X Square Capital LLC Makes New $1.69 Million Investment in Occidental Petroleum Corporation $OXY

X Square Capital LLC bought a new stake in Occidental Petroleum Corporation (NYSE:OXY) in the second quarter, HoldingsChannel.com reports. The fund bought 34,766 shares of the oil and gas producer’s stock, valued at approximately $1,689,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Woodline Partners LP boosted its position in Occidental Petroleum by 40.7% during the 1st 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 acquired a new stake in Occidental Petroleum in the second quarter worth $4,584,000. Federated Hermes Inc. increased its position in Occidental Petroleum by 696.7% in the second quarter. Federated Hermes Inc. now owns 23,997 shares of the oil and gas producer’s stock worth $1,008,000 after buying an additional 20,985 shares during the period. Daiwa Securities Group Inc. lifted its stake in Occidental Petroleum by 7.4% in the second 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. boosted its holdings in shares of Occidental Petroleum by 24.3% during the second quarter. AXA S.A. now owns 136,625 shares of the oil and gas producer’s stock valued at $5,740,000 after acquiring an additional 26,741 shares during the period. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Occidental Petroleum Price Performance

Shares of NYSE OXY opened at $61.34 on Friday. The stock has a market cap of $61.32 billion, a P/E ratio of 9.50, a P/E/G ratio of 0.79 and a beta of 0.15. The firm’s 50-day simple moving average is $54.56 and its 200 day simple moving average is $55.47. Occidental Petroleum Corporation has a fifty-two week low of $38.80 and a fifty-two week high of $67.45. 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 announced its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) 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 net margin of 28.36% and a return on equity of 15.31%. Occidental Petroleum’s revenue was up 53.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.39 EPS. Equities analysts expect that Occidental Petroleum Corporation will post 6.09 EPS for the current year.

Occidental Petroleum Increases Dividend

The business 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 1.8%. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.26. The ex-dividend date is Thursday, September 10th. Occidental Petroleum’s payout ratio is 16.10%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Citigroup lowered their price target on shares of Occidental Petroleum from $62.00 to $60.00 and set a “neutral” rating for the company in a research report on Friday, July 17th. Truist Financial lifted their price objective on shares of Occidental Petroleum from $57.00 to $63.00 and gave the company a “hold” rating in a research report on Monday, August 10th. Barclays reduced their target price on shares of Occidental Petroleum from $75.00 to $71.00 and set an “overweight” rating for the company in a research note on Monday, August 17th. Raymond James Financial raised their price target on shares of Occidental Petroleum from $64.00 to $75.00 and gave the company an “outperform” rating in a research note on Monday, May 4th. Finally, Wells Fargo & Company lifted their price target on Occidental Petroleum from $72.00 to $79.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Ten analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the company’s stock. According to MarketBeat, Occidental Petroleum presently has an average rating of “Hold” and an average price target of $64.83.

Insider Activity

In related news, CEO Richard A. Jackson acquired 4,770 shares of the stock in a transaction that occurred on Tuesday, June 23rd. The shares were acquired at an average price of $52.38 per share, for a total transaction of $249,852.60. Following the completion of the purchase, 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 purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.50% of the stock is owned by company insiders.

About Occidental Petroleum

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.