Pictet Asset Management Ltd. boosted its position in shares of Occidental Petroleum Co. (NYSE:OXY) by 10.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 408,792 shares of the oil and gas producer’s stock after acquiring an additional 37,348 shares during the period. Pictet Asset Management Ltd. owned approximately 0.05% of Occidental Petroleum worth $20,554,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Geode Capital Management LLC grew its position in Occidental Petroleum by 3.6% in the 4th quarter. Geode Capital Management LLC now owns 9,152,375 shares of the oil and gas producer’s stock valued at $560,842,000 after acquiring an additional 316,507 shares in the last quarter. Cornerstone Advisors Inc. boosted its stake in shares of Occidental Petroleum by 110.9% in the 1st quarter. Cornerstone Advisors Inc. now owns 694 shares of the oil and gas producer’s stock valued at $46,000 after buying an additional 365 shares during the period. Cetera Advisors LLC boosted its stake in shares of Occidental Petroleum by 21.3% in the 1st quarter. Cetera Advisors LLC now owns 9,732 shares of the oil and gas producer’s stock valued at $648,000 after buying an additional 1,706 shares during the period. IndexIQ Advisors LLC boosted its stake in shares of Occidental Petroleum by 3.3% in the 1st quarter. IndexIQ Advisors LLC now owns 7,594 shares of the oil and gas producer’s stock valued at $503,000 after buying an additional 245 shares during the period. Finally, Brasada Capital Management LP purchased a new position in shares of Occidental Petroleum in the 1st quarter valued at about $530,000. Hedge funds and other institutional investors own 85.43% of the company’s stock.
OXY has been the subject of several recent research reports. Goldman Sachs Group initiated coverage on Occidental Petroleum in a research note on Tuesday, August 27th. They issued a “neutral” rating and a $52.50 price objective for the company. Piper Jaffray Companies set a $59.00 price objective on Occidental Petroleum and gave the company a “buy” rating in a research note on Friday, August 16th. Susquehanna Bancshares initiated coverage on Occidental Petroleum in a research note on Thursday, September 5th. They issued a “positive” rating and a $55.00 price objective for the company. Jefferies Financial Group initiated coverage on Occidental Petroleum in a research note on Friday, August 23rd. They issued a “hold” rating and a $47.00 price objective for the company. Finally, Bank of America reiterated a “buy” rating and issued a $80.00 price objective on shares of Occidental Petroleum in a research note on Monday, August 26th. Two equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and six have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $65.93.
OXY stock traded up $0.17 during trading on Friday, hitting $45.57. 208,337 shares of the company’s stock were exchanged, compared to its average volume of 8,422,083. The business has a 50-day moving average price of $46.34 and a two-hundred day moving average price of $54.83. The stock has a market capitalization of $34.75 billion, a price-to-earnings ratio of 9.09, a PEG ratio of 3.16 and a beta of 0.85. Occidental Petroleum Co. has a 52-week low of $41.83 and a 52-week high of $83.35. The company has a current ratio of 1.20, a quick ratio of 1.00 and a debt-to-equity ratio of 0.50.
Occidental Petroleum (NYSE:OXY) last posted its earnings results on Wednesday, July 31st. The oil and gas producer reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.06. The firm had revenue of $4.48 billion during the quarter, compared to analysts’ expectations of $4.39 billion. Occidental Petroleum had a return on equity of 17.06% and a net margin of 19.65%. The firm’s revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.10 earnings per share. On average, equities research analysts anticipate that Occidental Petroleum Co. will post 2.94 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, September 10th will be paid a dividend of $0.79 per share. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.78. The ex-dividend date of this dividend is Monday, September 9th. This represents a $3.16 annualized dividend and a yield of 6.93%. Occidental Petroleum’s payout ratio is presently 63.07%.
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 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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