Zurcher Kantonalbank Zurich Cantonalbank Purchases 80,194 Shares of Occidental Petroleum Co. (NYSE:OXY)

Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Occidental Petroleum Co. (NYSE:OXY) by 53.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 230,742 shares of the oil and gas producer’s stock after buying an additional 80,194 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Occidental Petroleum were worth $13,778,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Ironwood Wealth Management LLC. acquired a new stake in Occidental Petroleum in the 1st quarter worth about $334,000. Cibc World Market Inc. increased its holdings in shares of Occidental Petroleum by 47.2% during the first quarter. Cibc World Market Inc. now owns 55,697 shares of the oil and gas producer’s stock worth $3,160,000 after purchasing an additional 17,859 shares during the period. Prudential PLC bought a new position in shares of Occidental Petroleum during the first quarter worth approximately $1,124,000. Sequoia Financial Advisors LLC bought a new stake in shares of Occidental Petroleum in the first quarter valued at approximately $313,000. Finally, Candriam Luxembourg S.C.A. boosted its stake in shares of Occidental Petroleum by 12.4% in the first quarter. Candriam Luxembourg S.C.A. now owns 54,540 shares of the oil and gas producer’s stock valued at $3,094,000 after buying an additional 6,018 shares during the period. Institutional investors and hedge funds own 88.70% of the company’s stock.

Occidental Petroleum Stock Performance

NYSE:OXY opened at $66.04 on Friday. The stock has a market cap of $58.54 billion, a P/E ratio of 16.89 and a beta of 1.64. The company has a current ratio of 0.92, a quick ratio of 0.69 and a debt-to-equity ratio of 0.84. The stock’s 50-day moving average is $63.21 and its 200-day moving average is $61.13. Occidental Petroleum Co. has a 1-year low of $55.12 and a 1-year high of $71.18.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings data on Thursday, February 15th. The oil and gas producer reported $0.74 EPS for the quarter, hitting analysts’ consensus estimates of $0.74. The company had revenue of $7.53 billion for the quarter, compared to analyst estimates of $6.93 billion. Occidental Petroleum had a return on equity of 20.63% and a net margin of 16.24%. The firm’s quarterly revenue was down 9.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.61 earnings per share. Equities research analysts anticipate that Occidental Petroleum Co. will post 3.74 earnings per share for the current year.

Occidental Petroleum Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 8th were paid a $0.22 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.18. This represents a $0.88 annualized dividend and a yield of 1.33%. Occidental Petroleum’s payout ratio is 22.51%.

Analysts Set New Price Targets

OXY has been the subject of several analyst reports. Raymond James dropped their price objective on Occidental Petroleum from $70.00 to $68.00 and set a “strong-buy” rating for the company in a report on Wednesday, January 24th. Wells Fargo & Company boosted their price target on Occidental Petroleum from $62.00 to $70.00 and gave the company an “equal weight” rating in a research note on Thursday, April 11th. StockNews.com upgraded shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Friday, March 15th. Stephens restated an “overweight” rating and issued a $74.00 target price on shares of Occidental Petroleum in a research report on Thursday, February 15th. Finally, Truist Financial increased their price target on shares of Occidental Petroleum from $77.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, April 5th. Nine equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $72.06.

Occidental Petroleum Profile

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.