Thurston Springer Miller Herd & Titak Inc. lifted its stake in Occidental Petroleum Co. (NYSE:OXY – Free Report) by 9.4% in the third quarter, HoldingsChannel reports. The institutional investor owned 9,015 shares of the oil and gas producer’s stock after buying an additional 771 shares during the quarter. Thurston Springer Miller Herd & Titak Inc.’s holdings in Occidental Petroleum were worth $465,000 at the end of the most recent reporting period.
Other institutional investors have also bought and sold shares of the company. American Century Companies Inc. lifted its holdings in shares of Occidental Petroleum by 16.8% during the second quarter. American Century Companies Inc. now owns 3,707,555 shares of the oil and gas producer’s stock valued at $233,687,000 after acquiring an additional 532,318 shares during the period. Epoch Investment Partners Inc. lifted its holdings in Occidental Petroleum by 20.1% during the 2nd quarter. Epoch Investment Partners Inc. now owns 1,661,231 shares of the oil and gas producer’s stock valued at $104,707,000 after purchasing an additional 277,462 shares during the last quarter. Himalaya Capital Management LLC acquired a new position in Occidental Petroleum in the second quarter valued at about $92,433,000. Cooke & Bieler LP grew its stake in Occidental Petroleum by 53.1% during the second quarter. Cooke & Bieler LP now owns 1,450,064 shares of the oil and gas producer’s stock worth $91,398,000 after buying an additional 503,173 shares during the last quarter. Finally, Clean Energy Transition LLP acquired a new stake in shares of Occidental Petroleum during the first quarter worth approximately $67,601,000. Institutional investors and hedge funds own 88.70% of the company’s stock.
Insider Transactions at Occidental Petroleum
In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the business’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the transaction, the insider now directly owns 165,681,578 shares in the company, valued at $5,923,116,413.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.31% of the company’s stock.
Occidental Petroleum Price Performance
Occidental Petroleum (NYSE:OXY – Get Free Report) last posted its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.26. The business had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.93 billion. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. Occidental Petroleum’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period last year, the company earned $0.68 earnings per share. Analysts anticipate that Occidental Petroleum Co. will post 3.49 earnings per share for the current fiscal year.
Occidental Petroleum Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, September 10th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $0.88 annualized dividend and a yield of 1.63%. Occidental Petroleum’s payout ratio is presently 24.04%.
Wall Street Analyst Weigh In
A number of research firms recently commented on OXY. Evercore ISI decreased their price target on Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a research report on Monday, September 30th. Scotiabank lowered their target price on Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. The Goldman Sachs Group assumed coverage on shares of Occidental Petroleum in a research report on Wednesday, October 2nd. They set a “neutral” rating and a $55.00 price target on the stock. Susquehanna lowered their price target on shares of Occidental Petroleum from $81.00 to $78.00 and set a “positive” rating for the company in a report on Wednesday, September 4th. Finally, Wells Fargo & Company lowered their target price on Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating for the company in a research note on Friday, September 27th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $66.29.
Read Our Latest Analysis on Occidental Petroleum
About Occidental Petroleum
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.
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