Korea Investment CORP Acquires Shares of 389,992 Occidental Petroleum Corporation $OXY

Korea Investment CORP bought a new stake in Occidental Petroleum Corporation (NYSE:OXY) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 389,992 shares of the oil and gas producer’s stock, valued at approximately $18,942,000.

Several other hedge funds have also made changes to their positions in OXY. Woodline Partners LP increased its holdings in shares of Occidental Petroleum by 40.7% in the first quarter. Woodline Partners LP now owns 57,079 shares of the oil and gas producer’s stock valued at $2,817,000 after purchasing an additional 16,506 shares during the period. Marshall Wace LLP purchased a new stake in shares of Occidental Petroleum during the second quarter worth approximately $4,584,000. Federated Hermes Inc. lifted its holdings in shares of Occidental Petroleum by 696.7% during the second quarter. Federated Hermes Inc. now owns 23,997 shares of the oil and gas producer’s stock worth $1,008,000 after purchasing an additional 20,985 shares during the period. Daiwa Securities Group Inc. grew its position in Occidental Petroleum by 7.4% in the 2nd quarter. Daiwa Securities Group Inc. now owns 105,767 shares of the oil and gas producer’s stock valued at $4,443,000 after buying an additional 7,285 shares during the last quarter. Finally, AXA S.A. grew its position in Occidental Petroleum by 24.3% in the 2nd quarter. AXA S.A. now owns 136,625 shares of the oil and gas producer’s stock valued at $5,740,000 after buying an additional 26,741 shares during the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

Insider Buying and Selling at Occidental Petroleum

In related news, CEO Richard A. Jackson acquired 4,770 shares of Occidental Petroleum stock in a transaction dated Tuesday, June 23rd. The shares were acquired at an average cost of $52.38 per share, for a total transaction of $249,852.60. Following the completion of the transaction, the chief executive officer directly owned 444,098 shares of the company’s stock, valued at $23,261,853.24. The trade was a 1.09% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.50% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on OXY shares. JPMorgan Chase & Co. cut their price objective on shares of Occidental Petroleum from $64.00 to $63.00 in a research report on Thursday, May 7th. Weiss Ratings upgraded Occidental Petroleum from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. UBS Group dropped their price objective on Occidental Petroleum from $67.00 to $65.00 and set a “neutral” rating on the stock in a report on Thursday, May 7th. Wells Fargo & Company increased their price objective on Occidental Petroleum from $72.00 to $79.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Finally, Stephens reduced their target price on Occidental Petroleum from $73.00 to $69.00 and set an “overweight” rating for the company in a report on Tuesday, July 14th. Ten equities research analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the company. Based on data from MarketBeat, Occidental Petroleum has a consensus rating of “Hold” and a consensus price target of $64.83.

Occidental Petroleum Stock Up 0.1%

OXY opened at $61.34 on Monday. The business’s fifty day moving average is $54.56 and its two-hundred day moving average is $55.55. 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 company has a market cap of $61.32 billion, a price-to-earnings ratio of 9.50, a PEG ratio of 0.79 and a beta of 0.15. Occidental Petroleum Corporation has a one year low of $38.80 and a one year high of $67.45.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.83 by $0.57. The business had revenue of $8.06 billion during the quarter, compared to analysts’ expectations of $7.07 billion. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.The business’s revenue for the quarter was up 53.4% on a year-over-year basis. During the same quarter last year, the business posted $0.39 earnings per share. Analysts anticipate that Occidental Petroleum Corporation will post 6.09 EPS for the current fiscal year.

Occidental Petroleum Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, September 10th will be given a dividend of $0.28 per share. The ex-dividend date is Thursday, September 10th. This represents a $1.12 annualized dividend and a dividend yield of 1.8%. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.26. Occidental Petroleum’s payout ratio is presently 16.10%.

Occidental Petroleum Company 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.