Manning & Napier Advisors LLC Takes $1.40 Million Position in Occidental Petroleum Corporation $OXY

Manning & Napier Advisors LLC acquired a new stake in shares of Occidental Petroleum Corporation (NYSE:OXY) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 28,553 shares of the oil and gas producer’s stock, valued at approximately $1,402,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Occidental Petroleum by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 89,900,677 shares of the oil and gas producer’s stock worth $3,696,716,000 after acquiring an additional 699,137 shares during the period. State Street Corp boosted its position in shares of Occidental Petroleum by 2.1% in the fourth quarter. State Street Corp now owns 39,539,743 shares of the oil and gas producer’s stock worth $1,635,263,000 after purchasing an additional 828,848 shares during the period. Geode Capital Management LLC increased its stake in shares of Occidental Petroleum by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 18,846,231 shares of the oil and gas producer’s stock worth $771,949,000 after purchasing an additional 167,518 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Occidental Petroleum by 84.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 10,643,916 shares of the oil and gas producer’s stock valued at $516,975,000 after purchasing an additional 4,882,834 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Occidental Petroleum by 21.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer’s stock valued at $436,008,000 after buying an additional 1,883,721 shares in the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

OXY has been the subject of several recent analyst reports. UBS Group dropped their target price on shares of Occidental Petroleum from $67.00 to $65.00 and set a “neutral” rating for the company in a report on Thursday, May 7th. Barclays lowered their price objective on Occidental Petroleum from $75.00 to $71.00 and set an “overweight” rating on the stock in a research report on Monday, August 17th. Wall Street Zen upgraded Occidental Petroleum from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. The Goldman Sachs Group decreased their target price on Occidental Petroleum from $64.00 to $60.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 30th. Finally, Capital One Financial boosted their price target on Occidental Petroleum from $67.00 to $70.00 in a report on Wednesday, May 27th. Ten investment analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $64.83.

Occidental Petroleum Stock Down 2.8%

Shares of OXY stock opened at $58.44 on Wednesday. The company’s fifty day simple moving average is $54.77 and its two-hundred day simple moving average is $55.74. Occidental Petroleum Corporation has a 52 week low of $38.80 and a 52 week high of $67.45. The stock has a market cap of $58.42 billion, a P/E ratio of 9.05, a PEG ratio of 0.95 and a beta of 0.15. The company has a quick ratio of 1.13, a current ratio of 1.41 and a debt-to-equity ratio of 0.40.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data 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 firm had revenue of $8.06 billion during the quarter, compared to analyst estimates of $7.07 billion. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.The business’s quarterly revenue was up 53.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.39 earnings per share. Analysts predict that Occidental Petroleum Corporation will post 6.09 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. Shareholders of record on Thursday, September 10th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend 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 is presently 16.10%.

Insider Transactions at Occidental Petroleum

In other news, CEO Richard A. Jackson acquired 4,770 shares of the firm’s stock in a transaction dated Tuesday, June 23rd. The shares were acquired at an average cost of $52.38 per share, with a total value of $249,852.60. Following the acquisition, the chief executive officer directly owned 444,098 shares of the company’s stock, valued at approximately $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 link. 0.50% of the stock is currently owned by insiders.

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.