Pinebridge Investments L.P. Has $15.60 Million Holdings in Occidental Petroleum Co. (NYSE:OXY)
Pinebridge Investments L.P. raised its position in shares of Occidental Petroleum Co. (NYSE:OXY) by 4.7% in the second quarter, according to its most recent filing with the SEC. The firm owned 310,154 shares of the oil and gas producer’s stock after purchasing an additional 14,007 shares during the quarter. Pinebridge Investments L.P.’s holdings in Occidental Petroleum were worth $15,595,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in OXY. Charles Schwab Investment Advisory Inc. boosted its holdings in shares of Occidental Petroleum by 86.7% during the 2nd quarter. Charles Schwab Investment Advisory Inc. now owns 5,839,718 shares of the oil and gas producer’s stock worth $293,621,000 after buying an additional 2,712,579 shares in the last quarter. APG Asset Management N.V. increased its position in shares of Occidental Petroleum by 529.6% during the 2nd quarter. APG Asset Management N.V. now owns 1,158,962 shares of the oil and gas producer’s stock valued at $51,170,000 after purchasing an additional 974,896 shares during the last quarter. Smead Capital Management Inc. purchased a new stake in shares of Occidental Petroleum during the 2nd quarter valued at $42,158,000. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Occidental Petroleum by 238.1% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,150,909 shares of the oil and gas producer’s stock valued at $57,868,000 after purchasing an additional 810,550 shares during the last quarter. Finally, AMF Pensionsforsakring AB purchased a new stake in shares of Occidental Petroleum during the 2nd quarter valued at $29,186,000. 85.43% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts have recently issued reports on OXY shares. Raymond James set a $80.00 target price on Occidental Petroleum and gave the company a “buy” rating in a research report on Thursday, May 23rd. Jefferies Financial Group started coverage on Occidental Petroleum in a research report on Friday, August 23rd. They set a “hold” rating and a $47.00 target price for the company. Susquehanna Bancshares started coverage on Occidental Petroleum in a research report on Thursday, September 5th. They set a “positive” rating and a $55.00 target price for the company. Morgan Stanley decreased their target price on Occidental Petroleum from $55.00 to $52.00 and set an “equal weight” rating for the company in a research report on Friday, July 12th. Finally, JPMorgan Chase & Co. initiated coverage on Occidental Petroleum in a report on Tuesday, August 13th. They issued an “underweight” rating and a $50.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and six have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $65.93.
Occidental Petroleum (NYSE:OXY) last issued its earnings results on Wednesday, July 31st. The oil and gas producer reported $0.97 EPS for the quarter, topping the consensus estimate of $0.91 by $0.06. Occidental Petroleum had a return on equity of 17.06% and a net margin of 19.65%. The business had revenue of $4.48 billion during the quarter, compared to the consensus estimate of $4.39 billion. During the same quarter last year, the company earned $1.10 EPS. The firm’s revenue was up 8.4% compared to the same quarter last year. As a group, equities analysts expect that Occidental Petroleum Co. will post 2.94 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 10th will be paid a $0.79 dividend. The ex-dividend date is Monday, September 9th. This represents a $3.16 annualized dividend and a yield of 6.93%. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.78. Occidental Petroleum’s dividend payout ratio (DPR) is currently 63.07%.
In other Occidental Petroleum news, Director Margaret M. Foran purchased 1,000 shares of the company’s stock in a transaction dated Wednesday, August 14th. The stock was purchased at an average price of $43.15 per share, for a total transaction of $43,150.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Oscar K. Brown purchased 5,000 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were acquired at an average price of $42.62 per share, with a total value of $213,100.00. Following the transaction, the insider now owns 114,519 shares in the company, valued at approximately $4,880,799.78. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 33,500 shares of company stock valued at $1,565,375. 0.15% of the stock is owned by corporate insiders.
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.
Further Reading: Oversold
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