Saxon Interests Inc. Takes $343,000 Position in Occidental Petroleum Co. (NYSE:OXY)

Saxon Interests Inc. purchased a new stake in shares of Occidental Petroleum Co. (NYSE:OXY) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 5,740 shares of the oil and gas producer’s stock, valued at approximately $343,000.

Several other institutional investors have also added to or reduced their stakes in OXY. Oppenheimer & Co. Inc. boosted its holdings in shares of Occidental Petroleum by 8.6% during the third quarter. Oppenheimer & Co. Inc. now owns 156,279 shares of the oil and gas producer’s stock worth $10,139,000 after purchasing an additional 12,349 shares during the period. J.P. Morgan Private Wealth Advisors LLC purchased a new stake in Occidental Petroleum in the 3rd quarter worth approximately $29,665,000. Calamos Wealth Management LLC purchased a new position in shares of Occidental Petroleum during the third quarter valued at approximately $5,758,000. Kentucky Retirement Systems bought a new position in shares of Occidental Petroleum during the third quarter valued at approximately $3,391,000. Finally, Mitchell Capital Management Co. lifted its stake in Occidental Petroleum by 100.2% in the third quarter. Mitchell Capital Management Co. now owns 123,287 shares of the oil and gas producer’s stock worth $7,999,000 after acquiring an additional 61,705 shares during the period. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Stock Up 1.2 %

Shares of OXY traded up $0.79 on Thursday, hitting $64.99. 7,105,514 shares of the stock traded hands, compared to its average volume of 8,742,230. The company has a market capitalization of $57.61 billion, a PE ratio of 16.62 and a beta of 1.63. Occidental Petroleum Co. has a one year low of $55.12 and a one year high of $67.67. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.69 and a current ratio of 0.92. The business has a 50 day simple moving average of $60.00 and a 200 day simple moving average of $60.82.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings results on Thursday, February 15th. The oil and gas producer reported $0.74 earnings per share for the quarter, hitting the consensus estimate of $0.74. Occidental Petroleum had a return on equity of 20.63% and a net margin of 16.24%. The firm had revenue of $7.53 billion during the quarter, compared to analysts’ expectations of $6.93 billion. During the same quarter in the previous year, the business earned $1.61 earnings per share. The company’s revenue was down 9.6% on a year-over-year basis. As a group, equities analysts forecast that Occidental Petroleum Co. will post 3.56 earnings per share for the current fiscal year.

Occidental Petroleum Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, March 8th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date is Thursday, March 7th. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.18. Occidental Petroleum’s dividend payout ratio (DPR) is presently 22.51%.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Morgan Stanley upped their price objective on shares of Occidental Petroleum from $66.00 to $72.00 and gave the stock an “overweight” rating in a report on Thursday. Wells Fargo & Company increased their price target on shares of Occidental Petroleum from $59.00 to $62.00 and gave the stock an “equal weight” rating in a research note on Friday, February 16th. Raymond James reduced their target price on Occidental Petroleum from $70.00 to $68.00 and set a “strong-buy” rating on the stock in a report on Wednesday, January 24th. JPMorgan Chase & Co. dropped their price target on Occidental Petroleum from $78.00 to $73.00 and set a “neutral” rating on the stock in a research report on Friday, December 8th. Finally, Truist Financial decreased their price objective on Occidental Petroleum from $80.00 to $77.00 and set a “buy” rating for the company in a report on Friday, February 16th. Eight investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Occidental Petroleum presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.19.

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.