Occidental Petroleum Co. (OXY) Shares Bought by WEALTHFRONT Corp
WEALTHFRONT Corp increased its stake in shares of Occidental Petroleum Co. (NYSE:OXY) by 9.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 29,919 shares of the oil and gas producer’s stock after acquiring an additional 2,484 shares during the quarter. WEALTHFRONT Corp’s holdings in Occidental Petroleum were worth $2,458,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Migdal Insurance & Financial Holdings Ltd. boosted its stake in Occidental Petroleum by 170.8% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,327 shares of the oil and gas producer’s stock worth $109,000 after acquiring an additional 837 shares in the last quarter. Westbourne Investment Advisors Inc. bought a new position in Occidental Petroleum during the third quarter worth $138,000. GeoSphere Capital Management LLC bought a new position in Occidental Petroleum during the second quarter worth $151,000. Obermeyer Wood Investment Counsel Lllp bought a new position in shares of Occidental Petroleum in the second quarter valued at $200,000. Finally, Edmonds Duncan Registered Investment Advisors LLC bought a new position in shares of Occidental Petroleum in the second quarter valued at $201,000. 81.63% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have weighed in on the stock. Cowen assumed coverage on shares of Occidental Petroleum in a research note on Thursday, November 29th. They issued a “market perform” rating and a $80.00 price objective on the stock. Argus reaffirmed a “buy” rating and issued a $97.00 price objective on shares of Occidental Petroleum in a research note on Monday, November 26th. Zacks Investment Research lowered shares of Occidental Petroleum from a “buy” rating to a “hold” rating in a research note on Wednesday, November 21st. Morgan Stanley dropped their price objective on shares of Occidental Petroleum from $96.00 to $88.00 and set a “buy” rating on the stock in a research note on Tuesday, November 20th. Finally, Citigroup dropped their price objective on shares of Occidental Petroleum from $97.00 to $95.00 and set a “buy” rating on the stock in a research note on Wednesday, November 14th. Nine equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Occidental Petroleum currently has a consensus 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 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.51 by $0.26. The company had revenue of $6.18 billion during the quarter, compared to the consensus estimate of $4.60 billion. Occidental Petroleum had a net margin of 22.19% and a return on equity of 15.43%. The firm’s revenue for the quarter was up 98.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.18 earnings per share. On average, equities research analysts anticipate that Occidental Petroleum Co. will post 5.17 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Monday, December 10th will be issued a $0.78 dividend. The ex-dividend date of this dividend is Friday, December 7th. This represents a $3.12 annualized dividend and a dividend yield of 4.60%. Occidental Petroleum’s dividend payout ratio is currently 350.56%.
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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 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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