IFM Investors Pty Ltd Acquires 25,312 Shares of Occidental Petroleum Corporation $OXY

IFM Investors Pty Ltd grew its stake in shares of Occidental Petroleum Corporation (NYSE:OXY) by 23.6% in the first quarter, Holdings Channel reports. The firm owned 132,562 shares of the oil and gas producer’s stock after acquiring an additional 25,312 shares during the period. IFM Investors Pty Ltd’s holdings in Occidental Petroleum were worth $8,617,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in OXY. Portus Wealth Advisors LLC purchased a new position in Occidental Petroleum in the 1st quarter worth about $29,000. Caitlin John LLC purchased a new stake in Occidental Petroleum in the 4th quarter valued at about $29,000. Activest Wealth Management grew its stake in Occidental Petroleum by 68.5% in the 4th quarter. Activest Wealth Management now owns 750 shares of the oil and gas producer’s stock worth $31,000 after acquiring an additional 305 shares in the last quarter. Rossby Financial LCC grew its stake in Occidental Petroleum by 155.0% in the 4th quarter. Rossby Financial LCC now owns 765 shares of the oil and gas producer’s stock worth $31,000 after acquiring an additional 465 shares in the last quarter. Finally, Binnacle Investments Inc purchased a new position in shares of Occidental Petroleum during the third quarter worth approximately $35,000. 88.70% of the stock is currently owned by institutional investors.

Occidental Petroleum Trading Up 1.9%

Occidental Petroleum stock opened at $48.84 on Friday. The stock has a 50-day moving average price of $55.82 and a 200 day moving average price of $52.06. The company has a market capitalization of $48.58 billion, a price-to-earnings ratio of 12.30 and a beta of 0.15. Occidental Petroleum Corporation has a 52 week low of $38.80 and a 52 week high of $67.45. The company has a quick ratio of 1.01, a current ratio of 1.21 and a debt-to-equity ratio of 0.49.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.46. The company had revenue of $5.11 billion for the quarter, compared to the consensus estimate of $5.44 billion. Occidental Petroleum had a net margin of 19.98% and a return on equity of 9.65%. Occidental Petroleum’s quarterly revenue was down 8.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.14 EPS. Sell-side analysts anticipate that Occidental Petroleum Corporation will post 5.99 EPS for the current year.

Occidental Petroleum Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Wednesday, June 10th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.1%. The ex-dividend date is Wednesday, June 10th. Occidental Petroleum’s dividend payout ratio is currently 26.20%.

Insider Buying and Selling at Occidental Petroleum

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

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Jefferies Financial Group lifted their price target on shares of Occidental Petroleum from $47.00 to $58.00 and gave the company a “hold” rating in a research note on Monday, April 13th. Wolfe Research increased their price target on Occidental Petroleum from $67.00 to $70.00 and gave the stock an “outperform” rating in a research report on Monday, April 6th. Susquehanna raised their price target on Occidental Petroleum from $60.00 to $67.00 and gave the company a “positive” rating in a research note on Tuesday, April 21st. Mizuho lifted 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. Finally, Piper Sandler raised shares of Occidental Petroleum from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $54.00 to $66.00 in a research note on Thursday, March 12th. Nine investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Occidental Petroleum has a consensus rating of “Hold” and a consensus target price of $63.30.

About Occidental Petroleum

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.