WealthPlan Investment Management LLC Acquires New Position in Occidental Petroleum Co. (NYSE:OXY)

WealthPlan Investment Management LLC purchased a new stake in shares of Occidental Petroleum Co. (NYSE:OXY) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 23,739 shares of the oil and gas producer’s stock, valued at approximately $1,223,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Fortitude Family Office LLC raised its stake in shares of Occidental Petroleum by 160.0% in the third 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 last quarter. New Covenant Trust Company N.A. bought a new position in Occidental Petroleum during the 1st quarter valued at about $44,000. LRI Investments LLC purchased a new stake in shares of Occidental Petroleum during the 1st quarter valued at about $44,000. Strategic Financial Concepts LLC bought a new stake in shares of Occidental Petroleum in the second quarter worth approximately $53,000. Finally, Exchange Traded Concepts LLC purchased a new position in shares of Occidental Petroleum during the third quarter valued at approximately $87,000. 88.70% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on OXY shares. Scotiabank reduced their price objective on Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Bank of America began coverage on Occidental Petroleum in a research report on Thursday, October 17th. They set a “neutral” rating and a $57.00 price objective on the stock. The Goldman Sachs Group began coverage on shares of Occidental Petroleum in a report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price target on the stock. Susquehanna reduced their target price on Occidental Petroleum from $78.00 to $77.00 and set a “positive” rating on the stock in a report on Friday, October 18th. Finally, Evercore ISI dropped their price target on Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company in a research note on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $64.78.

Insiders Place Their Bets

In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the company’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the transaction, the insider now directly owns 165,681,578 shares of the company’s stock, valued at approximately $5,923,116,413.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.31% of the stock is currently owned by corporate insiders.

Occidental Petroleum Stock Up 0.6 %

Occidental Petroleum stock opened at $50.81 on Tuesday. Occidental Petroleum Co. has a twelve month low of $49.51 and a twelve month high of $71.18. The business has a fifty day moving average of $52.07 and a two-hundred day moving average of $57.84. The firm has a market cap of $46.01 billion, a P/E ratio of 12.51 and a beta of 1.58. The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 0.77.

Occidental Petroleum Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $0.88 annualized dividend and a yield of 1.73%. Occidental Petroleum’s dividend payout ratio (DPR) is presently 21.67%.

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.