University of Texas Texas AM Investment Management Co. Makes New $27,000 Investment in Occidental Petroleum Corporation $OXY

University of Texas Texas AM Investment Management Co. purchased a new position in shares of Occidental Petroleum Corporation (NYSE:OXY) in the second quarter, HoldingsChannel reports. The fund purchased 640 shares of the oil and gas producer’s stock, valued at approximately $27,000.

Several other institutional investors and hedge funds have also modified their holdings of OXY. Vanguard Group Inc. lifted its holdings in shares of Occidental Petroleum by 17.8% in the 1st quarter. Vanguard Group Inc. now owns 80,230,989 shares of the oil and gas producer’s stock valued at $3,960,202,000 after buying an additional 12,107,285 shares during the period. Nuveen LLC purchased a new stake in Occidental Petroleum during the 1st quarter worth approximately $99,853,000. Dimensional Fund Advisors LP increased its stake in Occidental Petroleum by 9.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,128,136 shares of the oil and gas producer’s stock worth $401,162,000 after buying an additional 710,220 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in Occidental Petroleum by 926.9% during the 1st quarter. Canada Pension Plan Investment Board now owns 777,564 shares of the oil and gas producer’s stock worth $38,381,000 after buying an additional 701,846 shares in the last quarter. Finally, Kingstone Capital Partners Texas LLC acquired a new position in Occidental Petroleum in the second quarter valued at approximately $28,584,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

Analyst Upgrades and Downgrades

OXY has been the topic of a number of research reports. Weiss Ratings restated a “hold (c-)” rating on shares of Occidental Petroleum in a research note on Saturday. Bank of America increased their target price on Occidental Petroleum from $44.00 to $47.00 and gave the company a “neutral” rating in a report on Monday, October 6th. Piper Sandler dropped their target price on Occidental Petroleum from $50.00 to $47.00 and set a “neutral” rating on the stock in a report on Tuesday, October 21st. Morgan Stanley reaffirmed an “equal weight” rating and set a $52.00 price objective on shares of Occidental Petroleum in a report on Monday, August 18th. Finally, Wells Fargo & Company started coverage on Occidental Petroleum in a report on Friday, October 17th. They set an “underweight” rating and a $42.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, fifteen have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $52.26.

Occidental Petroleum Price Performance

OXY stock opened at $42.60 on Friday. The firm has a 50 day moving average of $45.21 and a 200-day moving average of $43.49. Occidental Petroleum Corporation has a 12-month low of $34.78 and a 12-month high of $53.20. 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 company has a market cap of $41.94 billion, a price-to-earnings ratio of 25.21 and a beta of 0.95.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. The company had revenue of $6.41 billion during the quarter, compared to the consensus estimate of $6.29 billion. During the same period last year, the firm earned $1.03 EPS. The company’s revenue for the quarter was down 6.1% on a year-over-year basis. As a group, equities analysts expect that Occidental Petroleum Corporation will post 3.58 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Wednesday, September 10th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend was Wednesday, September 10th. Occidental Petroleum’s payout ratio is presently 56.80%.

Occidental Petroleum Profile

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.