Standard Life Aberdeen plc increased its holdings in Occidental Petroleum Co. (NYSE:OXY) by 1,541.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,584,578 shares of the oil and gas producer’s stock after purchasing an additional 7,122,373 shares during the quarter. Occidental Petroleum accounts for 1.2% of Standard Life Aberdeen plc’s holdings, making the stock its 15th biggest position. Standard Life Aberdeen plc owned about 0.99% of Occidental Petroleum worth $634,716,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Stelac Advisory Services LLC acquired a new stake in shares of Occidental Petroleum in the first quarter worth $112,000. Bedel Financial Consulting Inc. acquired a new position in Occidental Petroleum during the 1st quarter valued at $114,000. Silvant Capital Management LLC acquired a new position in Occidental Petroleum during the 1st quarter valued at $141,000. Kaizen Advisory LLC raised its stake in Occidental Petroleum by 142.0% during the 2nd quarter. Kaizen Advisory LLC now owns 1,793 shares of the oil and gas producer’s stock valued at $150,000 after purchasing an additional 1,052 shares during the last quarter. Finally, Spectrum Management Group Inc. acquired a new position in Occidental Petroleum during the 2nd quarter valued at $160,000. Institutional investors and hedge funds own 80.42% of the company’s stock.
In other news, Director William R. Klesse bought 5,000 shares of the firm’s stock in a transaction that occurred on Monday, August 13th. The stock was acquired at an average cost of $78.55 per share, with a total value of $392,750.00. Following the completion of the purchase, the director now owns 77,963 shares of the company’s stock, valued at $6,123,993.65. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.32% of the stock is currently owned by company insiders.
Occidental Petroleum (NYSE:OXY) last announced its earnings results on Wednesday, August 8th. The oil and gas producer reported $1.10 EPS for the quarter, missing the consensus estimate of $1.21 by ($0.11). The company had revenue of $4.13 billion for the quarter, compared to analyst estimates of $4.13 billion. Occidental Petroleum had a return on equity of 9.68% and a net margin of 15.36%. The business’s quarterly revenue was up 14.7% on a year-over-year basis. During the same quarter last year, the business posted $0.15 earnings per share. equities research analysts expect that Occidental Petroleum Co. will post 4.84 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Monday, September 10th will be paid a $0.78 dividend. The ex-dividend date is Friday, September 7th. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.77. This represents a $3.12 annualized dividend and a dividend yield of 4.02%. Occidental Petroleum’s dividend payout ratio (DPR) is currently 350.56%.
Several equities analysts recently commented on the stock. Mizuho started coverage on shares of Occidental Petroleum in a research note on Friday, June 8th. They set a “buy” rating and a $102.00 target price for the company. Jefferies Financial Group upgraded shares of Occidental Petroleum from a “hold” rating to a “buy” rating and increased their price objective for the company from $87.00 to $98.00 in a research note on Monday, June 11th. Scotiabank upgraded shares of Occidental Petroleum from a “sector perform” rating to an “outperform” rating in a research note on Monday, May 21st. Citigroup raised shares of Occidental Petroleum from a “neutral” rating to a “buy” rating in a report on Tuesday, June 5th. Finally, Morgan Stanley assumed coverage on shares of Occidental Petroleum in a report on Thursday, July 12th. They issued an “overweight” rating and a $100.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $83.60.
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 and internationally. The company operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.
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