Public Employees Retirement System of Ohio Takes $10.04 Million Position in Occidental Petroleum Corporation $OXY

Public Employees Retirement System of Ohio acquired a new stake in shares of Occidental Petroleum Corporation (NYSE:OXY) in the second quarter, HoldingsChannel reports. The fund acquired 206,728 shares of the oil and gas producer’s stock, valued at approximately $10,041,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of OXY. National Pension Service increased its position in Occidental Petroleum by 13.0% in the fourth quarter. National Pension Service now owns 1,084,356 shares of the oil and gas producer’s stock worth $44,589,000 after buying an additional 124,879 shares during the period. Berkshire Hathaway Inc acquired a new position in shares of Occidental Petroleum during the second quarter valued at $12,868,205,000. Hosking Partners LLP grew its position in shares of Occidental Petroleum by 4.9% during the fourth quarter. Hosking Partners LLP now owns 577,368 shares of the oil and gas producer’s stock worth $23,741,000 after acquiring an additional 27,030 shares during the last quarter. Swiss National Bank grew its position in shares of Occidental Petroleum by 7.2% during the first quarter. Swiss National Bank now owns 2,168,414 shares of the oil and gas producer’s stock worth $140,947,000 after acquiring an additional 145,100 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Occidental Petroleum by 4.1% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,685,169 shares of the oil and gas producer’s stock worth $109,536,000 after acquiring an additional 66,438 shares during the period. Institutional investors and hedge funds own 88.70% of the company’s stock.

Analyst Upgrades and Downgrades

OXY has been the subject of a number of analyst reports. Capital One Financial boosted their target price on shares of Occidental Petroleum from $67.00 to $70.00 in a research note on Wednesday, May 27th. Zacks Research lowered shares of Occidental Petroleum from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 22nd. Morgan Stanley reduced their price objective on Occidental Petroleum from $74.00 to $68.00 and set an “equal weight” rating for the company in a research report on Friday, June 26th. Truist Financial increased their price objective on Occidental Petroleum from $57.00 to $63.00 and gave the stock a “hold” rating in a report on Monday, August 10th. Finally, Susquehanna raised their target price on Occidental Petroleum from $67.00 to $70.00 and gave the company a “positive” rating in a research report on Tuesday, August 11th. Ten equities research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $64.83.

Occidental Petroleum Price Performance

NYSE:OXY opened at $60.28 on Tuesday. The company has a quick ratio of 1.13, a current ratio of 1.41 and a debt-to-equity ratio of 0.40. The business’s 50-day moving average price is $55.34 and its 200 day moving average price is $56.11. Occidental Petroleum Corporation has a 52-week low of $38.80 and a 52-week high of $67.45. The firm has a market cap of $60.26 billion, a P/E ratio of 9.33, a PEG ratio of 0.94 and a beta of 0.15.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.83 by $0.57. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The company had revenue of $8.06 billion during the quarter, compared to the consensus estimate of $7.07 billion. During the same period in the prior year, the company earned $0.39 EPS. Occidental Petroleum’s revenue was up 53.4% on a year-over-year basis. As a group, sell-side analysts predict that Occidental Petroleum Corporation will post 6.09 earnings per share for the current fiscal year.

Occidental Petroleum Increases Dividend

The firm also recently announced 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. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Thursday, September 10th. Occidental Petroleum’s dividend payout ratio (DPR) is currently 16.10%.

Insiders Place Their Bets

In other Occidental Petroleum news, CEO Richard A. Jackson purchased 4,770 shares of the firm’s stock in a transaction on Tuesday, June 23rd. The shares were purchased at an average price of $52.38 per share, for a total transaction of $249,852.60. Following the completion of the transaction, the chief executive officer owned 444,098 shares in the company, valued at $23,261,853.24. This represents a 1.09% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.50% of the company’s stock.

Occidental Petroleum Company Profile

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.