Keynote Financial Services LLC Buys 4,785 Shares of Occidental Petroleum Co. (NYSE:OXY)

08 Nov 2024, 11:41 by Kim Johansen · The Markets Daily

Keynote Financial Services LLC grew its stake in shares of Occidental Petroleum Co. (NYSE:OXY – Free Report) by 14.2% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 38,543 shares of the oil and gas producer’s stock after acquiring an additional 4,785 shares during the period. Occidental Petroleum makes up approximately 1.5% of Keynote Financial Services LLC’s portfolio, making the stock its 10th biggest position. Keynote Financial Services LLC’s holdings in Occidental Petroleum were worth $1,987,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of OXY. American Century Companies Inc. boosted its position in Occidental Petroleum by 16.8% during the 2nd quarter. American Century Companies Inc. now owns 3,707,555 shares of the oil and gas producer’s stock worth $233,687,000 after buying an additional 532,318 shares during the period. Epoch Investment Partners Inc. raised its stake in shares of Occidental Petroleum by 20.1% during the second quarter. Epoch Investment Partners Inc. now owns 1,661,231 shares of the oil and gas producer’s stock valued at $104,707,000 after acquiring an additional 277,462 shares during the last quarter. National Pension Service grew its stake in shares of Occidental Petroleum by 9.4% in the third quarter. National Pension Service now owns 1,556,461 shares of the oil and gas producer’s stock worth $80,220,000 after purchasing an additional 133,546 shares during the last quarter. Himalaya Capital Management LLC acquired a new stake in Occidental Petroleum in the second quarter valued at $92,433,000. Finally, Cooke & Bieler LP raised its position in Occidental Petroleum by 53.1% during the 2nd quarter. Cooke & Bieler LP now owns 1,450,064 shares of the oil and gas producer’s stock worth $91,398,000 after purchasing an additional 503,173 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors.

Insider Transactions at Occidental Petroleum

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of Occidental Petroleum stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the transaction, the insider now owns 165,681,578 shares of the company’s stock, valued at $5,923,116,413.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.48% of the company’s stock.

Occidental Petroleum Price Performance

Shares of NYSE:OXY opened at $51.21 on Friday. The stock’s 50 day moving average is $52.44 and its 200-day moving average is $58.25. Occidental Petroleum Co. has a twelve month low of $49.51 and a twelve month high of $71.18. The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $46.38 billion, a price-to-earnings ratio of 12.61 and a beta of 1.58.

Occidental Petroleum (NYSE:OXY – Get Free Report) last released its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.26. The firm had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.93 billion. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period last year, the firm earned $0.68 earnings per share. Sell-side analysts forecast that Occidental Petroleum Co. will post 3.29 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be paid a dividend of $0.22 per share. The ex-dividend date is Tuesday, December 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.72%. Occidental Petroleum’s dividend payout ratio (DPR) is currently 21.67%.

Analysts Set New Price Targets

A number of research firms have commented on OXY. StockNews.com upgraded Occidental Petroleum from a “sell” rating to a “hold” rating in a research report on Thursday. Wolfe Research assumed coverage on shares of Occidental Petroleum in a report on Thursday, July 18th. They set an “outperform” rating and a $81.00 price target for the company. Bank of America assumed coverage on shares of Occidental Petroleum in a research note on Thursday, October 17th. They issued a “neutral” rating and a $57.00 price objective on the stock. Susquehanna lowered their target price on shares of Occidental Petroleum from $78.00 to $77.00 and set a “positive” rating for the company in a research note on Friday, October 18th. Finally, BMO Capital Markets cut their price target on shares of Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating on the stock in a research report on Friday, October 4th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $65.72.

Check Out Our Latest Stock Report on OXY

Occidental Petroleum Company Profile

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