PCM Encore LLC Takes $451,000 Position in Occidental Petroleum Corporation $OXY

PCM Encore LLC bought a new position in Occidental Petroleum Corporation (NYSE:OXY) during the second quarter, Holdings Channel reports. The fund bought 9,276 shares of the oil and gas producer’s stock, valued at approximately $451,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. National Pension Service grew its position in Occidental Petroleum by 13.0% during the 4th quarter. National Pension Service now owns 1,084,356 shares of the oil and gas producer’s stock worth $44,589,000 after purchasing an additional 124,879 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Occidental Petroleum by 0.8% in 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 purchasing an additional 699,137 shares in the last quarter. Hosking Partners LLP lifted its position in shares of Occidental Petroleum by 4.9% in the fourth quarter. Hosking Partners LLP now owns 577,368 shares of the oil and gas producer’s stock worth $23,741,000 after purchasing an additional 27,030 shares in the last quarter. Swiss National Bank boosted its holdings in shares of Occidental Petroleum by 7.2% during the first quarter. Swiss National Bank now owns 2,168,414 shares of the oil and gas producer’s stock worth $140,947,000 after purchasing an additional 145,100 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in Occidental Petroleum by 4.1% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,685,169 shares of the oil and gas producer’s stock valued at $109,536,000 after purchasing an additional 66,438 shares in the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

Occidental Petroleum Price Performance

Shares of OXY opened at $61.48 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.13 and a current ratio of 1.41. The firm has a market cap of $61.46 billion, a PE ratio of 9.52, a PEG ratio of 0.81 and a beta of 0.15. The firm’s 50 day moving average price is $54.46 and its 200 day moving average price is $55.43. Occidental Petroleum Corporation has a twelve month low of $38.80 and a twelve month high of $67.45.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 EPS for the quarter, topping the consensus estimate of $1.83 by $0.57. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The company had revenue of $8.06 billion during the quarter, compared to the consensus estimate of $7.07 billion. During the same period in the previous year, the firm posted $0.39 earnings per share. The company’s revenue for the quarter was up 53.4% compared to the same quarter last year. As a group, research analysts expect that Occidental Petroleum Corporation will post 5.81 EPS for the current fiscal 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 is a boost from Occidental Petroleum’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Thursday, September 10th. Occidental Petroleum’s dividend payout ratio is currently 16.10%.

Analyst Upgrades and Downgrades

OXY has been the subject of a number of research analyst reports. Evercore upgraded shares of Occidental Petroleum from an “in-line” rating to an “outperform” rating and set a $65.00 target price for the company in a research report on Wednesday, July 8th. Susquehanna boosted their price target on shares of Occidental Petroleum from $67.00 to $70.00 and gave the company a “positive” rating in a report on Tuesday, August 11th. JPMorgan Chase & Co. dropped their price target on shares of Occidental Petroleum from $64.00 to $63.00 in a research note on Thursday, May 7th. Zacks Research lowered Occidental Petroleum from a “strong-buy” rating to a “hold” rating in a report on Monday, June 22nd. Finally, Weiss Ratings raised Occidental Petroleum from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. Ten research analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the company. According to data from MarketBeat, Occidental Petroleum presently has an average rating of “Hold” and an average target price of $64.83.

Insider Buying and Selling

In other Occidental Petroleum news, CEO Richard A. Jackson bought 4,770 shares of the stock in a transaction 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 completion of the transaction, the chief executive officer directly owned 444,098 shares of the company’s stock, valued at $23,261,853.24. This represents a 1.09% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.50% of the stock is owned by insiders.

About Occidental Petroleum

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.