Toronto Dominion Bank lowered its stake in Occidental Petroleum Co. (NYSE:OXY) by 22.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 466,216 shares of the oil and gas producer’s stock after selling 137,292 shares during the quarter. Toronto Dominion Bank owned 0.06% of Occidental Petroleum worth $23,435,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the business. Charles Schwab Investment Advisory Inc. increased its stake in shares of Occidental Petroleum by 86.7% during the second quarter. Charles Schwab Investment Advisory Inc. now owns 5,839,718 shares of the oil and gas producer’s stock valued at $293,621,000 after buying an additional 2,712,579 shares during the period. Smead Capital Management Inc. purchased a new position in shares of Occidental Petroleum during the second quarter valued at approximately $42,158,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Occidental Petroleum by 238.1% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,150,909 shares of the oil and gas producer’s stock valued at $57,868,000 after buying an additional 810,550 shares during the period. AMF Pensionsforsakring AB purchased a new position in shares of Occidental Petroleum during the second quarter valued at approximately $29,186,000. Finally, First Trust Advisors LP increased its stake in shares of Occidental Petroleum by 91.2% during the first quarter. First Trust Advisors LP now owns 1,058,169 shares of the oil and gas producer’s stock valued at $70,051,000 after buying an additional 504,837 shares during the period. Hedge funds and other institutional investors own 85.43% of the company’s stock.
OXY stock traded up $0.23 during midday trading on Friday, hitting $45.63. The stock had a trading volume of 241,748 shares, compared to its average volume of 8,422,083. The firm has a market cap of $34.75 billion, a price-to-earnings ratio of 9.09, a price-to-earnings-growth ratio of 3.16 and a beta of 0.85. The business has a 50-day moving average of $46.34 and a two-hundred day moving average of $54.83. Occidental Petroleum Co. has a 52-week low of $41.83 and a 52-week high of $83.35. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.20 and a quick ratio of 1.00.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 10th will be issued a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 6.93%. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.78. The ex-dividend date of this dividend is Monday, September 9th. Occidental Petroleum’s payout ratio is 63.07%.
In related news, Director Margaret M. Foran bought 1,000 shares of the company’s stock in a transaction on Wednesday, August 14th. The shares were acquired at an average cost of $43.15 per share, with a total value of $43,150.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Oscar K. Brown bought 5,000 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was bought at an average cost of $42.62 per share, for a total transaction of $213,100.00. Following the completion of the acquisition, the insider now directly owns 114,519 shares of the company’s stock, valued at approximately $4,880,799.78. The disclosure for this purchase can be found here. Insiders acquired 33,500 shares of company stock worth $1,565,375 over the last three months. Corporate insiders own 0.15% of the company’s stock.
Several research firms have recently issued reports on OXY. Wells Fargo & Co reduced their target price on Occidental Petroleum from $53.00 to $48.00 and set a “market perform” rating on the stock in a research note on Friday, August 16th. Barclays began coverage on Occidental Petroleum in a research note on Monday, August 19th. They set an “equal weight” rating and a $61.00 target price on the stock. Raymond James set a $80.00 target price on Occidental Petroleum and gave the company a “buy” rating in a research note on Thursday, May 23rd. Morgan Stanley reduced their target price on Occidental Petroleum from $55.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Friday, July 12th. Finally, Susquehanna Bancshares began coverage on Occidental Petroleum in a research note on Thursday, September 5th. They set a “positive” rating and a $55.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and six have assigned a buy rating to the company. Occidental Petroleum has an average rating of “Hold” and an average target price of $65.93.
Occidental Petroleum Company 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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