Portside Wealth Group LLC Purchases 8,484 Shares of Occidental Petroleum Corporation $OXY

Portside Wealth Group LLC grew its position in shares of Occidental Petroleum Corporation (NYSE:OXY) by 41.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,856 shares of the oil and gas producer’s stock after buying an additional 8,484 shares during the period. Portside Wealth Group LLC’s holdings in Occidental Petroleum were worth $1,212,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in OXY. Vanguard Group Inc. boosted its position in Occidental Petroleum by 17.8% during the first quarter. Vanguard Group Inc. now owns 80,230,989 shares of the oil and gas producer’s stock worth $3,960,202,000 after purchasing an additional 12,107,285 shares during the period. Geode Capital Management LLC lifted its stake in shares of Occidental Petroleum by 22.0% during the 2nd quarter. Geode Capital Management LLC now owns 18,089,878 shares of the oil and gas producer’s stock valued at $756,796,000 after buying an additional 3,267,269 shares in the last quarter. Nuveen LLC bought a new position in Occidental Petroleum in the 1st quarter worth approximately $99,853,000. Dimensional Fund Advisors LP grew its stake in Occidental Petroleum by 9.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,128,136 shares of the oil and gas producer’s stock valued at $401,162,000 after buying an additional 710,220 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its holdings in Occidental Petroleum by 926.9% during the 1st quarter. Canada Pension Plan Investment Board now owns 777,564 shares of the oil and gas producer’s stock valued at $38,381,000 after acquiring an additional 701,846 shares during the period. 88.70% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on OXY shares. Mizuho raised their price target on Occidental Petroleum from $60.00 to $64.00 and gave the stock an “outperform” rating in a report on Tuesday, November 11th. Roth Capital raised their target price on Occidental Petroleum from $45.00 to $46.00 and gave the stock a “neutral” rating in a research note on Thursday, October 2nd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Occidental Petroleum in a report on Wednesday, October 8th. Bank of America increased their price target on shares of Occidental Petroleum from $44.00 to $47.00 and gave the stock a “neutral” rating in a report on Monday, October 6th. Finally, HSBC reduced their price objective on shares of Occidental Petroleum from $55.00 to $54.00 and set a “buy” rating for the company in a research note on Wednesday, November 12th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, fourteen have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $51.19.

Occidental Petroleum Stock Performance

NYSE:OXY opened at $42.53 on Wednesday. The stock has a market cap of $41.90 billion, a P/E ratio of 25.17 and a beta of 0.91. The company has a quick ratio of 0.83, a current ratio of 1.05 and a debt-to-equity ratio of 0.84. The business’s 50-day moving average price is $43.61 and its two-hundred day moving average price is $43.77. Occidental Petroleum Corporation has a twelve month low of $34.78 and a twelve month high of $53.20.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings data on Monday, November 10th. The oil and gas producer reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.16. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. The company had revenue of $6.62 billion for the quarter, compared to analysts’ expectations of $6.66 billion. During the same period in the prior year, the business earned $1.00 earnings per share. Occidental Petroleum’s revenue for the quarter was down 6.1% compared to the same quarter last year. As a group, equities analysts predict that Occidental Petroleum Corporation will post 3.58 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 10th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Wednesday, December 10th. Occidental Petroleum’s payout ratio is currently 70.59%.

About Occidental Petroleum

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.