Freestone Grove Partners LP Takes $42.93 Million Position in Occidental Petroleum Corporation $OXY

Freestone Grove Partners LP bought a new stake in Occidental Petroleum Corporation (NYSE:OXY) in the 2nd quarter, Holdings Channel reports. The fund bought 883,909 shares of the oil and gas producer’s stock, valued at approximately $42,931,000.

A number of other large investors have also added to or reduced their stakes in OXY. Odyssean LLC acquired a new position in Occidental Petroleum in the 2nd quarter worth $682,000. Jupiter Topco LLC acquired a new stake in shares of Occidental Petroleum during the second quarter valued at about $3,969,000. EFG International AG acquired a new stake in shares of Occidental Petroleum during the second quarter valued at about $209,000. PDT Partners LLC purchased a new stake in shares of Occidental Petroleum during the second quarter worth about $4,235,000. Finally, Canada Pension Plan Investment Board acquired a new position in shares of Occidental Petroleum in the second quarter worth about $53,633,000. 88.70% of the stock is owned by institutional investors and hedge funds.

Occidental Petroleum Stock Performance

Shares of OXY stock opened at $58.69 on Thursday. The stock has a market capitalization of $58.67 billion, a price-to-earnings ratio of 9.09, a PEG ratio of 0.93 and a beta of 0.15. Occidental Petroleum Corporation has a one year low of $38.80 and a one year high of $67.45. The company’s 50-day simple moving average is $54.88 and its 200-day simple moving average is $55.84. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.13 and a current ratio of 1.41.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data 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 return on equity of 15.31% and a net margin of 28.36%.The firm had revenue of $8.06 billion for the quarter, compared to analysts’ expectations of $7.07 billion. During the same quarter in the prior year, the firm posted $0.39 earnings per share. Occidental Petroleum’s revenue for the quarter was up 53.4% compared to the same quarter last year. Equities analysts anticipate that Occidental Petroleum Corporation will post 6.09 earnings per share for the current fiscal year.

Occidental Petroleum Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, September 10th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $1.12 annualized dividend and a dividend yield of 1.9%. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.26. Occidental Petroleum’s dividend payout ratio is currently 16.10%.

Insider Transactions at Occidental Petroleum

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

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Morgan Stanley reduced their price target on Occidental Petroleum from $74.00 to $68.00 and set an “equal weight” rating for the company in a report on Friday, June 26th. Wells Fargo & Company lifted their price objective on Occidental Petroleum from $72.00 to $79.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Truist Financial upped their target price on Occidental Petroleum from $57.00 to $63.00 and gave the company a “hold” rating in a research report on Monday, August 10th. Wall Street Zen upgraded Occidental Petroleum from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Occidental Petroleum from $64.00 to $63.00 in a research note on Thursday, May 7th. Ten analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target 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.