Tocqueville Asset Management L.P. Makes New $1.20 Million Investment in Occidental Petroleum Corporation $OXY

Tocqueville Asset Management L.P. bought a new position in shares of Occidental Petroleum Corporation (NYSE:OXY) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 24,687 shares of the oil and gas producer’s stock, valued at approximately $1,199,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bank of New York Mellon Corp boosted its stake in Occidental Petroleum by 84.8% in 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 during the period. Danske Bank A S bought a new position in shares of Occidental Petroleum during the second quarter worth about $172,413,000. Dimensional Fund Advisors LP lifted its stake in Occidental Petroleum by 21.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer’s stock valued at $436,008,000 after acquiring an additional 1,883,721 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Occidental Petroleum by 54.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,959,638 shares of the oil and gas producer’s stock worth $162,820,000 after acquiring an additional 1,393,638 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Occidental Petroleum by 1,029.9% in the third quarter. Wellington Management Group LLP now owns 1,493,747 shares of the oil and gas producer’s stock worth $70,580,000 after purchasing an additional 1,361,541 shares in the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

Analysts Set New Price Targets

OXY has been the topic of several analyst reports. Truist Financial increased their price target on Occidental Petroleum from $57.00 to $63.00 and gave the company a “hold” rating in a research report on Monday, August 10th. Stephens lowered their target price on shares of Occidental Petroleum from $73.00 to $69.00 and set an “overweight” rating on the stock in a report on Tuesday, July 14th. JPMorgan Chase & Co. decreased their price objective on shares of Occidental Petroleum from $64.00 to $63.00 in a research report on Thursday, May 7th. Wall Street Zen upgraded shares of Occidental Petroleum from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Finally, Capital One Financial upped their price objective on Occidental Petroleum from $67.00 to $70.00 in a research note on Wednesday, May 27th. Ten analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $64.83.

Insider Transactions at Occidental Petroleum

In related news, CEO Richard A. Jackson purchased 4,770 shares of Occidental Petroleum 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 completion of the transaction, the chief executive officer directly owned 444,098 shares of the company’s stock, valued at $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 the SEC website. 0.50% of the stock is owned by corporate insiders.

Occidental Petroleum Stock Up 2.3%

OXY stock opened at $61.48 on Friday. The business’s fifty day moving average price is $54.46 and its two-hundred day moving average price is $55.43. The stock has a market capitalization of $61.46 billion, a price-to-earnings ratio of 9.52, a PEG ratio of 0.81 and a beta of 0.15. Occidental Petroleum Corporation has a fifty-two week low of $38.80 and a fifty-two week high of $67.45. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.13.

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

Occidental Petroleum Increases Dividend

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

Occidental Petroleum Company 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.