Avalon Advisors LLC raised its stake in Occidental Petroleum Co. (NYSE:OXY) by 91.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 378,142 shares of the oil and gas producer’s stock after buying an additional 180,533 shares during the period. Avalon Advisors LLC’s holdings in Occidental Petroleum were worth $24,564,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the business. Cambridge Investment Research Advisors Inc. increased its stake in shares of Occidental Petroleum by 23.1% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 34,897 shares of the oil and gas producer’s stock worth $2,571,000 after purchasing an additional 6,550 shares in the last quarter. Lake Street Advisors Group LLC purchased a new position in shares of Occidental Petroleum during the 4th quarter worth approximately $209,000. Boulegeris Investments Inc. increased its stake in shares of Occidental Petroleum by 25.6% during the 4th quarter. Boulegeris Investments Inc. now owns 14,875 shares of the oil and gas producer’s stock worth $1,096,000 after purchasing an additional 3,030 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Occidental Petroleum by 172.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,722,476 shares of the oil and gas producer’s stock worth $111,893,000 after purchasing an additional 1,089,145 shares in the last quarter. Finally, Advisor Group Inc. increased its stake in shares of Occidental Petroleum by 6.1% during the 4th quarter. Advisor Group Inc. now owns 79,657 shares of the oil and gas producer’s stock worth $5,868,000 after purchasing an additional 4,596 shares in the last quarter. 80.75% of the stock is owned by institutional investors.
A number of research analysts have recently weighed in on OXY shares. JPMorgan Chase & Co. dropped their price objective on shares of Occidental Petroleum from $75.00 to $74.00 and set a “neutral” rating for the company in a research note on Monday, April 9th. Piper Jaffray Companies raised shares of Occidental Petroleum from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $77.00 to $86.00 in a research note on Sunday, April 15th. Zacks Investment Research upgraded shares of Occidental Petroleum from a “hold” rating to a “buy” rating and set a $94.00 target price on the stock in a research report on Monday, May 14th. UBS Group began coverage on shares of Occidental Petroleum in a research report on Wednesday, March 7th. They set a “neutral” rating and a $71.00 target price on the stock. Finally, Citigroup upgraded shares of Occidental Petroleum from a “neutral” rating to a “buy” rating in a research report on Tuesday, June 5th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating to the stock. Occidental Petroleum presently has a consensus rating of “Buy” and a consensus price target of $81.13.
Shares of Occidental Petroleum traded up $1.35, reaching $82.70, during mid-day trading on Tuesday, according to Marketbeat.com. The company had a trading volume of 253,575 shares, compared to its average volume of 5,047,837. The firm has a market cap of $63.81 billion, a PE ratio of 92.93, a price-to-earnings-growth ratio of 2.93 and a beta of 0.62. Occidental Petroleum Co. has a fifty-two week low of $57.84 and a fifty-two week high of $87.67. The company has a quick ratio of 1.11, a current ratio of 1.26 and a debt-to-equity ratio of 0.50.
Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Tuesday, May 8th. The oil and gas producer reported $0.92 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.21. The company had revenue of $3.83 billion for the quarter, compared to analyst estimates of $3.63 billion. Occidental Petroleum had a net margin of 13.47% and a return on equity of 6.15%. Occidental Petroleum’s revenue for the quarter was up 28.4% on a year-over-year basis. During the same quarter last year, the business earned $0.15 EPS. equities research analysts anticipate that Occidental Petroleum Co. will post 4.49 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, July 16th. Shareholders of record on Monday, June 11th will be issued a $0.77 dividend. The ex-dividend date is Friday, June 8th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 3.72%. Occidental Petroleum’s dividend payout ratio (DPR) is presently 346.07%.
Occidental Petroleum Company Profile
Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States and internationally. The company operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.
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