Cypress Capital Management LLC raised its position in shares of Occidental Petroleum Corporation (NYSE:OXY) by 6.0% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 75,807 shares of the oil and gas producer’s stock after buying an additional 4,312 shares during the period. Cypress Capital Management LLC’s holdings in Occidental Petroleum Corporation were worth $4,803,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Occidental Petroleum Corporation during the fourth quarter valued at approximately $485,263,000. Federated Investors Inc. PA raised its stake in Occidental Petroleum Corporation by 123.9% in the fourth quarter. Federated Investors Inc. PA now owns 4,266,806 shares of the oil and gas producer’s stock valued at $303,924,000 after buying an additional 2,361,041 shares during the period. Schroder Investment Management Group raised its stake in Occidental Petroleum Corporation by 131.6% in the third quarter. Schroder Investment Management Group now owns 4,098,706 shares of the oil and gas producer’s stock valued at $298,878,000 after buying an additional 2,329,230 shares during the period. Russell Investments Group Ltd. acquired a new stake in Occidental Petroleum Corporation during the fourth quarter valued at about $154,780,000. Finally, Capital World Investors raised its stake in Occidental Petroleum Corporation by 121.5% in the third quarter. Capital World Investors now owns 2,950,000 shares of the oil and gas producer’s stock valued at $215,114,000 after buying an additional 1,618,444 shares during the period. 81.49% of the stock is currently owned by institutional investors.
Occidental Petroleum Corporation (NYSE:OXY) opened at 61.83 on Friday. The company’s market capitalization is $47.27 billion. Occidental Petroleum Corporation has a one year low of $57.20 and a one year high of $78.48. The firm has a 50-day moving average of $60.51 and a 200 day moving average of $65.35.
Occidental Petroleum Corporation (NYSE:OXY) last announced its earnings results on Thursday, May 4th. The oil and gas producer reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.01. Occidental Petroleum Corporation had a negative return on equity of 1.04% and a negative net margin of 4.82%. The company had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $2.96 billion. During the same period last year, the business posted ($0.47) EPS. The company’s revenue was up 30.6% on a year-over-year basis. Equities research analysts predict that Occidental Petroleum Corporation will post $0.98 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 14th. Investors of record on Friday, June 9th will be paid a $0.76 dividend. The ex-dividend date is Wednesday, June 7th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.92%. Occidental Petroleum Corporation’s dividend payout ratio (DPR) is presently -428.17%.
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OXY has been the subject of several recent analyst reports. Scotiabank reaffirmed a “hold” rating and set a $68.00 price objective on shares of Occidental Petroleum Corporation in a research note on Friday, May 5th. Barclays PLC reaffirmed a “sell” rating and set a $50.00 price objective (down previously from $62.00) on shares of Occidental Petroleum Corporation in a research note on Thursday, April 20th. BMO Capital Markets set a $65.00 price objective on shares of Occidental Petroleum Corporation and gave the company a “hold” rating in a research note on Thursday, May 4th. Bank of America Corporation raised shares of Occidental Petroleum Corporation from a “neutral” rating to a “buy” rating in a research note on Wednesday, March 15th. Finally, Mitsubishi UFJ Financial Group assumed coverage on shares of Occidental Petroleum Corporation in a research note on Monday, May 29th. They issued a “hold” rating and a $69.00 price target for the company. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $72.11.
In other news, CFO Cedric W. Burgher acquired 1,700 shares of Occidental Petroleum Corporation stock in a transaction that occurred on Wednesday, June 7th. The stock was purchased at an average cost of $59.85 per share, with a total value of $101,745.00. Following the completion of the acquisition, the chief financial officer now owns 44,124 shares in the company, valued at approximately $2,640,821.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stephen I. Chazen sold 4,000 shares of Occidental Petroleum Corporation stock in a transaction on Thursday, March 30th. The stock was sold at an average price of $63.63, for a total value of $254,520.00. Following the transaction, the director now directly owns 1,484,619 shares of the company’s stock, valued at $94,466,306.97. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,000 shares of company stock worth $1,999,000. Company insiders own 0.32% of the company’s stock.
Occidental Petroleum Corporation Company Profile
Occidental Petroleum Corporation (Occidental) is an oil and gas exploration and production company. The Company operates through three segments: oil and gas, chemical (OxyChem), 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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