Occidental Petroleum Co. (OXY) Stake Boosted by OLD Republic International Corp
OLD Republic International Corp raised its holdings in shares of Occidental Petroleum Co. (NYSE:OXY) by 26.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 731,000 shares of the oil and gas producer’s stock after purchasing an additional 153,000 shares during the period. Occidental Petroleum accounts for approximately 1.3% of OLD Republic International Corp’s investment portfolio, making the stock its 29th biggest holding. OLD Republic International Corp’s holdings in Occidental Petroleum were worth $48,392,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. UBS Oconnor LLC acquired a new position in shares of Occidental Petroleum in the 4th quarter valued at $4,604,000. American Trust Investment Advisors LLC acquired a new stake in Occidental Petroleum during the 4th quarter worth about $2,435,000. Gradient Investments LLC grew its position in Occidental Petroleum by 1,754.1% during the 4th quarter. Gradient Investments LLC now owns 129,026 shares of the oil and gas producer’s stock worth $7,920,000 after purchasing an additional 122,067 shares during the period. United Capital Management of KS Inc. grew its position in Occidental Petroleum by 19.7% during the 4th quarter. United Capital Management of KS Inc. now owns 3,630 shares of the oil and gas producer’s stock worth $223,000 after purchasing an additional 597 shares during the period. Finally, Providence Wealth Advisors LLC grew its position in Occidental Petroleum by 18.3% during the 1st quarter. Providence Wealth Advisors LLC now owns 11,584 shares of the oil and gas producer’s stock worth $774,000 after purchasing an additional 1,791 shares during the period. 84.28% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have weighed in on OXY shares. Zacks Investment Research downgraded Occidental Petroleum from a “buy” rating to a “hold” rating in a research report on Thursday, April 18th. KeyCorp downgraded Occidental Petroleum from an “overweight” rating to a “sector weight” rating in a research report on Wednesday, April 24th. Morgan Stanley set a $72.00 price target on Occidental Petroleum and gave the stock a “buy” rating in a research report on Thursday, February 14th. Mizuho downgraded Occidental Petroleum from a “buy” rating to a “neutral” rating and cut their price target for the stock from $83.00 to $70.00 in a research report on Monday, April 22nd. Finally, Barclays downgraded Occidental Petroleum from an “overweight” rating to an “underweight” rating and cut their price target for the stock from $77.00 to $70.00 in a research report on Friday, February 15th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $78.97.
Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings results on Tuesday, February 12th. The oil and gas producer reported $1.22 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.12 by $0.10. The firm had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.39 billion. Occidental Petroleum had a net margin of 21.87% and a return on equity of 18.17%. Occidental Petroleum’s quarterly revenue was up 33.8% compared to the same quarter last year. During the same period last year, the company posted $0.41 EPS. Sell-side analysts forecast that Occidental Petroleum Co. will post 3.64 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, March 11th were paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 5.09%. The ex-dividend date was Friday, March 8th. Occidental Petroleum’s dividend payout ratio is presently 62.28%.
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Occidental Petroleum Profile
Occidental Petroleum Corp. engages in the exploration and production of oil and natural gas. It operates through the following segments: Oil & Gas, Chemical and Midstream & Marketing. The Oil & Gas segment explores for, develops and produces oil and condensate, natural gas liquids and natural gas. The Chemical segment manufactures and markets basic chemicals and vinyls.
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