Rakuten Investment Management Inc. Purchases New Holdings in Occidental Petroleum Corporation $OXY

Rakuten Investment Management Inc. acquired a new position in shares of Occidental Petroleum Corporation (NYSE:OXY) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 119,542 shares of the oil and gas producer’s stock, valued at approximately $5,868,000.

Other institutional investors also recently made changes to their positions in the company. Empowered Funds LLC acquired a new stake in shares of Occidental Petroleum during the second quarter worth approximately $11,505,000. United Capital Financial Advisors LLC acquired a new stake in Occidental Petroleum in the second quarter valued at $1,358,000. Camarda Financial Advisors LLC bought a new position in Occidental Petroleum during the 2nd quarter valued at $1,644,000. Hamilton Capital LLC bought a new position in Occidental Petroleum during the 2nd quarter valued at $241,000. Finally, Equitable Holdings Inc. acquired a new position in Occidental Petroleum during the 2nd quarter worth $2,333,000. 88.70% of the stock is owned by institutional investors and hedge funds.

Occidental Petroleum Stock Down 0.1%

Shares of Occidental Petroleum stock opened at $59.12 on Friday. Occidental Petroleum Corporation has a 1-year low of $38.80 and a 1-year high of $67.45. The company has a market capitalization of $59.10 billion, a P/E ratio of 9.15, a PEG ratio of 0.94 and a beta of 0.15. The business’s fifty day moving average price is $55.18 and its two-hundred day moving average price is $55.95. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.13.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, topping 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 business had revenue of $8.06 billion during the quarter, compared to the consensus estimate of $7.07 billion. During the same quarter in the prior year, the company posted $0.39 earnings per share. The company’s quarterly revenue was up 53.4% compared to the same quarter last year. As a group, research analysts forecast that Occidental Petroleum Corporation will post 6.09 EPS for the current 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 annualized dividend and a dividend yield of 1.9%. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.26. The ex-dividend date is Thursday, September 10th. Occidental Petroleum’s payout ratio is currently 16.10%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on OXY. Barclays cut their target price on shares of Occidental Petroleum from $75.00 to $71.00 and set an “overweight” rating on the stock in a research note on Monday, August 17th. Evercore raised Occidental Petroleum from an “in-line” rating to an “outperform” rating and set a $65.00 target price on the stock in a report on Wednesday, July 8th. Citigroup decreased their target price on Occidental Petroleum from $62.00 to $60.00 and set a “neutral” rating for the company in a research report on Friday, July 17th. Capital One Financial raised their price objective on Occidental Petroleum from $67.00 to $70.00 in a research note on Wednesday, May 27th. Finally, UBS Group decreased their price objective 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. Ten analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $64.83.

Insiders Place Their Bets

In other Occidental Petroleum news, CEO Richard A. Jackson purchased 4,770 shares of the company’s stock in a transaction on Tuesday, June 23rd. The shares were purchased 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 owned 444,098 shares in the company, valued at $23,261,853.24. The trade was a 1.09% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.50% of the stock is owned by corporate insiders.

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.