Occidental Petroleum Corporation $OXY Shares Purchased by Saudi Central Bank

Saudi Central Bank raised its stake in Occidental Petroleum Corporation (NYSE:OXY) by 89.9% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 51,780 shares of the oil and gas producer’s stock after buying an additional 24,506 shares during the quarter. Saudi Central Bank’s holdings in Occidental Petroleum were worth $2,515,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of OXY. Whittier Trust Co. of Nevada Inc. boosted its position in shares of Occidental Petroleum by 12.5% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 1,765 shares of the oil and gas producer’s stock valued at $111,000 after acquiring an additional 196 shares during the period. Athena Wealth Management LLC raised its stake in Occidental Petroleum by 1.2% in the 1st quarter. Athena Wealth Management LLC now owns 18,547 shares of the oil and gas producer’s stock worth $1,206,000 after purchasing an additional 214 shares in the last quarter. Elevation Wealth Partners LLC boosted its holdings in Occidental Petroleum by 15.8% in the 2nd quarter. Elevation Wealth Partners LLC now owns 1,615 shares of the oil and gas producer’s stock valued at $78,000 after purchasing an additional 220 shares during the period. HBK Sorce Advisory LLC grew its position in shares of Occidental Petroleum by 2.8% during the 2nd quarter. HBK Sorce Advisory LLC now owns 8,210 shares of the oil and gas producer’s stock worth $442,000 after purchasing an additional 220 shares in the last quarter. Finally, Summit Securities Group LLC increased its holdings in shares of Occidental Petroleum by 18.5% during the fourth quarter. Summit Securities Group LLC now owns 1,469 shares of the oil and gas producer’s stock worth $60,000 after purchasing an additional 229 shares during the period. Institutional investors and hedge funds own 88.70% of the company’s stock.

Insider Buying and Selling at Occidental Petroleum

In related news, CEO Richard Jackson bought 4,770 shares of the firm’s stock in a transaction on Tuesday, June 23rd. The shares were purchased at an average price of $52.38 per share, with a total value of $249,852.60. Following the completion of the purchase, the chief executive officer owned 444,098 shares in the company, valued at $23,261,853.24. This represents a 1.09% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.50% of the company’s stock.

Occidental Petroleum Stock Performance

Occidental Petroleum stock opened at $60.05 on Tuesday. The company has a quick ratio of 1.13, a current ratio of 1.41 and a debt-to-equity ratio of 0.40. The stock has a market cap of $60.03 billion, a PE ratio of 9.30, a P/E/G ratio of 0.95 and a beta of 0.16. Occidental Petroleum Corporation has a 12-month low of $38.80 and a 12-month high of $67.45. The business’s 50-day moving average price is $56.32 and its two-hundred day moving average price is $56.62.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.83 by $0.57. The company had revenue of $8.06 billion for the quarter, compared to the consensus estimate of $7.07 billion. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The firm’s quarterly revenue was up 53.4% compared to the same quarter last year. During the same period last year, the company posted $0.39 EPS. As a group, analysts expect that Occidental Petroleum Corporation will post 6.11 earnings per share for the current fiscal year.

Occidental Petroleum Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, September 10th will be given a $0.28 dividend. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Thursday, September 10th. Occidental Petroleum’s dividend payout ratio (DPR) is 16.10%.

Wall Street Analysts Forecast Growth

OXY has been the subject of several recent research reports. Capital One Financial boosted their price target on Occidental Petroleum from $67.00 to $70.00 in a research note on Wednesday, May 27th. Truist Financial raised their price objective on Occidental Petroleum from $57.00 to $63.00 and gave the stock a “hold” rating in a research note on Monday, August 10th. Citigroup cut their target price on Occidental Petroleum from $62.00 to $60.00 and set a “neutral” rating for the company in a research report on Friday, July 17th. Seaport Research Partners started coverage on Occidental Petroleum in a report on Thursday, September 3rd. They set a “buy” rating and a $73.00 target price on the stock. Finally, Mizuho raised 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. Ten research analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the stock. According to MarketBeat, the company 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.