Occidental Petroleum Co. (OXY) Shares Bought by Destination Wealth Management

Destination Wealth Management lifted its holdings in shares of Occidental Petroleum Co. (NYSE:OXY) by 478.6% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 5,045 shares of the oil and gas producer’s stock after acquiring an additional 4,173 shares during the period. Destination Wealth Management’s holdings in Occidental Petroleum were worth $422,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of OXY. Stelac Advisory Services LLC purchased a new stake in shares of Occidental Petroleum during the first quarter worth about $112,000. Bedel Financial Consulting Inc. purchased a new stake in Occidental Petroleum in the first quarter valued at approximately $114,000. Silvant Capital Management LLC purchased a new stake in Occidental Petroleum in the first quarter valued at approximately $141,000. Kaizen Advisory LLC boosted its position in Occidental Petroleum by 142.0% in the second quarter. Kaizen Advisory LLC now owns 1,793 shares of the oil and gas producer’s stock valued at $150,000 after buying an additional 1,052 shares during the last quarter. Finally, Spectrum Management Group Inc. purchased a new stake in Occidental Petroleum in the second quarter valued at approximately $160,000. Institutional investors and hedge funds own 80.91% of the company’s stock.

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A number of equities research analysts recently commented on OXY shares. JPMorgan Chase & Co. dropped their target price on Occidental Petroleum from $75.00 to $74.00 and set a “neutral” rating on the stock in a research report on Monday, April 9th. Piper Jaffray Companies upgraded Occidental Petroleum from a “neutral” rating to an “overweight” rating and upped their target price for the company from $77.00 to $86.00 in a research report on Sunday, April 15th. Morgan Stanley started coverage on Occidental Petroleum in a research report on Thursday, July 12th. They issued an “overweight” rating and a $100.00 target price on the stock. Zacks Investment Research upgraded Occidental Petroleum from a “hold” rating to a “buy” rating and set a $94.00 target price on the stock in a research report on Monday, May 14th. Finally, Citigroup upgraded Occidental Petroleum from a “neutral” rating to a “buy” rating in a research report on Tuesday, June 5th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and thirteen have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $82.20.

Shares of Occidental Petroleum opened at $82.64 on Thursday, MarketBeat.com reports. Occidental Petroleum Co. has a 12-month low of $58.44 and a 12-month high of $87.67. The company has a market capitalization of $64.27 billion, a price-to-earnings ratio of 92.85, a P/E/G ratio of 2.70 and a beta of 0.63. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.26 and a quick ratio of 1.11.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Tuesday, May 8th. The oil and gas producer reported $0.92 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.21. Occidental Petroleum had a return on equity of 6.15% and a net margin of 13.47%. The company had revenue of $3.83 billion during the quarter, compared to the consensus estimate of $3.63 billion. During the same period in the previous year, the company posted $0.15 earnings per share. Occidental Petroleum’s revenue for the quarter was up 28.4% on a year-over-year basis. sell-side analysts anticipate that Occidental Petroleum Co. will post 4.91 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Monday, September 10th will be issued a $0.78 dividend. The ex-dividend date is Friday, September 7th. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.77. This represents a $3.12 dividend on an annualized basis and a yield of 3.78%. Occidental Petroleum’s payout ratio is presently 346.07%.

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 and internationally. The company operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.

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