Wealth Effects LLC Buys Shares of 3,968 Occidental Petroleum Co. (NYSE:OXY)

Wealth Effects LLC bought a new stake in Occidental Petroleum Co. (NYSE:OXY) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,968 shares of the oil and gas producer’s stock, valued at approximately $237,000.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Oppenheimer & Co. Inc. raised its position in shares of Occidental Petroleum by 8.6% during the third quarter. Oppenheimer & Co. Inc. now owns 156,279 shares of the oil and gas producer’s stock worth $10,139,000 after purchasing an additional 12,349 shares during the period. SeaCrest Wealth Management LLC raised its position in shares of Occidental Petroleum by 8.9% during the fourth quarter. SeaCrest Wealth Management LLC now owns 5,825 shares of the oil and gas producer’s stock worth $343,000 after purchasing an additional 474 shares during the period. J.P. Morgan Private Wealth Advisors LLC acquired a new stake in shares of Occidental Petroleum during the third quarter worth about $29,665,000. Calamos Wealth Management LLC acquired a new stake in shares of Occidental Petroleum during the third quarter worth about $5,758,000. Finally, Assenagon Asset Management S.A. raised its position in shares of Occidental Petroleum by 1,279.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 231,899 shares of the oil and gas producer’s stock worth $13,847,000 after purchasing an additional 215,091 shares during the period. Institutional investors and hedge funds own 88.70% of the company’s stock.

Wall Street Analyst Weigh In

OXY has been the topic of a number of recent research reports. HSBC initiated coverage on Occidental Petroleum in a research report on Monday. They issued a “hold” rating and a $65.00 target price on the stock. StockNews.com raised Occidental Petroleum from a “sell” rating to a “hold” rating in a research report on Friday, March 15th. Morgan Stanley lifted their target price on Occidental Petroleum from $66.00 to $72.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Scotiabank raised Occidental Petroleum from a “sector perform” rating to a “sector outperform” rating and lifted their target price for the company from $63.00 to $90.00 in a research report on Thursday. Finally, Stephens reaffirmed an “overweight” rating and set a $74.00 price target on shares of Occidental Petroleum in a research report on Thursday, February 15th. Nine analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $72.06.

Occidental Petroleum Stock Performance

Shares of NYSE OXY traded up $1.45 during midday trading on Friday, hitting $70.71. 6,767,535 shares of the company’s stock were exchanged, compared to its average volume of 8,663,063. The company has a quick ratio of 0.69, a current ratio of 0.92 and a debt-to-equity ratio of 0.84. Occidental Petroleum Co. has a 12 month low of $55.12 and a 12 month high of $71.19. The company’s 50 day moving average price is $62.23 and its 200 day moving average price is $61.03. The firm has a market capitalization of $62.68 billion, a PE ratio of 18.01 and a beta of 1.64.

Occidental Petroleum (NYSE:OXY) last issued its earnings results on Thursday, February 15th. The oil and gas producer reported $0.74 EPS for the quarter, hitting the consensus estimate of $0.74. Occidental Petroleum had a return on equity of 20.63% and a net margin of 16.24%. The company had revenue of $7.53 billion during the quarter, compared to the consensus estimate of $6.93 billion. During the same period in the previous year, the company posted $1.61 EPS. The firm’s revenue for the quarter was down 9.6% compared to the same quarter last year. As a group, analysts predict that Occidental Petroleum Co. will post 3.84 earnings per share for the current fiscal year.

Occidental Petroleum Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Friday, March 8th will be paid a $0.22 dividend. The ex-dividend date is Thursday, March 7th. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.18. This represents a $0.88 annualized dividend and a yield of 1.24%. Occidental Petroleum’s payout ratio is 22.51%.

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.