Occidental Petroleum Co. (OXY) Shares Bought by PNC Financial Services Group Inc.
PNC Financial Services Group Inc. lifted its holdings in shares of Occidental Petroleum Co. (NYSE:OXY) by 2.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 1,928,758 shares of the oil and gas producer’s stock after purchasing an additional 41,804 shares during the period. PNC Financial Services Group Inc. owned 0.26% of Occidental Petroleum worth $158,486,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Standard Life Aberdeen plc lifted its stake in shares of Occidental Petroleum by 1,541.0% during the second quarter. Standard Life Aberdeen plc now owns 7,584,578 shares of the oil and gas producer’s stock valued at $634,716,000 after acquiring an additional 7,122,373 shares during the period. FMR LLC lifted its stake in shares of Occidental Petroleum by 232.5% during the second quarter. FMR LLC now owns 6,049,152 shares of the oil and gas producer’s stock valued at $506,194,000 after acquiring an additional 4,230,065 shares during the period. Charles Schwab Investment Advisory Inc. acquired a new position in shares of Occidental Petroleum during the second quarter valued at $241,052,000. Swedbank acquired a new position in shares of Occidental Petroleum during the third quarter valued at $112,990,000. Finally, Mainstay Capital Management LLC ADV lifted its stake in shares of Occidental Petroleum by 3,725.2% during the second quarter. Mainstay Capital Management LLC ADV now owns 1,198,297 shares of the oil and gas producer’s stock valued at $15,434,000 after acquiring an additional 1,166,971 shares during the period. Institutional investors own 81.53% of the company’s stock.
OXY has been the topic of several research reports. Mizuho reaffirmed a “buy” rating on shares of Occidental Petroleum in a research note on Tuesday, July 24th. ValuEngine lowered Occidental Petroleum from a “buy” rating to a “hold” rating in a research note on Wednesday, August 8th. JPMorgan Chase & Co. cut their price target on Occidental Petroleum from $94.00 to $90.00 and set a “neutral” rating on the stock in a research note on Friday, August 10th. National Alliance Securities raised Occidental Petroleum from a “hold” rating to a “buy” rating in a research note on Monday, August 13th. Finally, Bank of America upped their price target on Occidental Petroleum from $100.00 to $105.00 and gave the company a “buy” rating in a research note on Friday, August 17th. Eight investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $86.82.
Occidental Petroleum (NYSE:OXY) last released its quarterly earnings results on Monday, November 5th. The oil and gas producer reported $1.77 EPS for the quarter, topping the Zacks’ consensus estimate of $1.51 by $0.26. The company had revenue of $6.18 billion for the quarter, compared to analyst estimates of $4.60 billion. Occidental Petroleum had a return on equity of 15.43% and a net margin of 22.19%. Occidental Petroleum’s revenue was up 98.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.18 earnings per share. Research analysts anticipate that Occidental Petroleum Co. will post 5.2 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Monday, December 10th will be given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 4.25%. The ex-dividend date of this dividend is Friday, December 7th. Occidental Petroleum’s dividend payout ratio is currently 350.56%.
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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