Dimensional Fund Advisors LP Boosts Stake in Occidental Petroleum Corporation (NYSE:OXY)

Dimensional Fund Advisors LP lifted its holdings in Occidental Petroleum Corporation (NYSE:OXY) by 9.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,128,136 shares of the oil and gas producer’s stock after purchasing an additional 710,220 shares during the quarter. Dimensional Fund Advisors LP owned 0.83% of Occidental Petroleum worth $401,162,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in Occidental Petroleum during the first quarter valued at $1,274,000. Kestra Private Wealth Services LLC increased its position in Occidental Petroleum by 5.6% during the first quarter. Kestra Private Wealth Services LLC now owns 17,086 shares of the oil and gas producer’s stock valued at $843,000 after acquiring an additional 906 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in Occidental Petroleum by 9.7% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,596,699 shares of the oil and gas producer’s stock valued at $78,813,000 after acquiring an additional 140,528 shares during the last quarter. Northern Trust Corp increased its position in Occidental Petroleum by 7.5% during the fourth quarter. Northern Trust Corp now owns 7,065,061 shares of the oil and gas producer’s stock valued at $349,085,000 after acquiring an additional 491,797 shares during the last quarter. Finally, swisspartners Advisors Ltd purchased a new stake in Occidental Petroleum during the first quarter valued at $6,006,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Analyst Upgrades and Downgrades

OXY has been the subject of a number of research reports. JPMorgan Chase & Co. upped their price objective on Occidental Petroleum from $47.00 to $48.00 and gave the company a “neutral” rating in a research report on Tuesday, July 15th. Scotiabank upped their price objective on Occidental Petroleum from $40.00 to $45.00 and gave the company a “sector perform” rating in a research report on Friday, July 11th. Mizuho cut their price target on Occidental Petroleum from $60.00 to $58.00 and set a “neutral” rating for the company in a report on Tuesday, May 13th. Citigroup boosted their price target on Occidental Petroleum from $42.00 to $44.00 and gave the company a “neutral” rating in a report on Monday, May 19th. Finally, Piper Sandler boosted their price target on Occidental Petroleum from $48.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, July 17th. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $53.71.

Occidental Petroleum Stock Performance

NYSE OXY opened at $44.61 on Friday. The firm has a market cap of $43.92 billion, a price-to-earnings ratio of 26.40 and a beta of 0.91. The company has a quick ratio of 0.83, a current ratio of 1.05 and a debt-to-equity ratio of 0.84. The business has a 50-day moving average price of $44.17 and a 200-day moving average price of $44.19. Occidental Petroleum Corporation has a twelve month low of $34.78 and a twelve month high of $58.47.

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. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%. The company had revenue of $6.41 billion during the quarter, compared to analyst estimates of $6.29 billion. During the same period in the prior year, the company earned $1.03 earnings per share. The firm’s revenue was down 6.1% on a year-over-year basis. As a group, equities research analysts predict that Occidental Petroleum Corporation will post 3.58 EPS for the current fiscal year.

Occidental Petroleum Announces Dividend

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