Diversify Advisory Services LLC Takes $1.23 Million Position in Occidental Petroleum Corporation $OXY

Diversify Advisory Services LLC acquired a new position in shares of Occidental Petroleum Corporation (NYSE:OXY) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 22,461 shares of the oil and gas producer’s stock, valued at approximately $1,234,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Gables Capital Management Inc. acquired a new position in Occidental Petroleum during the 2nd quarter worth $173,000. Wealthfront Advisers LLC increased its stake in shares of Occidental Petroleum by 37.7% in the second quarter. Wealthfront Advisers LLC now owns 398,176 shares of the oil and gas producer’s stock worth $19,339,000 after purchasing an additional 109,002 shares during the period. Meeder Advisory Services Inc. lifted its position in shares of Occidental Petroleum by 22.4% during the 2nd quarter. Meeder Advisory Services Inc. now owns 8,324 shares of the oil and gas producer’s stock worth $404,000 after purchasing an additional 1,524 shares during the last quarter. Citizens Financial Group Inc. RI lifted its position in shares of Occidental Petroleum by 43.5% during the 2nd quarter. Citizens Financial Group Inc. RI now owns 23,007 shares of the oil and gas producer’s stock worth $1,117,000 after purchasing an additional 6,976 shares during the last quarter. Finally, Pallas Capital Advisors LLC boosted its stake in Occidental Petroleum by 73.7% during the 2nd quarter. Pallas Capital Advisors LLC now owns 15,225 shares of the oil and gas producer’s stock valued at $740,000 after purchasing an additional 6,459 shares during the period. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Richard A. Jackson bought 4,770 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The stock was acquired at an average cost of $52.38 per share, with a total value of $249,852.60. Following the acquisition, the chief executive officer owned 444,098 shares in the company, valued at approximately $23,261,853.24. This represents a 1.09% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.50% of the company’s stock.

Occidental Petroleum Trading Up 0.4%

Shares of OXY stock opened at $60.06 on Thursday. The firm has a fifty day moving average of $54.34 and a 200-day moving average of $55.32. The stock has a market cap of $60.04 billion, a price-to-earnings ratio of 9.30, a P/E/G ratio of 0.81 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 debt-to-equity ratio of 0.40, a quick ratio of 1.13 and a current ratio of 1.41.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.83 by $0.57. The business had revenue of $8.06 billion for the quarter, compared to analysts’ expectations of $7.07 billion. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The firm’s revenue for the quarter was up 53.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.39 earnings per share. On average, equities research analysts forecast that Occidental Petroleum Corporation will post 5.81 earnings per share for the current fiscal year.

Occidental Petroleum Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, September 10th will be paid a $0.28 dividend. The ex-dividend date is Thursday, September 10th. This represents a $1.12 annualized dividend and a dividend yield of 1.9%. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.26. Occidental Petroleum’s dividend payout ratio is currently 16.10%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Wells Fargo & Company lifted their price target on Occidental Petroleum from $72.00 to $79.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Susquehanna raised their price objective on shares of Occidental Petroleum from $67.00 to $70.00 and gave the stock a “positive” rating in a research note on Tuesday, August 11th. Capital One Financial boosted their target price on shares of Occidental Petroleum from $67.00 to $70.00 in a research report on Wednesday, May 27th. Barclays reduced their price target on shares of Occidental Petroleum from $75.00 to $71.00 and set an “overweight” rating for the company in a report on Monday. Finally, Wall Street Zen upgraded shares of Occidental Petroleum from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Ten analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the stock. According to MarketBeat.com, Occidental Petroleum presently has an average rating of “Hold” and an average price target of $64.83.

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.