Kayne Anderson Capital Advisors LP Takes Position in Occidental Petroleum Corporation $OXY

Kayne Anderson Capital Advisors LP acquired a new position in Occidental Petroleum Corporation (NYSE:OXY) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 346,953 shares of the oil and gas producer’s stock, valued at approximately $16,852,000. Occidental Petroleum accounts for 0.3% of Kayne Anderson Capital Advisors LP’s portfolio, making the stock its 27th largest holding.

A number of other institutional investors have also made changes to their positions in the stock. Silvant Capital Management LLC acquired a new stake in Occidental Petroleum in the 2nd quarter valued at approximately $92,000. Portfolio Design Labs LLC acquired a new position in Occidental Petroleum during the second quarter worth $1,102,000. Hara Capital LLC purchased a new position in shares of Occidental Petroleum during the second quarter worth $25,000. PCM Encore LLC purchased a new stake in shares of Occidental Petroleum in the 2nd quarter valued at $451,000. Finally, Vise Technologies Inc. acquired a new position in Occidental Petroleum during the 2nd quarter worth about $987,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

OXY has been the subject of a number of research analyst reports. Truist Financial raised their target price on Occidental Petroleum from $57.00 to $63.00 and gave the company a “hold” rating in a report on Monday, August 10th. JPMorgan Chase & Co. reduced their price target on shares of Occidental Petroleum from $64.00 to $63.00 in a research report on Thursday, May 7th. Susquehanna raised their price objective on shares of Occidental Petroleum from $67.00 to $70.00 and gave the company a “positive” rating in a research note on Tuesday, August 11th. Raymond James Financial lifted their price objective on shares of Occidental Petroleum from $64.00 to $75.00 and gave the company an “outperform” rating in a report on Monday, May 4th. Finally, Wells Fargo & Company increased their target price on shares of Occidental Petroleum from $72.00 to $79.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Ten equities research analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $64.83.

Occidental Petroleum Stock Performance

Shares of Occidental Petroleum stock opened at $61.48 on Friday. Occidental Petroleum Corporation has a one year low of $38.80 and a one year high of $67.45. The company has a market cap of $61.46 billion, a PE ratio of 9.52, a P/E/G ratio of 0.81 and a beta of 0.15. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.13 and a current ratio of 1.41. The business has a 50-day simple moving average of $54.46 and a 200-day simple moving average of $55.43.

Occidental Petroleum (NYSE:OXY) last issued its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, beating the consensus estimate of $1.83 by $0.57. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The firm had revenue of $8.06 billion for the quarter, compared to analysts’ expectations of $7.07 billion. During the same quarter last year, the company earned $0.39 earnings per share. The firm’s revenue was up 53.4% compared to the same quarter last year. On average, equities research analysts forecast that Occidental Petroleum Corporation will post 5.81 EPS for the current fiscal year.

Occidental Petroleum Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, September 10th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Thursday, September 10th. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.26. Occidental Petroleum’s dividend payout ratio (DPR) is 16.10%.

Insider Activity

In other news, CEO Richard A. Jackson acquired 4,770 shares of the firm’s stock in a transaction dated Tuesday, June 23rd. The stock was acquired at an average cost of $52.38 per share, with a total value of $249,852.60. Following the transaction, the chief executive officer owned 444,098 shares in the company, valued at approximately $23,261,853.24. This trade represents a 1.09% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.50% of the company’s stock.

Occidental Petroleum Profile

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental’s operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.