DeepCurrents Investment Group LLC Acquires New Shares in Occidental Petroleum Corporation $OXY

DeepCurrents Investment Group LLC acquired a new position in shares of Occidental Petroleum Corporation (NYSE:OXY) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 14,674 shares of the oil and gas producer’s stock, valued at approximately $616,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Benjamin Edwards Inc. bought a new position in shares of Occidental Petroleum in the first quarter valued at approximately $296,000. Nuveen LLC purchased a new stake in Occidental Petroleum in the 1st quarter worth approximately $99,853,000. Independent Advisor Alliance boosted its holdings in Occidental Petroleum by 9.1% in the 1st quarter. Independent Advisor Alliance now owns 27,322 shares of the oil and gas producer’s stock valued at $1,349,000 after purchasing an additional 2,289 shares during the period. Meridian Wealth Management LLC grew its position in shares of Occidental Petroleum by 8.3% during the 1st quarter. Meridian Wealth Management LLC now owns 9,173 shares of the oil and gas producer’s stock valued at $453,000 after purchasing an additional 706 shares in the last quarter. Finally, Public Sector Pension Investment Board increased its holdings in shares of Occidental Petroleum by 3.0% in the first quarter. Public Sector Pension Investment Board now owns 180,602 shares of the oil and gas producer’s stock worth $8,915,000 after purchasing an additional 5,305 shares during the period. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Wall Street Analyst Weigh In

OXY has been the subject of several recent analyst reports. Evercore ISI reduced their target price on Occidental Petroleum from $40.00 to $38.00 and set an “underperform” rating for the company in a research report on Friday, October 3rd. Raymond James Financial reissued an “outperform” rating and set a $50.00 price objective on shares of Occidental Petroleum in a report on Tuesday, November 25th. Melius Research initiated coverage on shares of Occidental Petroleum in a research note on Wednesday, August 20th. They issued a “hold” rating and a $64.00 target price on the stock. Wells Fargo & Company dropped their target price on shares of Occidental Petroleum from $42.00 to $40.00 and set an “underweight” rating for the company in a research report on Wednesday, November 12th. Finally, Citigroup decreased their price target on shares of Occidental Petroleum from $49.00 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday, November 19th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, thirteen have issued a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $50.19.

Occidental Petroleum Trading Up 0.5%

OXY stock opened at $41.74 on Thursday. The company has a market capitalization of $41.12 billion, a PE ratio of 30.69 and a beta of 0.39. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.71 and a current ratio of 0.94. Occidental Petroleum Corporation has a one year low of $34.78 and a one year high of $53.20. The company’s 50 day moving average price is $42.01 and its two-hundred day moving average price is $43.75.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data on Monday, November 10th. The oil and gas producer reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.16. The company had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6.66 billion. Occidental Petroleum had a net margin of 7.81% and a return on equity of 12.35%. The firm’s revenue was down 6.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.00 EPS. As a group, analysts predict that Occidental Petroleum Corporation will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 10th will be issued a $0.24 dividend. The ex-dividend date is Wednesday, December 10th. This represents a $0.96 annualized dividend and a dividend yield of 2.3%. Occidental Petroleum’s payout ratio is currently 70.59%.

Occidental Petroleum Company Profile

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.