PDT Partners LLC Buys New Position in Occidental Petroleum Corporation $OXY

PDT Partners LLC purchased a new position in Occidental Petroleum Corporation (NYSE:OXY) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 87,196 shares of the oil and gas producer’s stock, valued at approximately $4,235,000.

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

Occidental Petroleum Stock Performance

Shares of Occidental Petroleum stock opened at $58.44 on Wednesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.13 and a current ratio of 1.41. Occidental Petroleum Corporation has a 1 year low of $38.80 and a 1 year high of $67.45. The firm’s 50-day simple moving average is $54.77 and its 200-day simple moving average is $55.74. The firm has a market cap of $58.42 billion, a PE 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 EPS for the quarter, topping analysts’ consensus estimates of $1.83 by $0.57. The business had revenue of $8.06 billion during 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 revenue for the quarter was up 53.4% compared to the same quarter last year. During the same period last year, the firm earned $0.39 earnings per share. Equities analysts forecast that Occidental Petroleum Corporation will post 6.09 earnings per share for the current fiscal year.

Occidental Petroleum Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, September 10th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Thursday, September 10th. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.26. Occidental Petroleum’s payout ratio is 16.10%.

Insider Activity

In other Occidental Petroleum news, CEO Richard A. Jackson purchased 4,770 shares of the firm’s stock in a transaction dated Tuesday, June 23rd. The stock was 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 owned 444,098 shares of the company’s stock, valued at approximately $23,261,853.24. This represents a 1.09% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.50% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Citigroup lowered their target price on Occidental Petroleum from $62.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, July 17th. Morgan Stanley cut their price target on Occidental Petroleum from $74.00 to $68.00 and set an “equal weight” rating on the stock in a research note on Friday, June 26th. Wells Fargo & Company raised their price objective on Occidental Petroleum from $72.00 to $79.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. Zacks Research downgraded Occidental Petroleum from a “strong-buy” rating to a “hold” rating in a report on Monday, June 22nd. Finally, Truist Financial upped their target price on Occidental Petroleum from $57.00 to $63.00 and gave the company a “hold” rating in a research report on Monday, August 10th. Ten equities research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $64.83.

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.