Kennebec Savings Bank Makes New Investment in Occidental Petroleum Co. (NYSE:OXY)

Kennebec Savings Bank purchased a new position in Occidental Petroleum Co. (NYSE:OXY) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,800 shares of the oil and gas producer’s stock, valued at approximately $93,000.

Several other hedge funds have also added to or reduced their stakes in the business. Fortitude Family Office LLC boosted its holdings in shares of Occidental Petroleum by 160.0% during 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 period. New Covenant Trust Company N.A. purchased a new stake in shares of Occidental Petroleum during the first quarter worth about $44,000. LRI Investments LLC purchased a new stake in shares of Occidental Petroleum during the first quarter worth about $44,000. Strategic Financial Concepts LLC purchased a new stake in shares of Occidental Petroleum during the second quarter worth about $53,000. Finally, Exchange Traded Concepts LLC purchased a new stake in shares of Occidental Petroleum during the third quarter worth about $87,000. 88.70% of the stock is owned by institutional investors.

Occidental Petroleum Price Performance

Shares of OXY 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 company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 0.77. The firm has a 50 day moving average of $52.20 and a 200 day moving average of $57.96. The company has a market capitalization of $46.01 billion, a P/E ratio of 12.51 and a beta of 1.58.

Occidental Petroleum Dividend Announcement

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

Insider Buying and Selling

In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of Occidental Petroleum stock in a transaction 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 transaction, the insider now owns 165,681,578 shares in the company, valued at $5,923,116,413.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.31% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Evercore ISI dropped their target price on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company in a report on Monday, September 30th. The Goldman Sachs Group initiated coverage on shares of Occidental Petroleum in a report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price objective for the company. Bank of America initiated coverage on shares of Occidental Petroleum in a report on Thursday, October 17th. They issued a “neutral” rating and a $57.00 price objective for the company. Barclays lowered 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 report on Thursday, October 3rd. Finally, Wolfe Research started coverage on shares of Occidental Petroleum in a report on Thursday, July 18th. They issued an “outperform” rating and a $81.00 price objective for the company. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $64.78.

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.