Elevatus Welath Management Makes New Investment in Occidental Petroleum Corporation (NYSE:OXY)

Elevatus Welath Management purchased a new position in shares of Occidental Petroleum Corporation (NYSE:OXY) in the 1st quarter, Holdings Channel reports. The firm purchased 38,612 shares of the oil and gas producer’s stock, valued at approximately $1,906,000. Occidental Petroleum comprises approximately 1.1% of Elevatus Welath Management’s portfolio, making the stock its 24th largest holding.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in OXY. United Capital Financial Advisors LLC grew its holdings in Occidental Petroleum by 2.3% during the 4th quarter. United Capital Financial Advisors LLC now owns 22,102 shares of the oil and gas producer’s stock worth $1,092,000 after acquiring an additional 496 shares in the last quarter. Insigneo Advisory Services LLC grew its holdings in Occidental Petroleum by 29.1% during the 4th quarter. Insigneo Advisory Services LLC now owns 7,825 shares of the oil and gas producer’s stock worth $387,000 after acquiring an additional 1,766 shares in the last quarter. Altshuler Shaham Ltd acquired a new position in Occidental Petroleum during the 4th quarter worth approximately $26,000. Canada Pension Plan Investment Board boosted its holdings in shares of Occidental Petroleum by 146.1% in the 4th quarter. Canada Pension Plan Investment Board now owns 75,718 shares of the oil and gas producer’s stock valued at $3,741,000 after buying an additional 44,956 shares in the last quarter. Finally, First Trust Advisors LP grew its position in shares of Occidental Petroleum by 33.9% in the 4th quarter. First Trust Advisors LP now owns 1,055,070 shares of the oil and gas producer’s stock valued at $52,131,000 after buying an additional 266,825 shares during the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

Analyst Ratings Changes

OXY has been the topic of a number of recent analyst reports. Wall Street Zen downgraded shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Wells Fargo & Company dropped 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. JPMorgan Chase & Co. increased 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. Citigroup increased their target price on shares of Occidental Petroleum from $42.00 to $44.00 and gave the company a “neutral” rating in a research report on Monday, May 19th. Finally, Piper Sandler increased their target price on shares of Occidental Petroleum from $48.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, July 17th. Three investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Occidental Petroleum presently has a consensus rating of “Hold” and a consensus target price of $53.71.

Occidental Petroleum Stock Down 0.4%

OXY stock opened at $44.61 on Friday. Occidental Petroleum Corporation has a one year low of $34.78 and a one year high of $58.47. The stock has a market capitalization of $43.92 billion, a PE ratio of 26.40 and a beta of 0.91. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.83 and a current ratio of 1.05. The company has a fifty day moving average of $44.17 and a 200-day moving average of $44.19.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. The company had revenue of $6.41 billion during the quarter, compared to analysts’ expectations of $6.29 billion. During the same quarter last year, the business earned $1.03 EPS. The business’s revenue was down 6.1% on a year-over-year basis. As a group, analysts expect that Occidental Petroleum Corporation will post 3.58 EPS for the current year.

Occidental Petroleum Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, September 10th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Wednesday, September 10th. Occidental Petroleum’s dividend payout ratio (DPR) is 56.80%.

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.