Occidental Petroleum Co. (OXY) Position Lifted by First Republic Investment Management Inc.
First Republic Investment Management Inc. lifted its position in shares of Occidental Petroleum Co. (NYSE:OXY) by 0.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 388,722 shares of the oil and gas producer’s stock after purchasing an additional 1,788 shares during the period. First Republic Investment Management Inc.’s holdings in Occidental Petroleum were worth $31,941,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in OXY. Standard Life Aberdeen plc lifted its position in shares of Occidental Petroleum by 1,541.0% during the second quarter. Standard Life Aberdeen plc now owns 7,584,578 shares of the oil and gas producer’s stock valued at $634,716,000 after purchasing an additional 7,122,373 shares in the last quarter. FMR LLC increased its holdings in Occidental Petroleum by 232.5% during the second quarter. FMR LLC now owns 6,049,152 shares of the oil and gas producer’s stock worth $506,194,000 after buying an additional 4,230,065 shares during the last quarter. Charles Schwab Investment Advisory Inc. purchased a new stake in Occidental Petroleum during the second quarter worth about $241,052,000. BlackRock Inc. increased its holdings in Occidental Petroleum by 3.4% during the third quarter. BlackRock Inc. now owns 52,574,756 shares of the oil and gas producer’s stock worth $4,320,067,000 after buying an additional 1,732,733 shares during the last quarter. Finally, Swedbank purchased a new stake in Occidental Petroleum during the third quarter worth about $112,990,000. 81.63% of the stock is currently owned by institutional investors.
OXY has been the subject of a number of research analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of Occidental Petroleum from $94.00 to $90.00 and set a “neutral” rating for the company in a report on Friday, August 10th. National Alliance Securities upgraded shares of Occidental Petroleum from a “hold” rating to a “buy” rating in a report on Monday, August 13th. Bank of America raised their price objective on shares of Occidental Petroleum from $100.00 to $105.00 and gave the stock a “buy” rating in a report on Friday, August 17th. Edward Jones upgraded shares of Occidental Petroleum from a “hold” rating to a “buy” rating in a report on Tuesday, September 18th. Finally, Piper Jaffray Companies initiated coverage on shares of Occidental Petroleum in a research note on Friday, September 28th. They issued an “overweight” rating for the company. Nine investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $88.00.
Occidental Petroleum (NYSE:OXY) last announced its earnings results on Monday, November 5th. The oil and gas producer reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.51 by $0.26. Occidental Petroleum had a net margin of 22.19% and a return on equity of 15.43%. The business had revenue of $6.18 billion during the quarter, compared to analyst estimates of $4.60 billion. During the same period in the previous year, the business posted $0.18 earnings per share. Occidental Petroleum’s revenue for the quarter was up 98.9% on a year-over-year basis. Equities research analysts predict that Occidental Petroleum Co. will post 5.23 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Monday, December 10th will be given a dividend of $0.78 per share. The ex-dividend date is Friday, December 7th. This represents a $3.12 annualized dividend and a yield of 4.62%. Occidental Petroleum’s payout ratio is presently 350.56%.
Occidental Petroleum Profile
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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