Morgan Stanley increased its stake in Occidental Petroleum Corporation (NYSE:OXY) by 22.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,249,261 shares of the oil and gas producer’s stock after buying an additional 1,672,384 shares during the period. Morgan Stanley owned approximately 1.21% of Occidental Petroleum Corporation worth $586,034,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Occidental Petroleum Corporation by 1.9% in the first quarter. Vanguard Group Inc. now owns 54,072,614 shares of the oil and gas producer’s stock valued at $3,426,042,000 after buying an additional 983,992 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Occidental Petroleum Corporation by 0.8% in the first quarter. Wellington Management Group LLP now owns 13,952,937 shares of the oil and gas producer’s stock valued at $884,058,000 after buying an additional 105,546 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Occidental Petroleum Corporation by 2.7% in the first quarter. Bank of New York Mellon Corp now owns 13,615,738 shares of the oil and gas producer’s stock valued at $862,693,000 after buying an additional 360,721 shares during the last quarter. Macquarie Group Ltd. raised its position in Occidental Petroleum Corporation by 1.7% in the fourth quarter. Macquarie Group Ltd. now owns 10,414,512 shares of the oil and gas producer’s stock valued at $741,825,000 after buying an additional 171,954 shares during the period. Finally, American Century Companies Inc. raised its position in Occidental Petroleum Corporation by 11.4% in the first quarter. American Century Companies Inc. now owns 9,135,714 shares of the oil and gas producer’s stock valued at $578,839,000 after buying an additional 936,625 shares during the period. 81.55% of the stock is owned by institutional investors.
Shares of Occidental Petroleum Corporation (NYSE:OXY) opened at 61.13 on Friday. The stock has a 50 day moving average price of $60.52 and a 200 day moving average price of $62.59. The firm has a market capitalization of $46.74 billion, a P/E ratio of 430.49 and a beta of 0.65. Occidental Petroleum Corporation has a 12 month low of $57.20 and a 12 month high of $78.48.
Occidental Petroleum Corporation (NYSE:OXY) last issued its quarterly earnings data on Wednesday, August 2nd. The oil and gas producer reported $0.15 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.03. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3 billion. Occidental Petroleum Corporation had a net margin of 0.91% and a return on equity of 0.13%. The firm’s revenue was up 40.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.18) EPS. On average, analysts expect that Occidental Petroleum Corporation will post $0.64 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, September 11th will be paid a $0.77 dividend. This is an increase from Occidental Petroleum Corporation’s previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Friday, September 8th. This represents a $3.08 annualized dividend and a yield of 5.04%. Occidental Petroleum Corporation’s dividend payout ratio is presently 2,338.46%.
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Several research firms have recently commented on OXY. Scotiabank reaffirmed a “hold” rating and set a $68.00 target price on shares of Occidental Petroleum Corporation in a report on Monday, May 15th. BMO Capital Markets set a $65.00 price objective on Occidental Petroleum Corporation and gave the stock a “hold” rating in a report on Thursday, May 4th. Zacks Investment Research raised Occidental Petroleum Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, June 20th. Jefferies Group LLC reaffirmed a “hold” rating and set a $64.00 price target on shares of Occidental Petroleum Corporation in a research note on Friday, June 23rd. Finally, BidaskClub raised Occidental Petroleum Corporation from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the stock. Occidental Petroleum Corporation currently has an average rating of “Hold” and a consensus price target of $66.38.
In related news, CFO Cedric W. Burgher acquired 1,700 shares of the company’s stock in a transaction that occurred on Wednesday, June 7th. The stock was acquired at an average price of $59.85 per share, with a total value of $101,745.00. Following the purchase, the chief financial officer now directly owns 44,124 shares in the company, valued at $2,640,821.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William R. Klesse purchased 10,000 shares of the company’s stock in a transaction dated Wednesday, August 9th. The shares were acquired at an average cost of $61.58 per share, with a total value of $615,800.00. Following the purchase, the director now directly owns 70,692 shares of the company’s stock, valued at approximately $4,353,213.36. The disclosure for this purchase can be found here. 0.32% of the stock is owned by corporate insiders.
About Occidental Petroleum Corporation
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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