Resona Asset Management Co. Ltd. Raises Stock Holdings in Occidental Petroleum Corporation $OXY

Resona Asset Management Co. Ltd. raised its stake in Occidental Petroleum Corporation (NYSE:OXY) by 6.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 232,028 shares of the oil and gas producer’s stock after purchasing an additional 13,081 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Occidental Petroleum were worth $9,769,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of Occidental Petroleum during the first quarter worth about $1,274,000. Kestra Private Wealth Services LLC raised its position in Occidental Petroleum by 5.6% during the 1st quarter. Kestra Private Wealth Services LLC now owns 17,086 shares of the oil and gas producer’s stock worth $843,000 after buying an additional 906 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its stake in Occidental Petroleum by 77.6% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 139,086 shares of the oil and gas producer’s stock valued at $5,843,000 after acquiring an additional 60,793 shares during the period. Tevis Investment Management purchased a new stake in shares of Occidental Petroleum in the 2nd quarter valued at $356,000. Finally, Strs Ohio acquired a new stake in shares of Occidental Petroleum in the first quarter worth $7,516,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Morgan Stanley reaffirmed an “equal weight” rating and issued a $52.00 price target on shares of Occidental Petroleum in a report on Monday, August 18th. Melius Research started coverage on Occidental Petroleum in a research note on Wednesday, August 20th. They issued a “hold” rating and a $64.00 target price on the stock. Wall Street Zen cut Occidental Petroleum from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Hsbc Global Res upgraded Occidental Petroleum from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 3rd. Finally, Bank of America boosted their target price on shares of Occidental Petroleum from $44.00 to $47.00 and gave the company a “neutral” rating in a research note on Monday, October 6th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, fifteen have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $52.26.

Occidental Petroleum Stock Up 2.4%

Occidental Petroleum stock opened at $41.26 on Friday. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.05 and a quick ratio of 0.83. The stock has a market capitalization of $40.62 billion, a PE ratio of 24.42 and a beta of 0.91. The business has a 50 day simple moving average of $44.22 and a 200-day simple moving average of $43.65. Occidental Petroleum Corporation has a 12 month low of $34.78 and a 12 month high of $53.20.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The firm had revenue of $6.41 billion for the quarter, compared to analysts’ expectations of $6.29 billion. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. The firm’s revenue for the quarter was down 6.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.03 EPS. On average, analysts anticipate that Occidental Petroleum Corporation will post 3.58 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 10th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, December 10th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.3%. Occidental Petroleum’s payout ratio is currently 56.80%.

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, 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.