Novare Capital Management LLC Increases Position in Occidental Petroleum Corp. (OXY)
Novare Capital Management LLC increased its stake in shares of Occidental Petroleum Corp. (NYSE:OXY) by 5.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 45,605 shares of the company’s stock after buying an additional 2,383 shares during the period. Novare Capital Management LLC’s holdings in Occidental Petroleum Corp. were worth $3,326,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in the stock. Renaissance Technologies LLC bought a new position in shares of Occidental Petroleum Corp. during the first quarter valued at $16,139,000. Logan Capital Management Inc. boosted its position in shares of Occidental Petroleum Corp. by 3.7% in the first quarter. Logan Capital Management Inc. now owns 3,346 shares of the company’s stock valued at $229,000 after buying an additional 120 shares during the period. Boothbay Fund Management LLC bought a new position in shares of Occidental Petroleum Corp. during the first quarter valued at $234,000. Summit Financial Wealth Advisors LLC boosted its position in shares of Occidental Petroleum Corp. by 6.1% in the second quarter. Summit Financial Wealth Advisors LLC now owns 9,884 shares of the company’s stock valued at $747,000 after buying an additional 567 shares during the period. Finally, Iowa State Bank bought a new position in shares of Occidental Petroleum Corp. during the second quarter valued at $163,000. Institutional investors own 80.47% of the company’s stock.
Occidental Petroleum Corp. (NYSE:OXY) traded up 5.61% on Wednesday, hitting $71.36. The company’s stock had a trading volume of 9,432,899 shares. The firm’s market cap is $54.53 billion. The firm has a 50 day moving average of $70.37 and a 200 day moving average of $73.82. Occidental Petroleum Corp. has a 12 month low of $58.24 and a 12 month high of $78.48.
Occidental Petroleum Corp. (NYSE:OXY) last released its quarterly earnings results on Tuesday, November 1st. The company reported ($0.15) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.11) by $0.04. The company earned $2.65 billion during the quarter, compared to analysts’ expectations of $2.69 billion. Occidental Petroleum Corp. had a negative return on equity of 3.43% and a negative net margin of 52.62%. The company’s revenue was down 15.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.03 EPS. Equities research analysts forecast that Occidental Petroleum Corp. will post ($0.86) earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 13th. Investors of record on Friday, December 9th will be given a $0.76 dividend. The ex-dividend date of this dividend is Wednesday, December 7th. This represents a $3.04 annualized dividend and a yield of 4.26%. Occidental Petroleum Corp.’s dividend payout ratio is currently -42.34%.
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OXY has been the subject of several recent research reports. Jefferies Group reiterated a “hold” rating on shares of Occidental Petroleum Corp. in a research report on Thursday, August 4th. Deutsche Bank AG cut Occidental Petroleum Corp. from a “buy” rating to a “hold” rating and set a $78.59 target price for the company. in a research report on Friday, August 5th. restated a “buy” rating on shares of Occidental Petroleum Corp. in a research report on Tuesday, August 16th. JPMorgan Chase & Co. cut Occidental Petroleum Corp. from a “neutral” rating to an “underweight” rating and boosted their target price for the stock from $76.11 to $78.00 in a research report on Monday, September 12th. They noted that the move was a valuation call. Finally, Credit Suisse Group AG restated a “hold” rating and set a $72.00 target price on shares of Occidental Petroleum Corp. in a research report on Monday, September 12th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $75.74.
In other news, Director William R. Klesse acquired 10,000 shares of the firm’s stock in a transaction on Monday, November 14th. The stock was acquired at an average price of $64.89 per share, with a total value of $648,900.00. Following the completion of the purchase, the director now directly owns 47,940 shares in the company, valued at $3,110,826.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Stephen I. Chazen sold 2,000 shares of the firm’s stock in a transaction dated Friday, November 25th. The stock was sold at an average price of $69.81, for a total transaction of $139,620.00. Following the completion of the sale, the director now directly owns 1,579,619 shares of the company’s stock, valued at approximately $110,273,202.39. The disclosure for this sale can be found here. 0.35% of the stock is owned by corporate insiders.
Occidental Petroleum Corp. Company Profile
Occidental Petroleum Corporation 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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