Pacific Heights Asset Management LLC Invests $24.29 Million in Occidental Petroleum Corporation $OXY

Pacific Heights Asset Management LLC purchased a new stake in Occidental Petroleum Corporation (NYSE:OXY) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 500,000 shares of the oil and gas producer’s stock, valued at approximately $24,285,000. Pacific Heights Asset Management LLC owned 0.05% of Occidental Petroleum as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Woodline Partners LP grew its position in shares of Occidental Petroleum by 40.7% in the first 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. Marshall Wace LLP acquired a new position in shares of Occidental Petroleum during the 2nd quarter worth about $4,584,000. Federated Hermes Inc. lifted its stake in Occidental Petroleum by 696.7% in the 2nd quarter. Federated Hermes Inc. now owns 23,997 shares of the oil and gas producer’s stock valued at $1,008,000 after buying an additional 20,985 shares in the last quarter. Daiwa Securities Group Inc. boosted its holdings in Occidental Petroleum by 7.4% in the 2nd quarter. Daiwa Securities Group Inc. now owns 105,767 shares of the oil and gas producer’s stock worth $4,443,000 after buying an additional 7,285 shares during the last quarter. Finally, AXA S.A. increased its stake in Occidental Petroleum by 24.3% during the 2nd quarter. AXA S.A. now owns 136,625 shares of the oil and gas producer’s stock worth $5,740,000 after buying an additional 26,741 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Insider Activity at Occidental Petroleum

In related news, CEO Richard A. Jackson purchased 4,770 shares of Occidental Petroleum stock in a transaction dated Tuesday, June 23rd. The shares were acquired at an average price of $52.38 per share, for a total transaction of $249,852.60. Following the acquisition, the chief executive officer directly owned 444,098 shares in the company, valued at approximately $23,261,853.24. The trade was a 1.09% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.50% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Morgan Stanley reduced their target price 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. Stephens dropped their price target on Occidental Petroleum from $73.00 to $69.00 and set an “overweight” rating for the company in a research report on Tuesday, July 14th. Susquehanna increased their price objective on Occidental Petroleum from $67.00 to $70.00 and gave the company a “positive” rating in a research note on Tuesday, August 11th. Zacks Research lowered Occidental Petroleum from a “strong-buy” rating to a “hold” rating in a report on Monday, June 22nd. Finally, JPMorgan Chase & Co. dropped their target price on shares of Occidental Petroleum from $64.00 to $63.00 in a report on Thursday, May 7th. Ten research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company’s stock. According to MarketBeat.com, Occidental Petroleum currently has an average rating of “Hold” and a consensus price target of $64.83.

Occidental Petroleum Trading Up 1.0%

Shares of Occidental Petroleum stock opened at $59.21 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.13. The stock’s 50 day simple moving average is $55.03 and its 200-day simple moving average is $55.93. The stock has a market cap of $59.19 billion, a P/E ratio of 9.17, a P/E/G ratio of 0.93 and a beta of 0.15. Occidental Petroleum Corporation has a 1-year low of $38.80 and a 1-year high of $67.45.

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

Occidental Petroleum Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders 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 of this dividend is Thursday, September 10th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.9%. Occidental Petroleum’s dividend payout ratio is 16.10%.

Occidental Petroleum Company 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.