Oakmont Investment Advisors Inc. Purchases Shares of 24,605 Occidental Petroleum Corporation $OXY

Oakmont Investment Advisors Inc. purchased a new position in Occidental Petroleum Corporation (NYSE:OXY) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 24,605 shares of the oil and gas producer’s stock, valued at approximately $1,195,000.

A number of other hedge funds have also recently added to or reduced their stakes in OXY. Axiom Investment Management LLC purchased a new stake in shares of Occidental Petroleum in the first quarter worth approximately $25,000. GKV Capital Management Co. Inc. bought a new stake in Occidental Petroleum in the first quarter worth about $26,000. Portus Wealth Advisors LLC bought a new position in shares of Occidental Petroleum during the 1st quarter valued at approximately $29,000. Hara Capital LLC purchased a new stake in shares of Occidental Petroleum during the 2nd quarter worth approximately $25,000. Finally, Ballast Advisors LLC purchased a new position in Occidental Petroleum in the first quarter valued at approximately $39,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

Key Stories Impacting Occidental Petroleum

Here are the key news stories impacting Occidental Petroleum this week:

• Positive Sentiment: New analyst coverage adds support. Seaport Global initiated coverage of Occidental with a Buy rating, potentially improving investor sentiment and reinforcing the case that OXY remains undervalued relative to its earnings and cash-flow potential. Occidental Petroleum receives a Buy from Seaport Global
• Positive Sentiment: Post-earnings momentum remains notable. OXY is up 8.2% since reporting results 30 days ago. Investors are now watching forward earnings estimates to determine whether the rally can continue; the company’s prior earnings beat and substantial year-over-year revenue growth provide a constructive fundamental backdrop. Occidental up 8.2% since its last earnings report
• Neutral Sentiment: Broader value-investing commentary offers limited new information. Recent articles discussing cash-producing and value stocks may support interest in inexpensive, profitable companies, but the available reports do not identify a new operational development, acquisition, production update, or earnings revision for Occidental. Cash-producing stocks on a buy list
• Negative Sentiment: No new company-specific downside catalyst was reported. Following the recent advance, OXY may be vulnerable to profit-taking or weaker oil prices, but the supplied articles do not cite a new negative development. The absence of fresh earnings guidance or operating news may help explain why the stock has recently decreased despite favorable analyst coverage.

Occidental Petroleum Trading Down 0.9%

Shares of Occidental Petroleum stock opened at $60.05 on Friday. The company’s 50-day moving average price is $56.10 and its 200-day moving average price is $56.45. The company has a current ratio of 1.41, a quick ratio of 1.13 and a debt-to-equity ratio of 0.40. Occidental Petroleum Corporation has a 12-month low of $38.80 and a 12-month high of $67.45. The company has a market cap of $60.03 billion, a price-to-earnings ratio of 9.30, a PEG ratio of 0.96 and a beta of 0.16.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 EPS for the quarter, beating the consensus estimate of $1.83 by $0.57. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The company had revenue of $8.06 billion during the quarter, compared to analysts’ expectations of $7.07 billion. During the same quarter in the previous year, the company earned $0.39 earnings per share. Occidental Petroleum’s revenue for the quarter was up 53.4% on a year-over-year basis. On average, equities analysts expect that Occidental Petroleum Corporation will post 6.09 earnings per share for the current fiscal year.

Occidental Petroleum Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, September 10th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 1.9%. Occidental Petroleum’s payout ratio is currently 16.10%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on OXY. Wall Street Zen raised Occidental Petroleum from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Stephens lowered their price objective on Occidental Petroleum from $73.00 to $69.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 14th. Seaport Research Partners initiated coverage on shares of Occidental Petroleum in a research report on Thursday. They set a “buy” rating and a $73.00 target price for the company. Evercore upgraded shares of Occidental Petroleum from an “in-line” rating to an “outperform” rating and set a $65.00 target price for the company in a research note on Wednesday, July 8th. Finally, Weiss Ratings lowered shares of Occidental Petroleum from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, August 25th. Ten investment analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $64.83.

Insider Activity

In other Occidental Petroleum news, CEO Richard Jackson acquired 4,770 shares of the stock in a transaction that occurred on Tuesday, June 23rd. The shares were bought at an average price of $52.38 per share, for a total transaction of $249,852.60. Following the completion of the transaction, the chief executive officer owned 444,098 shares of the company’s stock, valued at approximately $23,261,853.24. This represents a 1.09% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.50% of the company’s stock.

Occidental Petroleum Profile

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental’s operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.