Occidental Petroleum Corporation $OXY Stock: Rakuten Investment Management Inc. Grows Position

Rakuten Investment Management Inc. grew its position in Occidental Petroleum Corporation (NYSE:OXY) by 10.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 132,035 shares of the oil and gas producer’s stock after purchasing an additional 12,493 shares during the period. Rakuten Investment Management Inc.’s holdings in Occidental Petroleum were worth $7,254,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Berkshire Hathaway Inc purchased a new position in Occidental Petroleum in the second quarter valued at approximately $12,868,205,000. Bank of New York Mellon Corp grew its stake in Occidental Petroleum by 84.8% during the second 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 buying an additional 4,882,834 shares during the period. Danske Bank A S acquired a new stake in shares of Occidental Petroleum in the second quarter worth $172,413,000. Legal & General Group Plc acquired a new stake in shares of Occidental Petroleum in the second quarter worth $168,860,000. Finally, State Street Corp increased its position in shares of Occidental Petroleum by 6.6% in the second quarter. State Street Corp now owns 46,141,269 shares of the oil and gas producer’s stock worth $2,252,271,000 after acquiring an additional 2,870,472 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Stock Performance

Occidental Petroleum stock opened at $56.30 on Friday. Occidental Petroleum Corporation has a 12-month low of $38.80 and a 12-month high of $67.45. The company has a market capitalization of $56.28 billion, a price-to-earnings ratio of 13.00, a price-to-earnings-growth ratio of 0.66 and a beta of 0.16. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.13. The firm’s fifty day moving average price is $60.10 and its 200 day moving average price is $56.22.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 EPS 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 firm’s revenue was up 53.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.39 EPS. On average, research analysts forecast that Occidental Petroleum Corporation will post 6.81 EPS for the current fiscal year.

Occidental Petroleum Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Investors of record on Thursday, December 10th will be paid a $0.28 dividend. The ex-dividend date is Thursday, December 10th. This represents a $1.12 annualized dividend and a dividend yield of 2.0%. Occidental Petroleum’s payout ratio is 17.34%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Susquehanna lifted their target price on shares of Occidental Petroleum from $70.00 to $77.00 and gave the company a “positive” rating in a report on Tuesday, October 20th. Barclays decreased their price target on shares of Occidental Petroleum from $75.00 to $71.00 and set an “overweight” rating for the company in a research report on Monday, August 17th. The Goldman Sachs Group increased their price target on Occidental Petroleum from $69.00 to $76.00 and gave the company a “buy” rating in a report on Tuesday, October 27th. Piper Sandler started coverage on Occidental Petroleum in a research report on Tuesday, October 27th. They issued a “neutral” rating and a $69.00 price objective on the stock. Finally, Wells Fargo & Company boosted their price objective on Occidental Petroleum from $79.00 to $82.00 and gave the stock an “overweight” rating in a research note on Monday, September 14th. Twelve research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $67.88.

Occidental Petroleum Company Profile

Occidental Petroleum Corporation is an energy company engaged in oil and natural gas exploration, development and production. Its operations are focused primarily on the United States, including the Permian and DJ basins, as well as selected international regions in the Middle East and North Africa.

The company’s OxyChem subsidiary manufactures and markets chlor-alkali chemicals, vinyls and other chemical products used in water treatment, construction, healthcare, packaging and industrial applications.