119,542 Shares in Occidental Petroleum Corporation $OXY Acquired by Rakuten Investment Management Inc.

Rakuten Investment Management Inc. bought a new position in Occidental Petroleum Corporation (NYSE:OXY) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 119,542 shares of the oil and gas producer’s stock, valued at approximately $5,868,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Woodline Partners LP raised its holdings in Occidental Petroleum by 40.7% in the 1st quarter. Woodline Partners LP now owns 57,079 shares of the oil and gas producer’s stock valued at $2,817,000 after acquiring an additional 16,506 shares in the last quarter. Marshall Wace LLP acquired a new stake in shares of Occidental Petroleum in the 2nd quarter valued at $4,584,000. Federated Hermes Inc. grew its holdings in shares of Occidental Petroleum by 696.7% in the 2nd quarter. Federated Hermes Inc. now owns 23,997 shares of the oil and gas producer’s stock worth $1,008,000 after purchasing an additional 20,985 shares during the last quarter. Daiwa Securities Group Inc. increased its position in shares of Occidental Petroleum by 7.4% during the 2nd quarter. Daiwa Securities Group Inc. now owns 105,767 shares of the oil and gas producer’s stock worth $4,443,000 after purchasing an additional 7,285 shares in the last quarter. Finally, AXA S.A. lifted its holdings in Occidental Petroleum by 24.3% during the 2nd quarter. AXA S.A. now owns 136,625 shares of the oil and gas producer’s stock valued at $5,740,000 after purchasing an additional 26,741 shares during the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

Occidental Petroleum Stock Down 0.1%

NYSE:OXY opened at $59.12 on Friday. The company has a quick ratio of 1.13, a current ratio of 1.41 and a debt-to-equity ratio of 0.40. Occidental Petroleum Corporation has a 12-month low of $38.80 and a 12-month high of $67.45. The stock’s fifty day simple moving average is $55.18 and its 200-day simple moving average is $55.95. The firm has a market capitalization of $59.10 billion, a P/E ratio of 9.15, a P/E/G ratio of 0.94 and a beta of 0.15.

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 firm had revenue of $8.06 billion for the quarter, compared to analyst estimates of $7.07 billion. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.The company’s quarterly revenue was up 53.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.39 earnings per share. Equities research analysts expect that Occidental Petroleum Corporation will post 6.09 earnings per share for the current year.

Occidental Petroleum Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, September 10th will be issued a $0.28 dividend. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $1.12 annualized dividend and a dividend yield of 1.9%. Occidental Petroleum’s dividend payout ratio (DPR) is presently 16.10%.

Insider Activity at Occidental Petroleum

In other news, CEO Richard A. Jackson acquired 4,770 shares of the stock in a transaction that occurred on Tuesday, June 23rd. The stock was acquired at an average price of $52.38 per share, for a total transaction of $249,852.60. Following the transaction, 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 purchase was disclosed in a document filed with the SEC, which is available at this link. 0.50% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on OXY. Barclays decreased their price objective on shares of Occidental Petroleum from $75.00 to $71.00 and set an “overweight” rating on the stock in a research note on Monday, August 17th. JPMorgan Chase & Co. reduced their target price on Occidental Petroleum from $64.00 to $63.00 in a report on Thursday, May 7th. Mizuho increased their price target on Occidental Petroleum from $72.00 to $75.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Wells Fargo & Company raised their price target on Occidental Petroleum from $72.00 to $79.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Finally, Susquehanna boosted their price objective on Occidental Petroleum from $67.00 to $70.00 and gave the stock a “positive” rating in a research note on Tuesday, August 11th. Ten equities research analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus 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.