Danica Pension Livsforsikringsaktieselskab Buys Shares of 523,258 Occidental Petroleum Corporation $OXY

Danica Pension Livsforsikringsaktieselskab purchased a new position in Occidental Petroleum Corporation (NYSE:OXY) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 523,258 shares of the oil and gas producer’s stock, valued at approximately $25,415,000.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased 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 buying an additional 699,137 shares during the period. State Street Corp lifted its holdings in Occidental Petroleum by 2.1% in the fourth 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 buying an additional 828,848 shares during the period. Geode Capital Management LLC boosted its position in Occidental Petroleum by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 18,846,231 shares of the oil and gas producer’s stock valued at $771,949,000 after acquiring an additional 167,518 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Occidental Petroleum by 84.8% during 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 acquiring an additional 4,882,834 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in Occidental Petroleum by 21.6% during 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 acquiring an additional 1,883,721 shares during the period. 88.70% of the stock is owned by institutional investors.

Insider Activity at Occidental Petroleum

In other news, CEO Richard A. Jackson acquired 4,770 shares of the firm’s stock in a transaction dated Tuesday, June 23rd. The stock was purchased at an average price of $52.38 per share, for a total transaction of $249,852.60. Following the completion of the acquisition, the chief executive officer directly owned 444,098 shares in the company, valued at $23,261,853.24. The trade was a 1.09% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. 0.50% of the stock is currently owned by corporate insiders.

Occidental Petroleum Price Performance

Shares of NYSE OXY opened at $59.82 on Wednesday. The firm has a market capitalization of $59.80 billion, a P/E ratio of 9.26, a P/E/G ratio of 0.79 and a beta of 0.15. The firm’s 50-day moving average price is $54.28 and its 200-day moving average price is $55.21. The company has a current ratio of 1.41, a quick ratio of 1.13 and a debt-to-equity ratio of 0.40. Occidental Petroleum Corporation has a 1-year low of $38.80 and a 1-year high of $67.45.

Occidental Petroleum (NYSE:OXY) last issued its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 EPS for the quarter, beating the consensus estimate of $1.83 by $0.57. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.The company had revenue of $8.06 billion during the quarter, compared to the consensus estimate of $7.07 billion. During the same period last year, the business posted $0.39 EPS. The firm’s revenue for the quarter was up 53.4% compared to the same quarter last year. Equities research analysts anticipate that Occidental Petroleum Corporation will post 5.81 earnings per share for the current fiscal year.

Occidental Petroleum Increases Dividend

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

Analyst Ratings Changes

A number of brokerages have recently issued reports on OXY. Scotiabank boosted their price objective on Occidental Petroleum from $46.00 to $57.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 22nd. Raymond James Financial raised their target price on Occidental Petroleum from $64.00 to $75.00 and gave the stock an “outperform” rating in a research note on Monday, May 4th. Evercore upgraded Occidental Petroleum from an “in-line” rating to an “outperform” rating and set a $65.00 target price for the company in a report on Wednesday, July 8th. Citigroup dropped their price target on Occidental Petroleum from $62.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday, July 17th. Finally, 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 report on Friday, June 26th. Ten research analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the stock. According to data from MarketBeat.com, Occidental Petroleum presently has an average rating of “Hold” and a consensus target price of $64.83.

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.