Vise Technologies Inc. Makes New Investment in Occidental Petroleum Corporation $OXY

Vise Technologies Inc. bought a new stake in Occidental Petroleum Corporation (NYSE:OXY) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 20,330 shares of the oil and gas producer’s stock, valued at approximately $987,000.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Occidental Petroleum by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 89,900,677 shares of the oil and gas producer’s stock worth $3,696,716,000 after acquiring an additional 699,137 shares in the last quarter. State Street Corp boosted its stake in shares of Occidental Petroleum by 2.1% in the 4th quarter. State Street Corp now owns 39,539,743 shares of the oil and gas producer’s stock valued at $1,635,263,000 after purchasing an additional 828,848 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Occidental Petroleum by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 18,846,231 shares of the oil and gas producer’s stock valued at $771,949,000 after purchasing an additional 167,518 shares during the last quarter. Bank of New York Mellon Corp increased its position in Occidental Petroleum by 84.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 10,643,916 shares of the oil and gas producer’s stock worth $516,975,000 after purchasing an additional 4,882,834 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Occidental Petroleum by 21.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer’s stock worth $436,008,000 after purchasing an additional 1,883,721 shares in the last quarter. 88.70% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Wells Fargo & Company raised their target price on shares of Occidental Petroleum from $72.00 to $79.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Capital One Financial increased their price target on Occidental Petroleum from $67.00 to $70.00 in a research note on Wednesday, May 27th. Mizuho raised their price objective on Occidental Petroleum from $72.00 to $75.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Stephens lowered their target price on Occidental Petroleum from $73.00 to $69.00 and set an “overweight” rating for the company in a report on Tuesday, July 14th. Finally, Truist Financial increased 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. Ten analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $64.83.

Occidental Petroleum Stock Performance

Shares of Occidental Petroleum stock opened at $61.34 on Friday. The stock has a market cap of $61.32 billion, a price-to-earnings ratio of 9.50, a P/E/G ratio of 0.79 and a beta of 0.15. Occidental Petroleum Corporation has a twelve month low of $38.80 and a twelve month high of $67.45. The company’s fifty day moving average is $54.56 and its 200 day moving average is $55.47. 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 issued its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.83 by $0.57. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.The company had revenue of $8.06 billion for the quarter, compared to analyst estimates of $7.07 billion. During the same period in the prior year, the firm earned $0.39 earnings per share. Occidental Petroleum’s revenue for the quarter was up 53.4% on a year-over-year basis. Sell-side analysts forecast that Occidental Petroleum Corporation will post 6.09 EPS for the current year.

Occidental Petroleum Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, September 10th will be issued a $0.28 dividend. The ex-dividend date is Thursday, September 10th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.8%. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.26. Occidental Petroleum’s dividend payout ratio (DPR) is currently 16.10%.

Insiders Place Their Bets

In other Occidental Petroleum news, CEO Richard A. Jackson purchased 4,770 shares of the company’s stock in a transaction that occurred on Tuesday, June 23rd. The shares were acquired at an average price of $52.38 per share, with a total value of $249,852.60. Following the transaction, the chief executive officer owned 444,098 shares in the company, valued at $23,261,853.24. The trade was a 1.09% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.50% of the company’s stock.

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.