Violich Capital Management Inc. boosted its position in shares of Occidental Petroleum Co. (NYSE:OXY) by 2.5% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 43,952 shares of the oil and gas producer’s stock after purchasing an additional 1,077 shares during the period. Violich Capital Management Inc.’s holdings in Occidental Petroleum were worth $3,612,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in OXY. Standard Life Aberdeen plc lifted its holdings in Occidental Petroleum by 1,541.0% during the 2nd quarter. Standard Life Aberdeen plc now owns 7,584,578 shares of the oil and gas producer’s stock valued at $634,716,000 after purchasing an additional 7,122,373 shares during the last quarter. FMR LLC raised its stake in shares of Occidental Petroleum by 232.5% in the second quarter. FMR LLC now owns 6,049,152 shares of the oil and gas producer’s stock worth $506,194,000 after acquiring an additional 4,230,065 shares during the last quarter. Charles Schwab Investment Advisory Inc. bought a new position in shares of Occidental Petroleum in the second quarter worth about $241,052,000. Swedbank bought a new position in shares of Occidental Petroleum in the third quarter worth about $112,990,000. Finally, Mainstay Capital Management LLC ADV raised its stake in shares of Occidental Petroleum by 3,725.2% in the second quarter. Mainstay Capital Management LLC ADV now owns 1,198,297 shares of the oil and gas producer’s stock worth $15,434,000 after acquiring an additional 1,166,971 shares during the last quarter. 82.00% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have weighed in on OXY. Evercore ISI raised shares of Occidental Petroleum from an “in-line” rating to an “outperform” rating and set a $88.00 target price for the company in a research note on Wednesday, November 7th. Morgan Stanley dropped their target price on shares of Occidental Petroleum from $100.00 to $96.00 and set a “buy” rating for the company in a research note on Monday, November 5th. National Alliance Securities raised shares of Occidental Petroleum from a “hold” rating to a “buy” rating in a research note on Monday, August 13th. ValuEngine cut shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a research report on Friday, November 2nd. Finally, Barclays began coverage on shares of Occidental Petroleum in a report on Monday. They set an “overweight” rating and a $84.00 price objective for the company. Eight research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. Occidental Petroleum presently has an average rating of “Buy” and a consensus target price of $86.82.
Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings results on Monday, November 5th. The oil and gas producer reported $1.77 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.51 by $0.26. Occidental Petroleum had a net margin of 22.19% and a return on equity of 15.43%. The firm had revenue of $6.18 billion for the quarter, compared to analyst estimates of $4.60 billion. During the same period in the prior year, the firm posted $0.18 earnings per share. The company’s quarterly revenue was up 98.9% compared to the same quarter last year. On average, research analysts anticipate that Occidental Petroleum Co. will post 5.2 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Monday, December 10th will be issued a $0.78 dividend. The ex-dividend date of this dividend is Friday, December 7th. This represents a $3.12 annualized dividend and a dividend yield of 4.40%. Occidental Petroleum’s dividend payout ratio is currently 350.56%.
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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 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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