Stonebridge Capital Advisors LLC Acquires New Position in Occidental Petroleum Co. (NYSE:OXY)
Stonebridge Capital Advisors LLC acquired a new stake in shares of Occidental Petroleum Co. (NYSE:OXY) in the first quarter, HoldingsChannel reports. The fund acquired 3,102 shares of the oil and gas producer’s stock, valued at approximately $205,000.
Several other large investors also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Occidental Petroleum during the fourth quarter valued at approximately $475,929,000. Oregon Public Employees Retirement Fund raised its holdings in Occidental Petroleum by 5,978.5% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 5,105,650 shares of the oil and gas producer’s stock worth $83,000 after purchasing an additional 5,021,655 shares in the last quarter. Millennium Management LLC raised its holdings in Occidental Petroleum by 401.0% in the fourth quarter. Millennium Management LLC now owns 3,275,239 shares of the oil and gas producer’s stock worth $201,034,000 after purchasing an additional 2,621,463 shares in the last quarter. Vanguard Group Inc raised its holdings in Occidental Petroleum by 2.2% in the third quarter. Vanguard Group Inc now owns 62,477,713 shares of the oil and gas producer’s stock worth $5,133,793,000 after purchasing an additional 1,370,841 shares in the last quarter. Finally, Macquarie Group Ltd. raised its holdings in Occidental Petroleum by 7.9% in the fourth quarter. Macquarie Group Ltd. now owns 10,146,677 shares of the oil and gas producer’s stock worth $622,804,000 after purchasing an additional 744,802 shares in the last quarter. 81.77% of the stock is owned by hedge funds and other institutional investors.
OXY has been the subject of a number of research reports. KeyCorp decreased their price objective on Occidental Petroleum from $75.00 to $70.00 and set an “overweight” rating for the company in a report on Monday, April 22nd. Atlantic Securities downgraded Occidental Petroleum from an “overweight” rating to a “neutral” rating and set a $61.50 price objective for the company. in a report on Thursday, April 25th. ValuEngine downgraded Occidental Petroleum from a “sell” rating to a “strong sell” rating in a report on Tuesday, April 30th. Barclays cut Occidental Petroleum from an “overweight” rating to an “underweight” rating and cut their target price for the stock from $77.00 to $70.00 in a research note on Friday, February 15th. Finally, Argus cut Occidental Petroleum from a “buy” rating to a “hold” rating and set a $54.61 target price on the stock. in a research note on Thursday, May 16th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and seven have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $75.30.
Occidental Petroleum (NYSE:OXY) last released its quarterly earnings data on Sunday, May 5th. The oil and gas producer reported $0.84 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.12. Occidental Petroleum had a return on equity of 17.70% and a net margin of 21.17%. The business had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.02 billion. During the same quarter in the previous year, the company posted $0.92 EPS. The company’s revenue was up 6.9% compared to the same quarter last year. As a group, analysts anticipate that Occidental Petroleum Co. will post 3.86 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, June 10th will be paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 6.29%. The ex-dividend date is Friday, June 7th. Occidental Petroleum’s payout ratio is 62.28%.
In related news, insider Vicki A. Hollub bought 37,460 shares of the company’s stock in a transaction dated Monday, June 10th. The stock was purchased at an average price of $48.15 per share, for a total transaction of $1,803,699.00. Following the acquisition, the insider now owns 248,326 shares in the company, valued at $11,956,896.90. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Cedric W. Burgher bought 4,100 shares of the company’s stock in a transaction dated Thursday, June 13th. The stock was bought at an average price of $49.61 per share, with a total value of $203,401.00. Following the acquisition, the chief financial officer now owns 76,842 shares in the company, valued at approximately $3,812,131.62. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 80,660 shares of company stock worth $3,893,851. Corporate insiders own 0.15% of the company’s stock.
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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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