Investors Research Corp Boosts Stake in Occidental Petroleum Corporation $OXY

Investors Research Corp grew its stake in shares of Occidental Petroleum Corporation (NYSE:OXY) by 13.9% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 2,906 shares of the oil and gas producer’s stock after acquiring an additional 354 shares during the quarter. Investors Research Corp’s holdings in Occidental Petroleum were worth $122,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Teamwork Financial Advisors LLC purchased a new stake in Occidental Petroleum during the 2nd quarter worth about $212,000. Thurston Springer Miller Herd & Titak Inc. lifted its holdings in Occidental Petroleum by 38.3% in the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 16,555 shares of the oil and gas producer’s stock valued at $695,000 after purchasing an additional 4,585 shares in the last quarter. Central Pacific Bank Trust Division boosted its stake in shares of Occidental Petroleum by 4.5% during the 2nd quarter. Central Pacific Bank Trust Division now owns 23,424 shares of the oil and gas producer’s stock worth $984,000 after purchasing an additional 1,000 shares during the last quarter. Cullen Investment Group LTD. grew its holdings in shares of Occidental Petroleum by 3.4% during the second quarter. Cullen Investment Group LTD. now owns 15,748 shares of the oil and gas producer’s stock worth $662,000 after buying an additional 515 shares in the last quarter. Finally, Hahn Capital Management LLC raised its position in shares of Occidental Petroleum by 0.4% in the first quarter. Hahn Capital Management LLC now owns 116,559 shares of the oil and gas producer’s stock valued at $5,753,000 after buying an additional 445 shares during the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on OXY. UBS Group raised their target price on shares of Occidental Petroleum from $42.00 to $45.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 20th. Wall Street Zen lowered Occidental Petroleum from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Piper Sandler lifted their price objective on Occidental Petroleum from $48.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, July 17th. JPMorgan Chase & Co. increased their target price on Occidental Petroleum from $47.00 to $48.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 15th. Finally, Melius Research started coverage on Occidental Petroleum in a research note on Wednesday, August 20th. They issued a “hold” rating and a $64.00 price target on the stock. Four analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $54.65.

Occidental Petroleum Price Performance

OXY stock opened at $45.69 on Friday. The company has a market cap of $44.98 billion, a PE ratio of 27.04 and a beta of 1.04. The company has a current ratio of 1.05, a quick ratio of 0.83 and a debt-to-equity ratio of 0.84. The stock has a 50-day moving average price of $44.93 and a two-hundred day moving average price of $43.82. Occidental Petroleum Corporation has a 12-month low of $34.78 and a 12-month high of $56.49.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings data on Wednesday, August 6th. The oil and gas producer reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The company had revenue of $6.41 billion for the quarter, compared to the consensus estimate of $6.29 billion. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%.The company’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same period last year, the business posted $1.03 EPS. As a group, research analysts predict that Occidental Petroleum Corporation will post 3.58 EPS for the current year.

Occidental Petroleum Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, September 10th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Wednesday, September 10th. Occidental Petroleum’s payout ratio is 56.80%.

About Occidental Petroleum

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.