Portfolio Design Labs LLC Buys New Stake in Occidental Petroleum Corporation $OXY

Portfolio Design Labs LLC purchased a new position in shares of Occidental Petroleum Corporation (NYSE:OXY) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 22,680 shares of the oil and gas producer’s stock, valued at approximately $1,102,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Woodline Partners LP raised its holdings in shares of Occidental Petroleum by 40.7% in the 1st quarter. Woodline Partners LP now owns 57,079 shares of the oil and gas producer’s stock valued at $2,817,000 after buying an additional 16,506 shares during the period. Marshall Wace LLP acquired a new position in Occidental Petroleum during the 2nd quarter worth about $4,584,000. Federated Hermes Inc. boosted its holdings in Occidental Petroleum by 696.7% during the 2nd quarter. Federated Hermes Inc. now owns 23,997 shares of the oil and gas producer’s stock valued at $1,008,000 after acquiring an additional 20,985 shares during the period. Daiwa Securities Group Inc. grew its position in Occidental Petroleum by 7.4% in the 2nd quarter. Daiwa Securities Group Inc. now owns 105,767 shares of the oil and gas producer’s stock valued at $4,443,000 after acquiring an additional 7,285 shares in the last quarter. Finally, AXA S.A. grew its position in Occidental Petroleum by 24.3% in the 2nd quarter. AXA S.A. now owns 136,625 shares of the oil and gas producer’s stock valued at $5,740,000 after acquiring an additional 26,741 shares in the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Evercore raised shares of Occidental Petroleum from an “in-line” rating to an “outperform” rating and set a $65.00 price target on the stock in a research report on Wednesday, July 8th. Mizuho lifted their price objective on shares of Occidental Petroleum from $72.00 to $75.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Susquehanna increased their target price on shares of Occidental Petroleum from $67.00 to $70.00 and gave the stock a “positive” rating in a report on Tuesday, August 11th. Zacks Research cut shares of Occidental Petroleum from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 22nd. Finally, Weiss Ratings upgraded shares of Occidental Petroleum from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Ten analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $64.83.

Occidental Petroleum Stock Performance

Shares of OXY opened at $61.48 on Friday. Occidental Petroleum Corporation has a 1 year low of $38.80 and a 1 year high of $67.45. The stock has a market capitalization of $61.46 billion, a PE ratio of 9.52, a PEG ratio of 0.81 and a beta of 0.15. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.13 and a current ratio of 1.41. The stock has a 50-day simple moving average of $54.46 and a 200-day simple moving average of $55.43.

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

Occidental Petroleum Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, September 10th will be given a $0.28 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.8%. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.26. Occidental Petroleum’s payout ratio is currently 16.10%.

Insider Buying and Selling at Occidental Petroleum

In other news, CEO Richard A. Jackson acquired 4,770 shares of Occidental Petroleum stock in a transaction dated Tuesday, June 23rd. The shares were acquired at an average cost of $52.38 per share, for a total transaction of $249,852.60. Following the acquisition, the chief executive officer owned 444,098 shares of the company’s stock, valued at $23,261,853.24. This trade represents a 1.09% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.50% of the company’s stock.

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.