Tocqueville Asset Management L.P. Invests $1.20 Million in Occidental Petroleum Corporation $OXY

Tocqueville Asset Management L.P. acquired a new stake in Occidental Petroleum Corporation (NYSE:OXY) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 24,687 shares of the oil and gas producer’s stock, valued at approximately $1,199,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its holdings in shares of Occidental Petroleum by 84.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 10,643,916 shares of the oil and gas producer’s stock valued at $516,975,000 after purchasing an additional 4,882,834 shares in the last quarter. Danske Bank A S acquired a new stake in Occidental Petroleum in the second quarter valued at about $172,413,000. Dimensional Fund Advisors LP raised its stake in Occidental Petroleum by 21.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer’s stock worth $436,008,000 after acquiring an additional 1,883,721 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Occidental Petroleum by 54.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,959,638 shares of the oil and gas producer’s stock valued at $162,820,000 after purchasing an additional 1,393,638 shares in the last quarter. Finally, Wellington Management Group LLP increased its position in Occidental Petroleum by 1,029.9% during the 3rd quarter. Wellington Management Group LLP now owns 1,493,747 shares of the oil and gas producer’s stock worth $70,580,000 after purchasing an additional 1,361,541 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

OXY has been the topic of a number of research reports. The Goldman Sachs Group decreased their target price on shares of Occidental Petroleum from $64.00 to $60.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 30th. Weiss Ratings upgraded Occidental Petroleum from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. Truist Financial upped their price objective on Occidental Petroleum from $57.00 to $63.00 and gave the company a “hold” rating in a research note on Monday, August 10th. UBS Group reduced their target price on shares of Occidental Petroleum from $67.00 to $65.00 and set a “neutral” rating on the stock in a report on Thursday, May 7th. Finally, Evercore upgraded shares of Occidental Petroleum from an “in-line” rating to an “outperform” rating and set a $65.00 price target on the stock in a report on Wednesday, July 8th. Ten investment analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the stock. According to data from MarketBeat.com, Occidental Petroleum has a consensus rating of “Hold” and a consensus price target of $64.83.

Insider Buying and Selling

In other Occidental Petroleum news, CEO Richard A. Jackson bought 4,770 shares of the stock in a transaction on Tuesday, June 23rd. The stock was acquired at an average cost of $52.38 per share, for a total transaction of $249,852.60. Following the completion of the acquisition, the chief executive officer owned 444,098 shares in the company, valued at $23,261,853.24. This trade represents a 1.09% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 0.50% of the stock is owned by corporate insiders.

Occidental Petroleum Trading Up 2.3%

OXY opened at $61.48 on Friday. Occidental Petroleum Corporation has a twelve month low of $38.80 and a twelve month high of $67.45. The company has a fifty day moving average of $54.46 and a 200-day moving average of $55.43. The stock has a market cap of $61.46 billion, a PE ratio of 9.52, a price-to-earnings-growth ratio of 0.81 and a beta of 0.15. The company has a quick ratio of 1.13, a current ratio of 1.41 and a debt-to-equity ratio of 0.40.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, beating 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 business had revenue of $8.06 billion for the quarter, compared to analyst estimates of $7.07 billion. During the same quarter in the previous year, the business earned $0.39 earnings per share. Occidental Petroleum’s revenue for the quarter was up 53.4% on a year-over-year basis. On average, sell-side analysts predict that Occidental Petroleum Corporation will post 5.81 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. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.8%. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.26. Occidental Petroleum’s dividend payout ratio (DPR) is presently 16.10%.

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.