Fayez Sarofim & Co. lowered its position in Occidental Petroleum Corporation (NYSE:OXY) by 11.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,798,137 shares of the oil and gas producer’s stock after selling 224,162 shares during the quarter. Fayez Sarofim & Co. owned about 0.24% of Occidental Petroleum Corporation worth $107,654,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in Occidental Petroleum Corporation by 3,198.5% in the first quarter. BlackRock Inc. now owns 58,991,369 shares of the oil and gas producer’s stock valued at $3,737,692,000 after acquiring an additional 57,202,942 shares during the last quarter. Vanguard Group Inc. increased its stake in Occidental Petroleum Corporation by 1.9% in the first quarter. Vanguard Group Inc. now owns 54,072,614 shares of the oil and gas producer’s stock valued at $3,426,042,000 after acquiring an additional 983,992 shares during the last quarter. State Street Corp increased its stake in Occidental Petroleum Corporation by 1.7% in the first quarter. State Street Corp now owns 39,633,185 shares of the oil and gas producer’s stock valued at $2,511,168,000 after acquiring an additional 681,032 shares during the last quarter. Wellington Management Group LLP increased its stake in Occidental Petroleum Corporation by 0.8% in the first quarter. Wellington Management Group LLP now owns 13,952,937 shares of the oil and gas producer’s stock valued at $884,058,000 after acquiring an additional 105,546 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Occidental Petroleum Corporation by 1.8% in the second quarter. Bank of New York Mellon Corp now owns 13,863,518 shares of the oil and gas producer’s stock valued at $830,010,000 after acquiring an additional 247,780 shares during the last quarter. 80.57% of the stock is currently owned by hedge funds and other institutional investors.
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OXY has been the topic of a number of research analyst reports. Zacks Investment Research cut Occidental Petroleum Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, July 4th. Cowen and Company set a $75.00 target price on Occidental Petroleum Corporation and gave the company a “buy” rating in a research note on Wednesday, July 19th. Jefferies Group LLC set a $58.00 target price on Occidental Petroleum Corporation and gave the company a “hold” rating in a research note on Tuesday, August 29th. BidaskClub raised Occidental Petroleum Corporation from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Finally, BMO Capital Markets reduced their target price on Occidental Petroleum Corporation from $60.00 to $55.00 and set a “market perform” rating on the stock in a research note on Friday, July 14th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $65.14.
Occidental Petroleum Corporation (NYSE:OXY) opened at 62.94 on Friday. Occidental Petroleum Corporation has a 52 week low of $57.20 and a 52 week high of $75.60. The company has a market capitalization of $48.12 billion, a PE ratio of 443.24 and a beta of 0.66. The stock’s 50 day moving average price is $60.57 and its 200-day moving average price is $61.24.
Occidental Petroleum Corporation (NYSE:OXY) last posted its earnings results on Wednesday, August 2nd. The oil and gas producer reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. Occidental Petroleum Corporation had a net margin of 0.91% and a return on equity of 0.13%. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3 billion. During the same period in the previous year, the firm posted ($0.18) EPS. The business’s quarterly revenue was up 40.9% on a year-over-year basis. On average, equities research analysts predict that Occidental Petroleum Corporation will post $0.66 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, September 11th will be issued a $0.77 dividend. The ex-dividend date of this dividend is Friday, September 8th. This is an increase from Occidental Petroleum Corporation’s previous quarterly dividend of $0.76. This represents a $3.08 dividend on an annualized basis and a dividend yield of 4.89%. Occidental Petroleum Corporation’s payout ratio is 2,369.23%.
In other news, Director William R. Klesse purchased 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 9th. The shares were bought at an average cost of $61.58 per share, for a total transaction of $615,800.00. Following the acquisition, the director now owns 70,692 shares of the company’s stock, valued at approximately $4,353,213.36. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.32% of the company’s stock.
About Occidental Petroleum Corporation
Occidental Petroleum Corporation (Occidental) is an oil and gas exploration and production company. The Company operates through three segments: oil and gas, chemical (OxyChem), 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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