Archer Investment Corp increases stake in Occidental Petroleum Co. (NYSE:OXY)

Archer Investment Corp boosted its holdings in Occidental Petroleum Co. (NYSE:OXY – Free Report) by 23.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,802 shares of the oil and gas producer’s stock after buying an additional 534 shares during the quarter. Archer Investment Corp’s holdings in Occidental Petroleum were worth $177,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Investment Research & Advisory Group Inc. raised its holdings in shares of Occidental Petroleum by 75.2% in the first quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock worth $25,000 after buying an additional 167 shares during the period. LifeSteps Financial Inc. purchased a new stake in shares of Occidental Petroleum in the first quarter worth about $34,000. Able Wealth Management LLC acquired a new stake in shares of Occidental Petroleum in the 4th quarter valued at about $38,000. New Covenant Trust Company NA purchased a new stake in shares of Occidental Petroleum in the 1st quarter worth about $44,000. Finally, LRI Investments LLC purchased a new position in Occidental Petroleum in the 1st quarter worth about $44,000. Hedge funds and other institutional investors own 88.70% of the company’s shares.

Analyst upgrades and downgrades

Several equities analysts recently commented on the company. Citigroup cut their price target on Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating on the stock in a research report on Friday, May 24th. Truist Financial cut their price target on Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating on the stock in a research report on Monday, August 12th. Stephens reissued an “overweight” rating and set a $76.00 target price on shares of Occidental Petroleum in a research report on Thursday, August 8th. Mizuho upped their target price on Occidental Petroleum from $70.00 to $71.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. Finally, Wolfe Research started coverage on Occidental Petroleum in a research report on Thursday, July 18th. They set an “outperform” rating and a $81.00 price target on the stock. Ten analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $71.50, according to MarketBeat.com.

Check out our latest report on OXY

Occidental Petroleum Stock Performance

Shares of OXY stock opened at $54.62 on Thursday. The company has a current ratio of 1.04, a quick ratio of 0.75, and a debt-to-equity ratio of 0.77. The firm has a market cap of $49.46 billion, a P/E ratio of 14.92 and a beta of 1.58. Occidental Petroleum Co. has a 12-month low of $54.58 and a 12-month high of $71.18. The stock’s 50-day simple moving average is $59.36, and its 200-day simple moving average is $61.99.

Occidental Petroleum (NYSE:OXY – Get Free Report ) last posted its quarterly earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.26. The company had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.93 billion. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The company’s revenue was up 2.2% compared to the same quarter last year. In the same period of the previous year, the company posted EPS of $0.68. As a group, equities research analysts predict that Occidental Petroleum Co. will post 3.69 EPS for the current year.

Occidental Petroleum announces dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, September 10th will be paid a dividend of $0.22 per share. This represents an annualized dividend of $0.88 and a dividend yield of 1.61%. The ex-dividend date of this dividend is Tuesday, September 10th. Occidental Petroleum’s dividend payout ratio is currently 24.04%.

Insider activity at Occidental Petroleum

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the completion of the transaction, the insider now directly owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, major shareholder Berkshire Hathaway Inc acquired 584,550 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were purchased at an average cost of $60.26 per share, for a total transaction of $35,224,983.00. Following the purchase, the insider now directly owns 251,168,155 shares in the company, valued at $15,135,393,020.30. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible via this link. Also, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the company’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total value 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 disclosure for this sale can be found here. Over the last ninety days, insiders have bought 4,132,407 shares of company stock worth $247,334,713. Corporate insiders own 0.31% of the company’s shares.

Occidental Petroleum Profile

(Free Report)

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, Chemicals and Midstream, and Marketing. The company’s oil and gas segment explores, develops and produces oil and condensate, natural gas liquids (NGLs) and natural gas.

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