Prosperitas Financial LLC Invests $3.66 Million in Occidental Petroleum Corporation $OXY

Prosperitas Financial LLC purchased a new stake in Occidental Petroleum Corporation (NYSE:OXY) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 75,304 shares of the oil and gas producer’s stock, valued at approximately $3,658,000. Occidental Petroleum makes up approximately 1.2% of Prosperitas Financial LLC’s portfolio, making the stock its 28th largest holding.

Other institutional investors have also recently bought and sold shares of the company. Berkshire Hathaway Inc acquired a new position in shares of Occidental Petroleum during the 2nd quarter worth approximately $12,868,205,000. Bank of New York Mellon Corp boosted its stake in shares of Occidental Petroleum by 84.8% in the second quarter. Bank of New York Mellon Corp now owns 10,643,916 shares of the oil and gas producer’s stock valued at $516,975,000 after buying an additional 4,882,834 shares during the period. Danske Bank A S bought a new position in Occidental Petroleum during the 2nd quarter worth $172,413,000. Legal & General Group Plc bought a new stake in shares of Occidental Petroleum during the 2nd quarter valued at $168,860,000. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Occidental Petroleum by 21.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer’s stock worth $436,008,000 after purchasing an additional 1,883,721 shares in the last quarter. Institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Trading Down 0.1%

OXY opened at $59.12 on Friday. The company’s 50 day moving average is $55.18 and its 200-day moving average is $55.95. Occidental Petroleum Corporation has a 1-year low of $38.80 and a 1-year high of $67.45. The company has a current ratio of 1.41, a quick ratio of 1.13 and a debt-to-equity ratio of 0.40. The company has a market cap of $59.10 billion, a P/E ratio of 9.15, a PEG ratio of 0.94 and a beta of 0.15.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.83 by $0.57. The business had revenue of $8.06 billion during the quarter, compared to analysts’ expectations of $7.07 billion. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The firm’s quarterly revenue was up 53.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.39 EPS. Equities research analysts predict that Occidental Petroleum Corporation will post 6.09 earnings per share for the current fiscal year.

Occidental Petroleum Increases Dividend

The business 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 dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 1.9%. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.26. The ex-dividend date is Thursday, September 10th. Occidental Petroleum’s dividend payout ratio (DPR) is currently 16.10%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on OXY. JPMorgan Chase & Co. cut their price objective on shares of Occidental Petroleum from $64.00 to $63.00 in a research report on Thursday, May 7th. Stephens cut their price target on shares of Occidental Petroleum from $73.00 to $69.00 and set an “overweight” rating for the company in a report on Tuesday, July 14th. Wells Fargo & Company lifted their price objective on shares of Occidental Petroleum from $72.00 to $79.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. Raymond James Financial boosted their price objective on shares of Occidental Petroleum from $64.00 to $75.00 and gave the company an “outperform” rating in a research report on Monday, May 4th. Finally, UBS Group cut their target price on Occidental Petroleum from $67.00 to $65.00 and set a “neutral” rating for the company in a research note on Thursday, May 7th. Ten investment analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $64.83.

Insider Activity at Occidental Petroleum

In other news, CEO Richard A. Jackson purchased 4,770 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The stock was bought at an average cost of $52.38 per share, for a total transaction of $249,852.60. Following the purchase, the chief executive officer owned 444,098 shares of the company’s stock, valued at approximately $23,261,853.24. The trade was a 1.09% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.50% of the company’s stock.

About Occidental Petroleum

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.