Sumitomo Life Insurance Co. Invests $518,000 in Occidental Petroleum Corporation $OXY

Sumitomo Life Insurance Co. purchased a new stake in shares of Occidental Petroleum Corporation (NYSE:OXY) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 10,655 shares of the oil and gas producer’s stock, valued at approximately $518,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Occidental Petroleum by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 89,900,677 shares of the oil and gas producer’s stock worth $3,696,716,000 after acquiring an additional 699,137 shares during the last quarter. State Street Corp raised its position in Occidental Petroleum by 2.1% in the fourth quarter. State Street Corp now owns 39,539,743 shares of the oil and gas producer’s stock valued at $1,635,263,000 after purchasing an additional 828,848 shares during the period. Geode Capital Management LLC lifted its stake in shares of Occidental Petroleum by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 18,846,231 shares of the oil and gas producer’s stock valued at $771,949,000 after purchasing an additional 167,518 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Occidental Petroleum by 84.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 10,643,916 shares of the oil and gas producer’s stock worth $516,975,000 after purchasing an additional 4,882,834 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Occidental Petroleum by 21.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer’s stock worth $436,008,000 after purchasing an additional 1,883,721 shares during the period. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Occidental Petroleum news, CEO Richard A. Jackson bought 4,770 shares of the business’s stock in a transaction that occurred on Tuesday, June 23rd. The shares were purchased at an average cost of $52.38 per share, with a total value of $249,852.60. Following the purchase, the chief executive officer directly owned 444,098 shares in the company, valued at approximately $23,261,853.24. This represents a 1.09% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.50% of the stock is currently owned by insiders.

Occidental Petroleum Stock Performance

Shares of Occidental Petroleum stock opened at $61.34 on Friday. The business has a 50-day moving average of $54.56 and a 200 day moving average of $55.47. Occidental Petroleum Corporation has a 12 month low of $38.80 and a 12 month high of $67.45. The stock has a market capitalization of $61.32 billion, a price-to-earnings ratio of 9.50, a price-to-earnings-growth ratio of 0.79 and a beta of 0.15. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.13.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, beating the consensus estimate of $1.83 by $0.57. The company had revenue of $8.06 billion during the quarter, compared to the consensus estimate of $7.07 billion. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.Occidental Petroleum’s revenue was up 53.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.39 EPS. As a group, sell-side analysts forecast that Occidental Petroleum Corporation will post 6.09 earnings per share for the current year.

Occidental Petroleum Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, September 10th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.8%. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.26. The ex-dividend date is Thursday, September 10th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 16.10%.

Wall Street Analyst Weigh In

OXY has been the topic of several research analyst reports. Capital One Financial boosted their price objective on shares of Occidental Petroleum from $67.00 to $70.00 in a report on Wednesday, May 27th. Wells Fargo & Company increased their target price on shares of Occidental Petroleum from $72.00 to $79.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Mizuho lifted their price target on shares of Occidental Petroleum from $72.00 to $75.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Weiss Ratings upgraded shares of Occidental Petroleum from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Occidental Petroleum from $64.00 to $63.00 in a research report on Thursday, May 7th. Ten research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the stock. Based on data from MarketBeat.com, Occidental Petroleum has an average rating of “Hold” and a consensus price target of $64.83.

Occidental Petroleum Profile

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental’s operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.