MQS Management LLC Makes New Investment in Occidental Petroleum Co. (NYSE:OXY)

MQS Management LLC bought a new position in shares of Occidental Petroleum Co. (NYSE:OXY) during the third quarter, according to its most recent filing with the SEC. The fund bought 14,428 shares of the oil and gas producer’s stock, valued at approximately $744,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Fortitude Family Office LLC raised its holdings in shares of 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 position in Occidental Petroleum during the first quarter worth about $44,000. LRI Investments LLC bought a new stake in shares of Occidental Petroleum in the first quarter valued at approximately $44,000. Strategic Financial Concepts LLC purchased a new stake in shares of Occidental Petroleum during the 2nd quarter valued at approximately $53,000. Finally, Exchange Traded Concepts LLC bought a new position in Occidental Petroleum in the 3rd quarter worth approximately $87,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Barclays lowered their target price on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Jefferies Financial Group upped their price target on shares of Occidental Petroleum from $53.00 to $54.00 and gave the stock a “hold” rating in a report on Tuesday. Mizuho dropped their price objective on Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating for the company in a research note on Monday, September 16th. Evercore ISI lowered their price target on Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a report on Monday, September 30th. Finally, TD Cowen decreased their price objective on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, Occidental Petroleum presently has an average rating of “Hold” and an average target price of $64.55.

Occidental Petroleum Stock Performance

Occidental Petroleum stock opened at $50.29 on Wednesday. Occidental Petroleum Co. has a 1-year low of $49.51 and a 1-year high of $71.18. The firm has a market cap of $45.54 billion, a P/E ratio of 12.39 and a beta of 1.58. 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 50-day moving average of $51.97 and a 200-day moving average of $57.72.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Tuesday, November 12th. The oil and gas producer reported $1.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.20. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The firm had revenue of $7.15 billion for the quarter, compared to analyst estimates of $7.40 billion. Sell-side analysts expect that Occidental Petroleum Co. will post 3.29 EPS for the current year.

Occidental Petroleum Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum’s payout ratio is currently 21.67%.

Occidental Petroleum 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.