Wedge Capital Management L L P NC Makes New $13.64 Million Investment in Occidental Petroleum Corporation $OXY

Wedge Capital Management L L P NC purchased a new position in shares of Occidental Petroleum Corporation (NYSE:OXY — Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 324,593 shares of the oil and gas producer’s stock, valued at approximately $13,636,000.

Other hedge funds also recently bought and sold shares of the company. Two Sigma Advisers LP purchased a new stake in shares of Occidental Petroleum in the fourth quarter valued at approximately $1,675,000. Woodline Partners LP acquired a new stake in shares of Occidental Petroleum in the fourth quarter valued at $2,005,000. USS Investment Management Ltd acquired a new stake in shares of Occidental Petroleum in the fourth quarter valued at $2,194,000. Vise Technologies Inc. raised its stake in shares of Occidental Petroleum by 129.6% in the fourth quarter. Vise Technologies Inc. now owns 16,191 shares of the oil and gas producer’s stock valued at $800,000 after acquiring an additional 9,140 shares in the last quarter. Finally, GTS Securities LLC raised its stake in shares of Occidental Petroleum by 395.8% in the fourth quarter. GTS Securities LLC now owns 25,775 shares of the oil and gas producer’s stock valued at $1,274,000 after acquiring an additional 20,576 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on OXY. JPMorgan Chase & Co. increased their price objective on Occidental Petroleum from $47.00 to $48.00 and gave the company a “neutral” rating in a research note on Tuesday, July 15th. Piper Sandler increased their price objective on Occidental Petroleum from $48.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, July 17th. UBS Group lifted their price objective on shares of Occidental Petroleum from $45.00 to $46.00 and gave the stock a “neutral” rating in a research report on Monday, September 15th. Morgan Stanley reaffirmed an “equal weight” rating and set a $52.00 price objective on shares of Occidental Petroleum in a research report on Monday, August 18th. Finally, Melius started coverage on shares of Occidental Petroleum in a research report on Wednesday, August 20th. They set a “hold” rating and a $64.00 price objective for the company. Four equities research analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Occidental Petroleum currently has an average rating of “Hold” and an average target price of $54.70.

View Our Latest Stock Report on Occidental Petroleum

Occidental Petroleum Price Performance

OXY opened at $46.16 on Friday. The company has a quick ratio of 0.83, a current ratio of 1.05 and a debt-to-equity ratio of 0.84. Occidental Petroleum Corporation has a 52-week low of $34.78 and a 52-week high of $56.49. The company has a 50 day moving average of $45.07 and a two-hundred day moving average of $43.81. The company has a market cap of $45.44 billion, a P/E ratio of 27.31 and a beta of 1.04.

Occidental Petroleum (NYSE:OXY — Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The firm had revenue of $6.41 billion during the quarter, compared to analysts’ expectations of $6.29 billion. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%.Occidental Petroleum’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.03 EPS. On average, analysts expect that Occidental Petroleum Corporation will post 3.58 earnings per share for the current year.

Occidental Petroleum Dividend Announcement

The firm 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 $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Wednesday, September 10th. Occidental Petroleum’s dividend payout ratio is presently 56.80%.

Occidental Petroleum Profile

(Free Report)

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.

Featured Stories

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

Before you consider Occidental Petroleum, you’ll want to hear this.

MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Occidental Petroleum wasn’t on the list.

While Occidental Petroleum currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here