Rafferty Asset Management LLC Invests $2.63 Million in Occidental Petroleum Corporation (OXY)
Rafferty Asset Management LLC bought a new stake in Occidental Petroleum Corporation (NYSE:OXY) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 43,891 shares of the oil and gas producer’s stock, valued at approximately $2,628,000.
A number of other institutional investors also recently added to or reduced their stakes in OXY. Empire Life Investments Inc. purchased a new stake in Occidental Petroleum Corporation in the first quarter valued at approximately $8,743,000. HPM Partners LLC purchased a new stake in Occidental Petroleum Corporation in the first quarter valued at approximately $1,502,000. Princeton Alpha Management LP purchased a new stake in Occidental Petroleum Corporation in the first quarter valued at approximately $1,687,000. Pinnacle Financial Partners Inc. purchased a new stake in Occidental Petroleum Corporation in the first quarter valued at approximately $201,000. Finally, Lucas Capital Management grew its holdings in Occidental Petroleum Corporation by 56.0% in the first quarter. Lucas Capital Management now owns 27,857 shares of the oil and gas producer’s stock valued at $1,765,000 after purchasing an additional 10,000 shares during the period. Hedge funds and other institutional investors own 80.57% of the company’s stock.
A number of equities research analysts recently issued reports on OXY shares. BidaskClub downgraded shares of Occidental Petroleum Corporation from a “sell” rating to a “strong sell” rating in a report on Thursday, August 24th. Jefferies Group LLC set a $58.00 target price on shares of Occidental Petroleum Corporation and gave the company a “hold” rating in a report on Tuesday, August 29th. Mitsubishi UFJ Financial Group started coverage on shares of Occidental Petroleum Corporation in a report on Monday, May 29th. They issued a “hold” rating and a $69.00 target price for the company. Wolfe Research upgraded shares of Occidental Petroleum Corporation from a “market perform” rating to an “outperform” rating in a report on Monday, July 17th. Finally, Cowen and Company set a $75.00 target price on shares of Occidental Petroleum Corporation and gave the company a “buy” rating in a report on Wednesday, July 19th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the company. Occidental Petroleum Corporation currently has a consensus rating of “Hold” and an average target price of $65.14.
In related news, Director William R. Klesse purchased 10,000 shares of the stock in a transaction on Wednesday, August 9th. The shares were bought at an average price of $61.58 per share, for a total transaction of $615,800.00. Following the completion of the acquisition, the director now directly owns 70,692 shares in the company, valued at approximately $4,353,213.36. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.32% of the company’s stock.
Occidental Petroleum Corporation (NYSE:OXY) opened at 62.94 on Monday. The firm 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 is $60.57 and its 200-day moving average is $61.24. Occidental Petroleum Corporation has a 52-week low of $57.20 and a 52-week high of $75.60.
Occidental Petroleum Corporation (NYSE:OXY) last announced its quarterly earnings results on Wednesday, August 2nd. The oil and gas producer reported $0.15 EPS for the quarter, beating the consensus estimate of $0.12 by $0.03. Occidental Petroleum Corporation had a return on equity of 0.13% and a net margin of 0.91%. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3 billion. During the same quarter last year, the company posted ($0.18) earnings per share. The company’s revenue for the quarter was up 40.9% compared to the same quarter last year. Equities analysts expect that Occidental Petroleum Corporation will post $0.66 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Monday, September 11th will be issued a dividend of $0.77 per share. This represents a $3.08 annualized dividend and a yield of 4.89%. 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. Occidental Petroleum Corporation’s dividend payout ratio (DPR) is 2,369.23%.
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Occidental Petroleum Corporation Company Profile
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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