Millennium Management LLC reduced its stake in shares of Occidental Petroleum Co. (NYSE:OXY) by 22.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,786,426 shares of the oil and gas producer’s stock after selling 512,207 shares during the quarter. Millennium Management LLC owned 0.23% of Occidental Petroleum worth $149,488,000 as of its most recent SEC filing.
Other institutional investors also recently added to or reduced their stakes in the company. Stelac Advisory Services LLC acquired a new position in Occidental Petroleum during the first quarter worth $112,000. Silvant Capital Management LLC acquired a new position in Occidental Petroleum during the first quarter worth $141,000. Kaizen Advisory LLC raised its stake in Occidental Petroleum by 142.0% during the second quarter. Kaizen Advisory LLC now owns 1,793 shares of the oil and gas producer’s stock worth $150,000 after acquiring an additional 1,052 shares in the last quarter. Spectrum Management Group Inc. acquired a new position in Occidental Petroleum during the second quarter worth $160,000. Finally, Smithfield Trust Co. raised its stake in Occidental Petroleum by 367.1% during the second quarter. Smithfield Trust Co. now owns 1,971 shares of the oil and gas producer’s stock worth $164,000 after acquiring an additional 1,549 shares in the last quarter. Hedge funds and other institutional investors own 80.42% of the company’s stock.
OXY has been the topic of several research analyst reports. Bank of America increased their target price on Occidental Petroleum from $100.00 to $105.00 and gave the stock a “buy” rating in a report on Friday, August 17th. Morgan Stanley initiated coverage on Occidental Petroleum in a report on Thursday, July 12th. They set an “overweight” rating and a $100.00 target price on the stock. ValuEngine cut Occidental Petroleum from a “buy” rating to a “hold” rating in a report on Wednesday, August 8th. Citigroup upgraded Occidental Petroleum from a “neutral” rating to a “buy” rating in a report on Tuesday, June 5th. Finally, National Alliance Securities upgraded Occidental Petroleum from a “hold” rating to a “buy” rating in a report on Monday, August 13th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $83.60.
Occidental Petroleum stock opened at $77.58 on Friday. The stock has a market capitalization of $57.92 billion, a P/E ratio of 87.17, a PEG ratio of 2.59 and a beta of 0.61. Occidental Petroleum Co. has a 12-month low of $61.09 and a 12-month high of $87.67. The company has a current ratio of 1.36, a quick ratio of 1.19 and a debt-to-equity ratio of 0.49.
Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings results on Wednesday, August 8th. The oil and gas producer reported $1.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by ($0.11). The firm had revenue of $4.13 billion during the quarter, compared to the consensus estimate of $4.13 billion. Occidental Petroleum had a net margin of 15.36% and a return on equity of 9.68%. Occidental Petroleum’s revenue was up 14.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.15 EPS. equities analysts predict that Occidental Petroleum Co. will post 4.84 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Monday, September 10th will be issued a $0.78 dividend. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.77. The ex-dividend date of this dividend is Friday, September 7th. This represents a $3.12 annualized dividend and a yield of 4.02%. Occidental Petroleum’s dividend payout ratio (DPR) is currently 350.56%.
Occidental Petroleum Profile
Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States and internationally. The company operates through three segments: Oil and Gas, Chemical, 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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