10,655 Shares in Occidental Petroleum Corporation $OXY Bought by Sumitomo Life Insurance Co.

Sumitomo Life Insurance Co. purchased a new position in shares of Occidental Petroleum Corporation (NYSE:OXY) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 10,655 shares of the oil and gas producer’s stock, valued at approximately $518,000.

A number of other hedge funds also recently bought and sold shares of OXY. Axiom Investment Management LLC purchased a new position in shares of Occidental Petroleum in the 1st quarter valued at about $25,000. Hara Capital LLC purchased a new stake in shares of Occidental Petroleum during the second quarter worth approximately $25,000. GKV Capital Management Co. Inc. acquired a new stake in Occidental Petroleum in the first quarter valued at approximately $26,000. Portus Wealth Advisors LLC acquired a new stake in Occidental Petroleum in the first quarter valued at approximately $29,000. Finally, Caitlin John LLC purchased a new position in Occidental Petroleum in the fourth quarter worth approximately $29,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Richard A. Jackson purchased 4,770 shares of Occidental Petroleum stock in a transaction that occurred on Tuesday, June 23rd. The stock was purchased at an average cost of $52.38 per share, with a total value of $249,852.60. Following the completion of the transaction, the chief executive officer directly owned 444,098 shares in the company, valued at approximately $23,261,853.24. The trade was a 1.09% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.50% of the stock is currently owned by company insiders.

Occidental Petroleum Stock Performance

Shares of Occidental Petroleum stock opened at $61.34 on Friday. The company has a quick ratio of 1.13, a current ratio of 1.41 and a debt-to-equity ratio of 0.40. Occidental Petroleum Corporation has a 52 week low of $38.80 and a 52 week high of $67.45. The firm’s 50 day moving average is $54.56 and its two-hundred day moving average is $55.47. The firm has a market capitalization of $61.32 billion, a P/E ratio of 9.50, a P/E/G ratio of 0.79 and a beta of 0.15.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, topping the consensus estimate of $1.83 by $0.57. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The business had revenue of $8.06 billion during the quarter, compared to the consensus estimate of $7.07 billion. During the same quarter in the previous year, the firm earned $0.39 EPS. The company’s revenue was up 53.4% compared to the same quarter last year. Research analysts forecast that Occidental Petroleum Corporation will post 6.09 EPS for the current fiscal year.

Occidental Petroleum Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, September 10th will be paid a dividend of $0.28 per share. The ex-dividend date is Thursday, September 10th. This represents a $1.12 annualized dividend and a yield of 1.8%. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.26. Occidental Petroleum’s dividend payout ratio (DPR) is 16.10%.

Analyst Ratings Changes

OXY has been the subject of several analyst reports. Truist Financial boosted their price target on shares of Occidental Petroleum from $57.00 to $63.00 and gave the stock a “hold” rating in a report on Monday, August 10th. Wall Street Zen upgraded shares of Occidental Petroleum from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. JPMorgan Chase & Co. decreased their price objective on shares of Occidental Petroleum from $64.00 to $63.00 in a research report on Thursday, May 7th. Citigroup lowered their target price on shares of Occidental Petroleum from $62.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, July 17th. Finally, Raymond James Financial increased their target price on Occidental Petroleum from $64.00 to $75.00 and gave the company an “outperform” rating in a report on Monday, May 4th. Ten analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $64.83.

About Occidental Petroleum

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental’s operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.