Udine Wealth Management Inc. Invests $2.50 Million in Occidental Petroleum Corporation $OXY

Udine Wealth Management Inc. purchased a new stake in shares of Occidental Petroleum Corporation (NYSE:OXY) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 52,896 shares of the oil and gas producer’s stock, valued at approximately $2,499,000. Occidental Petroleum accounts for about 1.2% of Udine Wealth Management Inc.’s portfolio, making the stock its 27th biggest holding.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in OXY. Woodline Partners LP lifted its position in Occidental Petroleum by 40.7% during the 1st quarter. Woodline Partners LP now owns 57,079 shares of the oil and gas producer’s stock valued at $2,817,000 after purchasing an additional 16,506 shares during the period. Acadian Asset Management LLC bought a new stake in shares of Occidental Petroleum during the first quarter worth approximately $1,284,000. Inspire Investing LLC lifted its holdings in Occidental Petroleum by 21.9% in the first quarter. Inspire Investing LLC now owns 6,473 shares of the oil and gas producer’s stock valued at $320,000 after buying an additional 1,162 shares during the period. Apella Capital LLC boosted its stake in Occidental Petroleum by 9.3% in the second quarter. Apella Capital LLC now owns 6,109 shares of the oil and gas producer’s stock valued at $265,000 after acquiring an additional 520 shares during the last quarter. Finally, Czech National Bank grew its holdings in Occidental Petroleum by 11.6% during the 2nd quarter. Czech National Bank now owns 173,201 shares of the oil and gas producer’s stock worth $7,276,000 after acquiring an additional 18,025 shares during the period. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Occidental Petroleum Trading Up 2.3%

NYSE:OXY opened at $44.29 on Thursday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.71. The business’s 50-day simple moving average is $41.46 and its 200-day simple moving average is $43.38. Occidental Petroleum Corporation has a fifty-two week low of $34.78 and a fifty-two week high of $52.78. The stock has a market capitalization of $43.64 billion, a PE ratio of 32.57 and a beta of 0.38.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Monday, November 10th. The oil and gas producer reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.16. Occidental Petroleum had a return on equity of 12.35% and a net margin of 7.81%.The business had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6.66 billion. During the same period in the prior year, the business earned $1.00 EPS. Occidental Petroleum’s revenue for the quarter was down 6.1% compared to the same quarter last year. Sell-side analysts expect that Occidental Petroleum Corporation will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 10th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Wednesday, December 10th. Occidental Petroleum’s payout ratio is currently 70.59%.

Wall Street Analysts Forecast Growth

OXY has been the topic of a number of analyst reports. Wall Street Zen downgraded Occidental Petroleum from a “hold” rating to a “sell” rating in a research note on Sunday. HSBC dropped their price objective on Occidental Petroleum from $55.00 to $54.00 and set a “buy” rating for the company in a report on Wednesday, November 12th. Hsbc Global Res upgraded Occidental Petroleum from a “hold” rating to a “strong-buy” rating in a report on Friday, October 3rd. UBS Group decreased their target price on Occidental Petroleum from $45.00 to $43.00 and set a “neutral” rating for the company in a research report on Friday, December 12th. Finally, Roth Capital increased their price target on shares of Occidental Petroleum from $45.00 to $46.00 and gave the company a “neutral” rating in a research report on Thursday, October 2nd. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twelve have given a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $49.55.

Insiders Place Their Bets

In other news, Director William R. Klesse bought 5,000 shares of the stock in a transaction on Tuesday, December 16th. The stock was purchased at an average price of $38.98 per share, for a total transaction of $194,900.00. Following the acquisition, the director owned 218,913 shares in the company, valued at approximately $8,533,228.74. This trade represents a 2.34% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.31% of the company’s stock.

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.