Fairfield Financial Advisors LTD Takes Position in Occidental Petroleum Co. (NYSE:OXY)

Fairfield Financial Advisors LTD acquired a new position in shares of Occidental Petroleum Co. (NYSE:OXY) in the 2nd quarter, Holdings Channel reports. The fund acquired 15,602 shares of the oil and gas producer’s stock, valued at approximately $983,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Thompson Siegel & Walmsley LLC lifted its holdings in shares of Occidental Petroleum by 46.9% during the second quarter. Thompson Siegel & Walmsley LLC now owns 252,762 shares of the oil and gas producer’s stock worth $15,932,000 after buying an additional 80,719 shares during the last quarter. Guardian Wealth Management Inc. acquired a new position in Occidental Petroleum during the 2nd quarter valued at $869,000. Inspire Advisors LLC boosted its holdings in Occidental Petroleum by 18.3% in the 2nd quarter. Inspire Advisors LLC now owns 4,300 shares of the oil and gas producer’s stock valued at $271,000 after purchasing an additional 665 shares during the period. Wealthspire Advisors LLC grew its position in Occidental Petroleum by 7.1% in the 2nd quarter. Wealthspire Advisors LLC now owns 9,637 shares of the oil and gas producer’s stock worth $607,000 after purchasing an additional 637 shares during the last quarter. Finally, Thoroughbred Financial Services LLC increased its holdings in shares of Occidental Petroleum by 38.2% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 5,314 shares of the oil and gas producer’s stock worth $334,000 after purchasing an additional 1,468 shares during the period. Institutional investors own 88.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on OXY shares. Susquehanna reduced their target price on shares of Occidental Petroleum from $81.00 to $78.00 and set a “positive” rating for the company in a research note on Wednesday, September 4th. Truist Financial decreased their price objective on Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating on the stock in a report on Monday, August 12th. UBS Group upped their target price on Occidental Petroleum from $69.00 to $70.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Stephens reiterated an “overweight” rating and set a $76.00 price target 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 price objective for the company. Nine investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $72.27.

Insider Buying and Selling at Occidental Petroleum

In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at $5,923,116,413.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.31% of the company’s stock.

Occidental Petroleum Stock Performance

NYSE OXY opened at $51.05 on Monday. Occidental Petroleum Co. has a 1-year low of $49.90 and a 1-year high of $71.18. The company has a 50 day moving average of $57.85 and a 200-day moving average of $61.58. 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 market cap of $46.23 billion, a price-to-earnings ratio of 13.95 and a beta of 1.58.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.26. The firm had revenue of $6.88 billion during the quarter, compared to analysts’ expectations of $6.93 billion. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The business’s revenue was up 2.2% on a year-over-year basis. During the same period last year, the firm posted $0.68 EPS. On average, equities analysts forecast that Occidental Petroleum Co. will post 3.71 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 10th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date is Tuesday, September 10th. Occidental Petroleum’s dividend payout ratio is currently 24.04%.

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.