Summit Trail Advisors LLC Increases Position in Occidental Petroleum Co. (NYSE:OXY)

Summit Trail Advisors LLC lifted its position in shares of Occidental Petroleum Co. (NYSE:OXY) by 18.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 4,026 shares of the oil and gas producer’s stock after buying an additional 618 shares during the period. Summit Trail Advisors LLC’s holdings in Occidental Petroleum were worth $255,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Commerce Bank raised its stake in Occidental Petroleum by 0.9% during the fourth quarter. Commerce Bank now owns 31,159 shares of the oil and gas producer’s stock worth $1,861,000 after purchasing an additional 271 shares during the period. Nomura Asset Management Co. Ltd. raised its stake in Occidental Petroleum by 2.0% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 176,454 shares of the oil and gas producer’s stock worth $10,536,000 after purchasing an additional 3,448 shares during the period. United Services Automobile Association raised its stake in Occidental Petroleum by 7.4% during the fourth quarter. United Services Automobile Association now owns 19,251 shares of the oil and gas producer’s stock worth $1,149,000 after purchasing an additional 1,320 shares during the period. Pine Valley Investments Ltd Liability Co raised its stake in Occidental Petroleum by 32.3% during the fourth quarter. Pine Valley Investments Ltd Liability Co now owns 4,183 shares of the oil and gas producer’s stock worth $250,000 after purchasing an additional 1,022 shares during the period. Finally, TD Asset Management Inc raised its stake in Occidental Petroleum by 237.9% during the fourth quarter. TD Asset Management Inc now owns 756,862 shares of the oil and gas producer’s stock worth $45,192,000 after purchasing an additional 532,847 shares during the period. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Analyst Upgrades and Downgrades

OXY has been the topic of a number of recent analyst reports. Wells Fargo & Company cut their price target on shares of Occidental Petroleum from $68.00 to $65.00 and set an “equal weight” rating on the stock in a research note on Friday, August 9th. Susquehanna cut their target price on shares of Occidental Petroleum from $81.00 to $78.00 and set a “positive” rating on the stock in a research note on Wednesday, September 4th. Scotiabank cut their target price on shares of Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. Stephens reissued an “overweight” rating and issued a $76.00 target price on shares of Occidental Petroleum in a research note on Thursday, August 8th. Finally, Wolfe Research started coverage on shares of Occidental Petroleum in a research note on Thursday, July 18th. They issued an “outperform” rating and a $81.00 target price on the stock. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Occidental Petroleum presently has an average rating of “Hold” and an average price target of $71.60.

Insider Activity

In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of Occidental Petroleum stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total value of $697,125,000.00. Following the completion of the transaction, the insider now directly owns 165,681,578 shares of the company’s stock, valued at approximately $5,923,116,413.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.31% of the company’s stock.

Occidental Petroleum Price Performance

Shares of OXY stock opened at $52.40 on Wednesday. The firm has a market cap of $46.46 billion, a P/E ratio of 14.32 and a beta of 1.58. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.04 and a quick ratio of 0.75. Occidental Petroleum Co. has a 1-year low of $49.90 and a 1-year high of $71.18. The firm has a fifty day moving average of $56.52 and a two-hundred day moving average of $61.14.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.26. The company had revenue of $6.88 billion during the quarter, compared to analyst estimates of $6.93 billion. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period last year, the business earned $0.68 EPS. As a group, research analysts anticipate that Occidental Petroleum Co. will post 3.71 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, September 10th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.68%. The ex-dividend date is Tuesday, September 10th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 24.04%.

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, 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.