Swiss National Bank Trims Holdings in Occidental Petroleum Co. (OXY)
Swiss National Bank reduced its stake in Occidental Petroleum Co. (NYSE:OXY) by 3.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,649,543 shares of the oil and gas producer’s stock after selling 90,400 shares during the period. Swiss National Bank owned approximately 0.35% of Occidental Petroleum worth $217,713,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in OXY. Standard Life Aberdeen plc increased its holdings in Occidental Petroleum by 1,541.0% in the 2nd quarter. Standard Life Aberdeen plc now owns 7,584,578 shares of the oil and gas producer’s stock valued at $634,716,000 after acquiring an additional 7,122,373 shares during the last quarter. FMR LLC increased its holdings in Occidental Petroleum by 232.5% in the 2nd quarter. FMR LLC now owns 6,049,152 shares of the oil and gas producer’s stock valued at $506,194,000 after acquiring an additional 4,230,065 shares during the last quarter. Charles Schwab Investment Advisory Inc. bought a new stake in Occidental Petroleum in the 2nd quarter valued at $241,052,000. Swedbank bought a new stake in Occidental Petroleum in the 3rd quarter valued at $112,990,000. Finally, Mainstay Capital Management LLC ADV increased its holdings in Occidental Petroleum by 3,725.2% in the 2nd quarter. Mainstay Capital Management LLC ADV now owns 1,198,297 shares of the oil and gas producer’s stock valued at $15,434,000 after acquiring an additional 1,166,971 shares during the last quarter. Institutional investors own 82.00% of the company’s stock.
OXY has been the topic of a number of research reports. Bank of America lifted their price target on shares of Occidental Petroleum from $100.00 to $105.00 and gave the company a “buy” rating in a report on Friday, August 17th. Zacks Investment Research upgraded shares of Occidental Petroleum from a “hold” rating to a “buy” rating and set a $92.00 target price on the stock in a report on Wednesday, October 10th. Morgan Stanley set a $101.00 target price on shares of Occidental Petroleum and gave the stock a “buy” rating in a report on Friday, October 12th. Raymond James upgraded shares of Occidental Petroleum from an “outperform” rating to a “strong-buy” rating in a report on Monday, October 22nd. They noted that the move was a valuation call. Finally, Edward Jones upgraded shares of Occidental Petroleum from a “hold” rating to a “buy” rating in a report on Tuesday, September 18th. Eight investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. Occidental Petroleum has an average rating of “Buy” and an average target price of $86.82.
Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings results on Monday, November 5th. The oil and gas producer reported $1.77 EPS for the quarter, beating the consensus estimate of $1.51 by $0.26. The company had revenue of $6.18 billion for the quarter, compared to the consensus estimate of $4.60 billion. Occidental Petroleum had a net margin of 22.19% and a return on equity of 15.43%. The firm’s revenue was up 98.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.18 EPS. On average, equities analysts forecast that Occidental Petroleum Co. will post 5.2 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Monday, December 10th will be issued a dividend of $0.78 per share. The ex-dividend date is Friday, December 7th. This represents a $3.12 annualized dividend and a yield of 4.40%. Occidental Petroleum’s payout ratio is 350.56%.
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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 and internationally. The company operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.
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