CCM Investment Group LLC Takes Position in Occidental Petroleum Corporation (NYSE:OXY)

CCM Investment Group LLC purchased a new stake in Occidental Petroleum Corporation (NYSE:OXY) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 49,868 shares of the oil and gas producer’s stock, valued at approximately $2,435,000.

Other hedge funds also recently made changes to their positions in the company. Altshuler Shaham Ltd bought a new position in Occidental Petroleum in the 4th quarter valued at approximately $26,000. Bernard Wealth Management Corp. bought a new position in Occidental Petroleum in the 4th quarter valued at approximately $32,000. Grove Bank & Trust raised its holdings in Occidental Petroleum by 129.2% in the 1st quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer’s stock valued at $36,000 after buying an additional 407 shares during the last quarter. American National Bank & Trust bought a new position in Occidental Petroleum in the 1st quarter valued at approximately $39,000. Finally, Quarry LP raised its holdings in Occidental Petroleum by 615.2% in the 4th quarter. Quarry LP now owns 987 shares of the oil and gas producer’s stock valued at $49,000 after buying an additional 849 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently commented on OXY. UBS Group reduced their price objective on shares of Occidental Petroleum from $44.00 to $38.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 16th. Barclays upped their price target on shares of Occidental Petroleum from $46.00 to $48.00 and gave the company an “equal weight” rating in a research report on Thursday, May 8th. Wells Fargo & Company decreased their price target on Occidental Petroleum from $47.00 to $46.00 and set an “equal weight” rating for the company in a report on Tuesday, July 15th. Hsbc Global Res upgraded Occidental Petroleum to a “hold” rating in a research report on Wednesday, April 16th. Finally, Stephens decreased their target price on Occidental Petroleum from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Tuesday, April 15th. Three analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $53.71.

Occidental Petroleum Stock Performance

Shares of OXY stock opened at $44.31 on Friday. The firm has a market capitalization of $43.62 billion, a PE ratio of 26.22 and a beta of 0.91. The firm has a fifty day simple moving average of $43.94 and a two-hundred day simple moving average of $44.33. The company has a current ratio of 1.05, a quick ratio of 0.79 and a debt-to-equity ratio of 0.84. Occidental Petroleum Corporation has a 12 month low of $34.78 and a 12 month high of $59.11.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The business had revenue of $6.41 billion during the quarter, compared to analyst estimates of $6.29 billion. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. Occidental Petroleum’s quarterly revenue was down 6.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.03 EPS. Analysts forecast that Occidental Petroleum Corporation will post 3.58 EPS for the current fiscal year.

Occidental Petroleum Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, September 10th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Wednesday, September 10th. Occidental Petroleum’s payout ratio is 56.80%.

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, 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.