Elevatus Welath Management Makes New Investment in Occidental Petroleum Corporation (NYSE:OXY)
Elevatus Welath Management purchased a new position in Occidental Petroleum Corporation (NYSE:OXY — Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 38,612 shares of the oil and gas producer’s stock, valued at approximately $1,906,000. Occidental Petroleum makes up approximately 1.1% of Elevatus Welath Management’s investment portfolio, making the stock its 24th biggest holding.
Other hedge funds have also bought and sold shares of the company. Altshuler Shaham Ltd purchased a new stake in Occidental Petroleum in the 4th quarter worth $26,000. Bernard Wealth Management Corp. purchased a new stake in shares of Occidental Petroleum during the 4th quarter valued at about $32,000. Grove Bank & Trust raised its position in shares of Occidental Petroleum by 129.2% during the 1st quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer’s stock valued at $36,000 after buying an additional 407 shares in the last quarter. American National Bank & Trust purchased a new stake in shares of Occidental Petroleum during the 1st quarter valued at about $39,000. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in shares of Occidental Petroleum during the 1st quarter valued at about $39,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.
Occidental Petroleum Stock Performance
Occidental Petroleum stock opened at $44.61 on Friday. Occidental Petroleum Corporation has a fifty-two week low of $34.78 and a fifty-two week high of $58.47. The company has a market capitalization of $43.92 billion, a PE ratio of 26.40 and a beta of 0.91. The company has a 50 day moving average price of $44.17 and a 200-day moving average price of $44.19. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.83 and a current ratio of 1.05.
Occidental Petroleum (NYSE:OXY — Get Free Report) last issued its earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The business had revenue of $6.41 billion during the quarter, compared to analyst estimates of $6.29 billion. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%. Occidental Petroleum’s revenue was down 6.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.03 EPS. As a group, equities analysts forecast that Occidental Petroleum Corporation will post 3.58 earnings per share for the current year.
Occidental Petroleum Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, September 10th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $0.96 dividend on an annualized basis and a yield of 2.2%. Occidental Petroleum’s payout ratio is 56.80%.
Wall Street Analysts Forecast Growth
Several brokerages have recently issued reports on OXY. Wall Street Zen cut shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Susquehanna decreased their target price on shares of Occidental Petroleum from $59.00 to $55.00 and set a “positive” rating on the stock in a research report on Tuesday, April 22nd. JPMorgan Chase & Co. upped their target price on shares of Occidental Petroleum from $47.00 to $48.00 and gave the company a “neutral” rating in a research report on Tuesday, July 15th. Wells Fargo & Company decreased their target price on shares of Occidental Petroleum from $47.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 15th. Finally, Barclays upped their target price on shares of Occidental Petroleum from $46.00 to $48.00 and gave the company an “equal weight” rating in a research report on Thursday, May 8th. Three research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $53.71.
Occidental Petroleum Profile
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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