Intact Investment Management Inc. Increases Stock Position in Occidental Petroleum Co. (NYSE:OXY)

Intact Investment Management Inc. boosted its stake in Occidental Petroleum Co. (NYSE:OXY) by 10.3% in the third quarter, HoldingsChannel reports. The firm owned 55,910 shares of the oil and gas producer’s stock after acquiring an additional 5,200 shares during the period. Intact Investment Management Inc.’s holdings in Occidental Petroleum were worth $2,882,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Fortitude Family Office LLC grew its position in Occidental Petroleum by 160.0% in the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 304 shares during the period. New Covenant Trust Company N.A. bought a new stake in Occidental Petroleum in the 1st quarter worth approximately $44,000. LRI Investments LLC bought a new stake in Occidental Petroleum in the 1st quarter worth approximately $44,000. Exchange Traded Concepts LLC bought a new stake in Occidental Petroleum in the 3rd quarter worth approximately $87,000. Finally, Strategic Investment Solutions Inc. IL bought a new stake in shares of Occidental Petroleum during the 2nd quarter valued at $110,000. Institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Stock Up 2.0 %

Shares of OXY stock opened at $50.56 on Tuesday. The stock has a market cap of $45.79 billion, a P/E ratio of 12.45 and a beta of 1.58. Occidental Petroleum Co. has a 52 week low of $49.51 and a 52 week high of $71.18. The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 0.77. The company’s fifty day simple moving average is $52.68 and its two-hundred day simple moving average is $58.42.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, topping the consensus estimate of $0.77 by $0.26. The business had revenue of $6.88 billion for the quarter, compared to analysts’ expectations of $6.93 billion. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.68 EPS. Analysts predict that Occidental Petroleum Co. will post 3.29 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on OXY shares. Barclays cut their price objective on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Evercore ISI cut their price objective on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company in a research report on Monday, September 30th. Susquehanna cut their price objective on shares of Occidental Petroleum from $78.00 to $77.00 and set a “positive” rating for the company in a research report on Friday, October 18th. Wells Fargo & Company cut their price objective on shares of Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating for the company in a research report on Friday, September 27th. Finally, BMO Capital Markets cut their price objective on shares of Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating for the company in a research report on Friday, October 4th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $65.72.

Insider Activity

In other 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 sale, the insider now directly owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.48% of the company’s stock.

Occidental Petroleum Company Profile

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.