Commonwealth Bank of Australia Has $8.50 Million Position in Occidental Petroleum Co. (OXY)
Commonwealth Bank of Australia grew its holdings in shares of Occidental Petroleum Co. (NYSE:OXY) by 0.8% in the second quarter, Holdings Channel reports. The institutional investor owned 102,614 shares of the oil and gas producer’s stock after purchasing an additional 800 shares during the period. Commonwealth Bank of Australia’s holdings in Occidental Petroleum were worth $8,503,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Precocity Capital LP purchased a new stake in Occidental Petroleum during the 2nd quarter worth about $7,113,000. Dai Ichi Life Insurance Company Ltd lifted its holdings in Occidental Petroleum by 6.0% during the 2nd quarter. Dai Ichi Life Insurance Company Ltd now owns 108,578 shares of the oil and gas producer’s stock worth $9,086,000 after buying an additional 6,173 shares during the last quarter. Envestnet Asset Management Inc. lifted its holdings in Occidental Petroleum by 242.1% during the 2nd quarter. Envestnet Asset Management Inc. now owns 306,142 shares of the oil and gas producer’s stock worth $25,617,000 after buying an additional 216,656 shares during the last quarter. Highstreet Asset Management Inc. purchased a new stake in Occidental Petroleum during the 2nd quarter worth about $663,000. Finally, Philadelphia Trust Co. lifted its holdings in Occidental Petroleum by 6.6% during the 2nd quarter. Philadelphia Trust Co. now owns 12,452 shares of the oil and gas producer’s stock worth $1,042,000 after buying an additional 773 shares during the last quarter. 80.42% of the stock is owned by institutional investors.
OXY has been the subject of a number of recent analyst reports. Bank of America lifted their price target on Occidental Petroleum from $100.00 to $105.00 and gave the stock a “buy” rating in a report on Friday, August 17th. Morgan Stanley assumed coverage on Occidental Petroleum in a report on Thursday, July 12th. They set an “overweight” rating and a $100.00 price target for the company. Zacks Investment Research raised Occidental Petroleum from a “hold” rating to a “buy” rating and set a $94.00 target price for the company in a report on Monday, May 14th. ValuEngine downgraded Occidental Petroleum from a “buy” rating to a “hold” rating in a report on Wednesday, August 8th. Finally, Citigroup raised Occidental Petroleum from a “neutral” rating to a “buy” rating in a report on Tuesday, June 5th. One research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $83.60.
Occidental Petroleum stock opened at $79.27 on Wednesday. Occidental Petroleum Co. has a fifty-two week low of $59.78 and a fifty-two week high of $87.67. The company has a quick ratio of 1.19, a current ratio of 1.36 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $61.08 billion, a PE ratio of 89.07, a PEG ratio of 2.74 and a beta of 0.61.
Occidental Petroleum (NYSE:OXY) last posted its earnings results on Wednesday, August 8th. The oil and gas producer reported $1.10 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.21 by ($0.11). Occidental Petroleum had a net margin of 15.36% and a return on equity of 9.68%. The firm had revenue of $4.13 billion during the quarter, compared to analysts’ expectations of $4.13 billion. During the same period in the previous year, the firm posted $0.15 earnings per share. The firm’s revenue for the quarter was up 14.7% on a year-over-year basis. equities research analysts expect that Occidental Petroleum Co. will post 4.83 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Monday, September 10th will be given a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 3.94%. The ex-dividend date is Friday, September 7th. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.77. Occidental Petroleum’s payout ratio is 346.07%.
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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