Formidable Asset Management LLC Continues to Hold Holdings in Occidental Petroleum Corporation (OXY)
Formidable Asset Management LLC maintained its stake in Occidental Petroleum Corporation (NYSE:OXY) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,893 shares of the oil and gas producer’s stock at the end of the 2nd quarter. Formidable Asset Management LLC’s holdings in Occidental Petroleum Corporation were worth $233,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of OXY. BlackRock Inc. raised its position in Occidental Petroleum Corporation by 3,198.5% during the first quarter. BlackRock Inc. now owns 58,991,369 shares of the oil and gas producer’s stock valued at $3,737,692,000 after purchasing an additional 57,202,942 shares during the period. Morgan Stanley raised its holdings in shares of Occidental Petroleum Corporation by 22.1% in the first quarter. Morgan Stanley now owns 9,249,261 shares of the oil and gas producer’s stock worth $586,034,000 after buying an additional 1,672,384 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Occidental Petroleum Corporation by 119.6% in the second quarter. Principal Financial Group Inc. now owns 2,372,784 shares of the oil and gas producer’s stock worth $142,058,000 after buying an additional 1,292,162 shares during the period. Federated Investors Inc. PA raised its holdings in shares of Occidental Petroleum Corporation by 18.0% in 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 period. Finally, Flossbach Von Storch AG raised its holdings in shares of Occidental Petroleum Corporation by 179.7% in the second quarter. Flossbach Von Storch AG now owns 1,765,645 shares of the oil and gas producer’s stock worth $105,709,000 after buying an additional 1,134,445 shares during the period. Institutional investors and hedge funds own 80.57% of the company’s stock.
OXY has been the topic of several recent analyst reports. Barclays PLC set a $38.00 price target on Occidental Petroleum Corporation and gave the stock a “sell” rating in a report on Friday, August 4th. Zacks Investment Research upgraded Occidental Petroleum Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, September 12th. Citigroup Inc. downgraded Occidental Petroleum Corporation from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $66.00 to $58.00 in a report on Friday, July 21st. BidaskClub downgraded Occidental Petroleum Corporation from a “sell” rating to a “strong sell” rating in a report on Thursday, August 24th. Finally, BMO Capital Markets reduced their price target on Occidental Petroleum Corporation from $60.00 to $55.00 and set a “market perform” rating on the stock in a report on Friday, July 14th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $65.14.
Occidental Petroleum Corporation (OXY) opened at 62.94 on Friday. The company has a 50-day moving average price of $60.57 and a 200 day moving average price of $61.24. Occidental Petroleum Corporation has a 52 week low of $57.20 and a 52 week high of $75.60. The company has a market cap of $48.12 billion, a PE ratio of 443.24 and a beta of 0.66.
Occidental Petroleum Corporation (NYSE:OXY) last announced its earnings results on Wednesday, August 2nd. The oil and gas producer reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3 billion. Occidental Petroleum Corporation had a return on equity of 0.13% and a net margin of 0.91%. The firm’s quarterly revenue was up 40.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.18) earnings per share. On average, equities research analysts forecast that Occidental Petroleum Corporation will post $0.66 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Monday, September 11th will be given a $0.77 dividend. This is a positive change from Occidental Petroleum Corporation’s previous quarterly dividend of $0.76. The ex-dividend date is Friday, September 8th. This represents a $3.08 dividend on an annualized basis and a yield of 4.89%. Occidental Petroleum Corporation’s payout ratio is presently 2,369.23%.
In other news, Director William R. Klesse bought 10,000 shares of the business’s stock in a transaction on Wednesday, August 9th. The shares were bought at an average price of $61.58 per share, with a total value of $615,800.00. Following the completion of the transaction, the director now directly owns 70,692 shares in the company, valued at $4,353,213.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.32% of the stock is owned by insiders.
About Occidental Petroleum Corporation
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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