Polaris Greystone Financial Group LLC Takes Position in Occidental Petroleum Co. (OXY)
Polaris Greystone Financial Group LLC purchased a new position in Occidental Petroleum Co. (NYSE:OXY) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,494 shares of the oil and gas producer’s stock, valued at approximately $205,000.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Legacy Advisors LLC raised its stake in Occidental Petroleum by 7,382.8% in the third quarter. Legacy Advisors LLC now owns 18,707 shares of the oil and gas producer’s stock worth $1,552,000 after buying an additional 18,457 shares in the last quarter. Westbourne Investment Advisors Inc. bought a new position in shares of Occidental Petroleum during the third quarter valued at approximately $138,000. Rothschild Investment Corp IL increased its stake in shares of Occidental Petroleum by 77.4% during the third quarter. Rothschild Investment Corp IL now owns 6,525 shares of the oil and gas producer’s stock valued at $536,000 after purchasing an additional 2,847 shares in the last quarter. BB&T Corp increased its stake in shares of Occidental Petroleum by 0.5% during the third quarter. BB&T Corp now owns 242,238 shares of the oil and gas producer’s stock valued at $19,904,000 after purchasing an additional 1,119 shares in the last quarter. Finally, CAPROCK Group Inc. increased its stake in shares of Occidental Petroleum by 42.6% during the third quarter. CAPROCK Group Inc. now owns 8,484 shares of the oil and gas producer’s stock valued at $703,000 after purchasing an additional 2,534 shares in the last quarter. 80.34% of the stock is owned by institutional investors.
A number of equities analysts have weighed in on the stock. Mitsubishi UFJ Financial Group decreased their target price on shares of Occidental Petroleum to $92.00 and set a “neutral” rating for the company in a research note on Tuesday, October 16th. Morgan Stanley set a $101.00 target price on shares of Occidental Petroleum and gave the company a “buy” rating in a research note on Friday, October 12th. Zacks Investment Research raised shares of Occidental Petroleum from a “hold” rating to a “buy” rating and set a $92.00 target price for the company in a research note on Wednesday, October 10th. Piper Jaffray Companies assumed coverage on shares of Occidental Petroleum in a research note on Friday, September 28th. They set an “overweight” rating for the company. Finally, Edward Jones raised shares of Occidental Petroleum from a “hold” rating to a “buy” rating in a research note on Tuesday, September 18th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and fourteen have given a buy rating to the stock. Occidental Petroleum currently has a consensus rating of “Buy” and a consensus price target of $84.06.
Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Wednesday, August 8th. The oil and gas producer reported $1.10 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.21 by ($0.11). The firm had revenue of $4.13 billion for 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 period last year, the business earned $0.15 EPS. On average, sell-side analysts anticipate that Occidental Petroleum Co. will post 5.04 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Monday, December 10th will be given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 4.32%. The ex-dividend date is Friday, December 7th. Occidental Petroleum’s dividend payout ratio (DPR) is currently 350.56%.
In other news, Director William R. Klesse purchased 5,000 shares of Occidental Petroleum stock in a transaction that occurred on Monday, August 13th. The stock was bought at an average price of $78.55 per share, with a total value of $392,750.00. Following the completion of the transaction, the director now directly owns 77,963 shares of the company’s stock, valued at $6,123,993.65. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.32% of the stock is owned by company insiders.
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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