Sound Shore Management Inc. CT increased its position in shares of Occidental Petroleum Corporation (NYSE:OXY) by 22.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,216,111 shares of the oil and gas producer’s stock after buying an additional 591,638 shares during the period. Occidental Petroleum Corporation makes up approximately 3.4% of Sound Shore Management Inc. CT’s investment portfolio, making the stock its 4th largest position. Sound Shore Management Inc. CT owned approximately 0.42% of Occidental Petroleum Corporation worth $203,773,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in OXY. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Occidental Petroleum Corporation during the first quarter worth approximately $102,000. Parallel Advisors LLC bought a new position in shares of Occidental Petroleum Corporation during the fourth quarter worth approximately $121,000. Mosaic Family Wealth LLC raised its position in shares of Occidental Petroleum Corporation by 4.0% in the first quarter. Mosaic Family Wealth LLC now owns 1,887 shares of the oil and gas producer’s stock worth $120,000 after buying an additional 72 shares in the last quarter. Advantage Investment Management LLC bought a new position in shares of Occidental Petroleum Corporation during the fourth quarter worth approximately $139,000. Finally, Glassman Wealth Services raised its position in shares of Occidental Petroleum Corporation by 3.3% in the fourth quarter. Glassman Wealth Services now owns 2,540 shares of the oil and gas producer’s stock worth $181,000 after buying an additional 80 shares in the last quarter. 81.49% of the stock is owned by institutional investors and hedge funds.
Shares of Occidental Petroleum Corporation (OXY) opened at 61.83 on Friday. The company’s market capitalization is $47.27 billion. The firm’s 50-day moving average is $60.51 and its 200 day moving average is $65.35. Occidental Petroleum Corporation has a 52 week low of $57.20 and a 52 week high of $78.48.
Occidental Petroleum Corporation (NYSE:OXY) last announced its quarterly earnings results on Thursday, May 4th. The oil and gas producer reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.01. The company had revenue of $2.98 billion for the quarter, compared to analyst estimates of $2.96 billion. Occidental Petroleum Corporation had a negative net margin of 4.82% and a negative return on equity of 1.04%. The firm’s revenue was up 30.6% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.47) EPS. On average, analysts anticipate that Occidental Petroleum Corporation will post $0.98 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, July 14th. Investors of record on Friday, June 9th will be issued a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a dividend yield of 4.92%. The ex-dividend date of this dividend is Wednesday, June 7th. Occidental Petroleum Corporation’s dividend payout ratio (DPR) is presently -428.17%.
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A number of research firms recently weighed in on OXY. Zacks Investment Research cut shares of Occidental Petroleum Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday. Jefferies Group LLC reissued a “hold” rating and issued a $73.00 target price on shares of Occidental Petroleum Corporation in a research note on Friday, March 31st. Mitsubishi UFJ Financial Group began coverage on shares of Occidental Petroleum Corporation in a research note on Monday, May 29th. They issued a “hold” rating and a $69.00 target price on the stock. BMO Capital Markets set a $65.00 target price on shares of Occidental Petroleum Corporation and gave the company a “hold” rating in a research note on Thursday, May 4th. Finally, Scotiabank reissued a “hold” rating and issued a $68.00 target price on shares of Occidental Petroleum Corporation in a research note on Friday, May 5th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $72.11.
In related news, Director Stephen I. Chazen sold 4,000 shares of Occidental Petroleum Corporation stock in a transaction that occurred on Thursday, March 30th. The shares were sold at an average price of $63.63, for a total transaction of $254,520.00. Following the sale, the director now directly owns 1,484,619 shares of the company’s stock, valued at approximately $94,466,306.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Cedric W. Burgher purchased 1,700 shares of the firm’s stock in a transaction that occurred on Wednesday, June 7th. The shares were bought at an average cost of $59.85 per share, for a total transaction of $101,745.00. Following the completion of the acquisition, the chief financial officer now directly owns 44,124 shares in the company, valued at approximately $2,640,821.40. The disclosure for this purchase can be found here. Insiders have sold a total of 32,000 shares of company stock worth $1,999,000 over the last ninety days. 0.32% of the stock is currently owned by insiders.
Occidental Petroleum Corporation Company Profile
Occidental Petroleum Corporation (Occidental) is an oil and gas exploration and production company. The Company operates through three segments: oil and gas, chemical (OxyChem), 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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