Ieq Capital LLC Acquires Shares of 324,718 Occidental Petroleum Corporation $OXY

Ieq Capital LLC acquired a new position in shares of Occidental Petroleum Corporation (NYSE:OXY) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 324,718 shares of the oil and gas producer’s stock, valued at approximately $15,772,000.

Several other institutional investors and hedge funds also recently made changes to their positions in OXY. Axiom Investment Management LLC acquired a new stake in Occidental Petroleum in the first quarter valued at $25,000. GKV Capital Management Co. Inc. acquired a new position in Occidental Petroleum during the 1st quarter worth $26,000. Portus Wealth Advisors LLC bought a new stake in shares of Occidental Petroleum in the 1st quarter worth about $29,000. Hara Capital LLC bought a new stake in shares of Occidental Petroleum in the 2nd quarter worth about $25,000. Finally, Ballast Advisors LLC acquired a new stake in shares of Occidental Petroleum in the 1st quarter valued at about $39,000. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Occidental Petroleum

In related news, CEO Richard A. Jackson acquired 4,770 shares of Occidental Petroleum stock in a transaction that occurred on Tuesday, June 23rd. The stock was acquired at an average price of $52.38 per share, for a total transaction of $249,852.60. Following the transaction, the chief executive officer directly owned 444,098 shares of the company’s stock, valued at $23,261,853.24. This trade represents a 1.09% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.50% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Zacks Research downgraded Occidental Petroleum from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 22nd. JPMorgan Chase & Co. cut their price objective on Occidental Petroleum from $64.00 to $63.00 in a research note on Thursday, May 7th. Raymond James Financial increased their target price on Occidental Petroleum from $64.00 to $75.00 and gave the stock an “outperform” rating in a report on Monday, May 4th. Capital One Financial lifted their target price on Occidental Petroleum from $67.00 to $70.00 in a research report on Wednesday, May 27th. Finally, Evercore upgraded Occidental Petroleum from an “in-line” rating to an “outperform” rating and set a $65.00 price target for the company in a report on Wednesday, July 8th. Ten equities research analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $64.83.

Occidental Petroleum Price Performance

Shares of NYSE:OXY opened at $61.34 on Friday. The company has a market cap of $61.32 billion, a PE ratio of 9.50, a P/E/G ratio of 0.79 and a beta of 0.15. Occidental Petroleum Corporation has a fifty-two week low of $38.80 and a fifty-two week high of $67.45. The firm has a 50-day simple moving average of $54.56 and a 200 day simple moving average of $55.47. The company has a quick ratio of 1.13, a current ratio of 1.41 and a debt-to-equity ratio of 0.40.

Occidental Petroleum (NYSE:OXY) last issued its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.83 by $0.57. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The firm had revenue of $8.06 billion for the quarter, compared to analysts’ expectations of $7.07 billion. During the same quarter last year, the company posted $0.39 earnings per share. Occidental Petroleum’s revenue was up 53.4% on a year-over-year basis. On average, sell-side analysts anticipate that Occidental Petroleum Corporation will post 6.09 EPS for the current year.

Occidental Petroleum Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, September 10th will be issued a $0.28 dividend. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $1.12 annualized dividend and a dividend yield of 1.8%. Occidental Petroleum’s dividend payout ratio (DPR) is 16.10%.

About Occidental Petroleum

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental’s operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.