Cambria Investment Management L.P. Boosts Holdings in Occidental Petroleum Corporation (OXY)
Cambria Investment Management L.P. raised its stake in Occidental Petroleum Corporation (NYSE:OXY) by 4.7% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 87,403 shares of the oil and gas producer’s stock after buying an additional 3,885 shares during the period. Cambria Investment Management L.P.’s holdings in Occidental Petroleum were worth $5,612,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Barometer Capital Management Inc. purchased a new position in shares of Occidental Petroleum during the 3rd quarter valued at $12,213,000. BP PLC bought a new stake in Occidental Petroleum during the second quarter worth about $5,210,000. Federated Investors Inc. PA grew its stake in Occidental Petroleum by 18.0% during the second quarter. Federated Investors Inc. PA now owns 7,569,462 shares of the oil and gas producer’s stock worth $453,184,000 after buying an additional 1,152,152 shares during the last quarter. BB&T Securities LLC grew its stake in Occidental Petroleum by 71.1% during the second quarter. BB&T Securities LLC now owns 452,611 shares of the oil and gas producer’s stock worth $27,097,000 after buying an additional 188,009 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale grew its stake in Occidental Petroleum by 72.6% during the second quarter. DekaBank Deutsche Girozentrale now owns 847,287 shares of the oil and gas producer’s stock worth $50,831,000 after buying an additional 356,351 shares during the last quarter. 80.34% of the stock is currently owned by institutional investors.
Several analysts have weighed in on OXY shares. Cowen reaffirmed a “buy” rating and set a $80.00 price objective on shares of Occidental Petroleum in a research note on Thursday, September 28th. Bank of America increased their price target on shares of Occidental Petroleum from $70.00 to $76.00 and gave the company a “buy” rating in a research note on Friday, October 13th. Goldman Sachs Group raised shares of Occidental Petroleum from a “neutral” rating to a “buy” rating in a research note on Friday, November 17th. Morgan Stanley increased their price target on shares of Occidental Petroleum from $62.00 to $66.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 18th. Finally, Jefferies Group increased their price target on shares of Occidental Petroleum from $62.00 to $66.00 and gave the company a “hold” rating in a research note on Friday, November 3rd. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the stock. Occidental Petroleum has a consensus rating of “Hold” and an average price target of $67.27.
Shares of Occidental Petroleum Corporation (NYSE:OXY) traded down $0.54 during midday trading on Monday, reaching $68.87. 3,063,700 shares of the company traded hands, compared to its average volume of 4,497,817. Occidental Petroleum Corporation has a fifty-two week low of $57.20 and a fifty-two week high of $73.51. The firm has a market capitalization of $52,700.00, a price-to-earnings ratio of 196.77, a P/E/G ratio of 13.97 and a beta of 0.65. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 0.95.
Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data on Wednesday, November 1st. The oil and gas producer reported $0.18 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.07. Occidental Petroleum had a net margin of 4.33% and a return on equity of 1.31%. The business had revenue of $3 billion for the quarter, compared to analyst estimates of $3.13 billion. During the same period in the prior year, the business posted ($0.15) earnings per share. Occidental Petroleum’s revenue was up 13.3% compared to the same quarter last year. equities research analysts anticipate that Occidental Petroleum Corporation will post 0.76 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Monday, December 11th will be issued a $0.77 dividend. The ex-dividend date is Friday, December 8th. This represents a $3.08 annualized dividend and a yield of 4.47%. Occidental Petroleum’s dividend payout ratio is currently 433.80%.
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About Occidental Petroleum
Occidental Petroleum Corporation (Occidental) is an oil and gas exploration and production company. The Company operates through three segments: oil and gas, chemical (OxyChem), 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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