Griffin Asset Management Inc. Takes $567,000 Position in Occidental Petroleum Corporation (OXY)
Griffin Asset Management Inc. bought a new position in shares of Occidental Petroleum Corporation (NYSE:OXY) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 8,825 shares of the oil and gas producer’s stock, valued at approximately $567,000.
Several other institutional investors also recently made changes to their positions in OXY. Vanguard Group Inc. raised its position in Occidental Petroleum by 2.1% during the second quarter. Vanguard Group Inc. now owns 55,192,202 shares of the oil and gas producer’s stock valued at $3,304,357,000 after buying an additional 1,119,588 shares during the period. Bank of New York Mellon Corp raised its position in Occidental Petroleum by 1.8% during the second quarter. Bank of New York Mellon Corp now owns 13,863,518 shares of the oil and gas producer’s stock valued at $830,010,000 after buying an additional 247,780 shares during the period. Franklin Resources Inc. raised its position in Occidental Petroleum by 1.4% during the second quarter. Franklin Resources Inc. now owns 13,570,361 shares of the oil and gas producer’s stock valued at $812,457,000 after buying an additional 186,703 shares during the period. Macquarie Group Ltd. raised its position in Occidental Petroleum by 3.6% during the second quarter. Macquarie Group Ltd. now owns 11,948,897 shares of the oil and gas producer’s stock valued at $715,381,000 after buying an additional 418,349 shares during the period. Finally, Capital International Investors raised its position in Occidental Petroleum by 3.6% during the third quarter. Capital International Investors now owns 8,273,652 shares of the oil and gas producer’s stock valued at $531,251,000 after buying an additional 289,718 shares during the period. 80.34% of the stock is currently owned by institutional investors.
Several research analysts recently weighed in on OXY shares. Morgan Stanley upped their price target on Occidental Petroleum from $62.00 to $66.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 18th. Jefferies Group set a $58.00 target price on Occidental Petroleum and gave the company a “hold” rating in a research note on Tuesday, August 29th. BidaskClub downgraded Occidental Petroleum from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 24th. BMO Capital Markets set a $60.00 target price on Occidental Petroleum and gave the company a “hold” rating in a research note on Tuesday, October 10th. Finally, Barclays boosted their target price on Occidental Petroleum from $38.00 to $40.00 and gave the company an “underweight” rating in a research note on Wednesday, October 11th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $66.07.
Occidental Petroleum Corporation (OXY) traded down $0.09 on Wednesday, hitting $69.95. The stock had a trading volume of 1,840,043 shares, compared to its average volume of 4,497,979. The company has a market cap of $53,184.55, a P/E ratio of 198.57, a PEG ratio of 14.07 and a beta of 0.65. Occidental Petroleum Corporation has a 52 week low of $57.20 and a 52 week high of $73.51. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.95 and a current ratio of 1.11.
Occidental Petroleum (NYSE:OXY) last released its quarterly earnings results on Wednesday, November 1st. The oil and gas producer reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.07. The company had revenue of $3 billion during the quarter, compared to the consensus estimate of $3.13 billion. Occidental Petroleum had a return on equity of 1.31% and a net margin of 4.33%. The firm’s revenue was up 13.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.15) EPS. research analysts predict that Occidental Petroleum Corporation will post 0.76 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Monday, December 11th will be paid a dividend of $0.77 per share. The ex-dividend date is Friday, December 8th. This represents a $3.08 annualized dividend and a dividend yield of 4.40%. Occidental Petroleum’s dividend payout ratio (DPR) is presently 440.00%.
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Occidental Petroleum Profile
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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