PNC Financial Services Group Inc. increased its position in shares of Occidental Petroleum Co. (NYSE:OXY) by 2.2% in the third quarter, HoldingsChannel reports. The institutional investor owned 1,928,758 shares of the oil and gas producer’s stock after buying an additional 41,804 shares during the period. PNC Financial Services Group Inc.’s holdings in Occidental Petroleum were worth $158,486,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of OXY. Standard Life Aberdeen plc grew its stake in Occidental Petroleum by 1,541.0% in the second quarter. Standard Life Aberdeen plc now owns 7,584,578 shares of the oil and gas producer’s stock valued at $634,716,000 after purchasing an additional 7,122,373 shares in the last quarter. FMR LLC grew its stake in Occidental Petroleum by 232.5% in the second quarter. FMR LLC now owns 6,049,152 shares of the oil and gas producer’s stock valued at $506,194,000 after purchasing an additional 4,230,065 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Occidental Petroleum by 9.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,735,322 shares of the oil and gas producer’s stock valued at $479,928,000 after purchasing an additional 490,346 shares in the last quarter. Alliancebernstein L.P. grew its stake in Occidental Petroleum by 27.6% in the third quarter. Alliancebernstein L.P. now owns 4,127,823 shares of the oil and gas producer’s stock valued at $339,183,000 after purchasing an additional 892,948 shares in the last quarter. Finally, Levin Capital Strategies L.P. grew its stake in Occidental Petroleum by 11.8% in the third quarter. Levin Capital Strategies L.P. now owns 3,365,150 shares of the oil and gas producer’s stock valued at $276,514,000 after purchasing an additional 356,312 shares in the last quarter. Institutional investors and hedge funds own 81.53% of the company’s stock.
OXY has been the subject of several research analyst reports. Mizuho reiterated a “buy” rating on shares of Occidental Petroleum in a research note on Tuesday, July 24th. ValuEngine downgraded Occidental Petroleum from a “buy” rating to a “hold” rating in a research note on Wednesday, August 8th. JPMorgan Chase & Co. reduced their target price on Occidental Petroleum from $94.00 to $90.00 and set a “neutral” rating for the company in a research note on Friday, August 10th. National Alliance Securities upgraded Occidental Petroleum from a “hold” rating to a “buy” rating in a research note on Monday, August 13th. Finally, Bank of America lifted their target price on Occidental Petroleum from $100.00 to $105.00 and gave the stock a “buy” rating in a research note on Friday, August 17th. Eight equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $86.82.
Shares of NYSE OXY opened at $73.36 on Tuesday. The firm has a market capitalization of $55.40 billion, a price-to-earnings ratio of 82.43, a P/E/G ratio of 2.20 and a beta of 0.80. The company has a quick ratio of 1.21, a current ratio of 1.33 and a debt-to-equity ratio of 0.47. Occidental Petroleum Co. has a fifty-two week low of $62.47 and a fifty-two week high of $87.67.
Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data on Monday, November 5th. The oil and gas producer reported $1.77 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.51 by $0.26. The firm had revenue of $6.18 billion during the quarter, compared to analysts’ expectations of $4.60 billion. Occidental Petroleum had a return on equity of 15.43% and a net margin of 22.19%. The company’s quarterly revenue was up 98.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.18 EPS. As a group, equities research analysts forecast that Occidental Petroleum Co. will post 5.2 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Monday, December 10th will be issued a $0.78 dividend. The ex-dividend date is Friday, December 7th. This represents a $3.12 annualized dividend and a yield of 4.25%. Occidental Petroleum’s dividend payout ratio is presently 350.56%.
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About Occidental Petroleum
Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States and internationally. The company operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.
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