 shares of the oil and gas producer’s stock after buying an additional 12,493 shares during the period. Rakuten Investment Management Inc.’s holdings in Occidental Petroleum were worth $7,254,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Integrity Advisory Solutions LLC grew its holdings in Occidental Petroleum by 5.0% during the 3rd quarter. Integrity Advisory Solutions LLC now owns 7,086 shares of the oil and gas producer’s stock worth $392,000 after acquiring an additional 338 shares in the last quarter. Oregon Public Employees Retirement Fund increased its position in shares of Occidental Petroleum by 0.4% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 89,702 shares of the oil and gas producer’s stock worth $4,962,000 after purchasing an additional 400 shares during the last quarter. GRIMES & Co WEALTH MANAGEMENT LLC bought a new stake in shares of Occidental Petroleum in the 3rd quarter worth about $213,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Occidental Petroleum in the 3rd quarter valued at about $10,156,000. Finally, ProShare Advisors LLC raised its stake in shares of Occidental Petroleum by 5.5% in the 3rd quarter. ProShare Advisors LLC now owns 149,333 shares of the oil and gas producer’s stock valued at $8,261,000 after purchasing an additional 7,847 shares in the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

Occidental Petroleum Trading Down 1.8%

NYSE OXY opened at $56.30 on Friday. Occidental Petroleum Corporation has a one year low of $38.80 and a one year high of $67.45. The company has a 50-day simple moving average of $60.10 and a 200-day simple moving average of $56.22. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.13 and a current ratio of 1.41. The firm has a market capitalization of $56.28 billion, a PE ratio of 13.00, a price-to-earnings-growth ratio of 0.66 and a beta of 0.16.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, topping the consensus estimate of $1.83 by $0.57. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The firm had revenue of $8.06 billion for the quarter, compared to analyst estimates of $7.07 billion. During the same quarter in the prior year, the business earned $0.39 earnings per share. Occidental Petroleum’s quarterly revenue was up 53.4% on a year-over-year basis. On average, equities analysts forecast that Occidental Petroleum Corporation will post 6.81 earnings per share for the current year.

Occidental Petroleum Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Thursday, December 10th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Thursday, December 10th. Occidental Petroleum’s payout ratio is presently 17.34%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on OXY shares. Truist Financial lifted their price target on Occidental Petroleum from $63.00 to $64.00 and gave the stock a “hold” rating in a research note on Thursday, October 15th. Barclays lowered their price objective on Occidental Petroleum from $75.00 to $71.00 and set an “overweight” rating for the company in a report on Monday, August 17th. Stephens upped their price objective on Occidental Petroleum from $78.00 to $80.00 and gave the company an “overweight” rating in a research note on Monday, October 19th. Morgan Stanley increased their target price on Occidental Petroleum from $69.00 to $71.00 and gave the stock an “equal weight” rating in a report on Thursday, October 15th. Finally, Piper Sandler began coverage on Occidental Petroleum in a research report on Tuesday, October 27th. They issued a “neutral” rating and a $69.00 target price for the company. Twelve investment analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company. Based on data from MarketBeat, Occidental Petroleum has an average rating of “Hold” and a consensus target price of $67.88.

About Occidental Petroleum

Occidental Petroleum Corporation is an energy company engaged in oil and natural gas exploration, development and production. Its operations are focused primarily on the United States, including the Permian and DJ basins, as well as selected international regions in the Middle East and North Africa.

The company’s OxyChem subsidiary manufactures and markets chlor-alkali chemicals, vinyls and other chemical products used in water treatment, construction, healthcare, packaging and industrial applications.