Evolve Private Wealth LLC Takes Position in Occidental Petroleum Corporation $OXY

Evolve Private Wealth LLC acquired a new position in Occidental Petroleum Corporation (NYSE:OXY) in the second quarter, HoldingsChannel reports. The fund acquired 8,934 shares of the oil and gas producer’s stock, valued at approximately $436,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its stake in Occidental Petroleum by 84.8% in the second 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 last quarter. Danske Bank A S purchased a new stake in shares of Occidental Petroleum during the second quarter valued at about $172,413,000. Dimensional Fund Advisors LP boosted its holdings in shares of Occidental Petroleum by 21.6% in 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. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Occidental Petroleum by 54.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,959,638 shares of the oil and gas producer’s stock worth $162,820,000 after buying an additional 1,393,638 shares during the last quarter. Finally, Wellington Management Group LLP grew its position in shares of Occidental Petroleum by 1,029.9% in the 3rd quarter. Wellington Management Group LLP now owns 1,493,747 shares of the oil and gas producer’s stock worth $70,580,000 after buying an additional 1,361,541 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on OXY. Wall Street Zen raised Occidental Petroleum from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Evercore upgraded Occidental Petroleum from an “in-line” rating to an “outperform” rating and set a $65.00 target price on the stock in a research note on Wednesday, July 8th. Weiss Ratings upgraded Occidental Petroleum from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Truist Financial raised their price target on Occidental Petroleum from $57.00 to $63.00 and gave the stock a “hold” rating in a report on Monday, August 10th. Finally, Stephens cut their price objective on shares of Occidental Petroleum from $73.00 to $69.00 and set an “overweight” rating on the stock in a report on Tuesday, July 14th. Ten research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company’s stock. According to MarketBeat, Occidental Petroleum presently has a consensus rating of “Hold” and a consensus target price of $64.83.

Insiders Place Their Bets

In other Occidental Petroleum news, CEO Richard A. Jackson purchased 4,770 shares of Occidental Petroleum stock in a transaction on Tuesday, June 23rd. The stock was bought 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 of the company’s stock, valued at $23,261,853.24. This represents a 1.09% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.50% of the company’s stock.

Occidental Petroleum Stock Performance

Shares of OXY stock opened at $58.44 on Wednesday. The business has a fifty day moving average of $54.77 and a 200 day moving average of $55.74. Occidental Petroleum Corporation has a 1 year low of $38.80 and a 1 year high of $67.45. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.13. The firm has a market capitalization of $58.42 billion, a price-to-earnings ratio of 9.05, a price-to-earnings-growth ratio of 0.95 and a beta of 0.15.

Occidental Petroleum (NYSE:OXY) last posted its quarterly 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. The business had revenue of $8.06 billion for the quarter, compared to the consensus estimate of $7.07 billion. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.The company’s quarterly revenue was up 53.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.39 EPS. As a group, research analysts expect that Occidental Petroleum Corporation will post 6.09 earnings per share for the current year.

Occidental Petroleum Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, September 10th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis 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 of this dividend is Thursday, September 10th. Occidental Petroleum’s dividend 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.