Frank Rimerman Advisors LLC Acquires Shares of 4,637 Occidental Petroleum Co. (NYSE:OXY)

Frank Rimerman Advisors LLC bought a new position in shares of Occidental Petroleum Co. (NYSE:OXY) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 4,637 shares of the oil and gas producer’s stock, valued at approximately $292,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Investment Research & Advisory Group Inc. increased its position in Occidental Petroleum by 75.2% during the first quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock worth $25,000 after buying an additional 167 shares during the period. LifeSteps Financial Inc. purchased a new stake in Occidental Petroleum in the 1st quarter valued at $34,000. Able Wealth Management LLC acquired a new stake in Occidental Petroleum during the 4th quarter worth $38,000. New Covenant Trust Company N.A. purchased a new position in Occidental Petroleum during the 1st quarter worth $44,000. Finally, LRI Investments LLC acquired a new position in Occidental Petroleum in the first quarter valued at $44,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Occidental Petroleum

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of Occidental Petroleum stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.31% of the company’s stock.

Analyst Ratings Changes

OXY has been the topic of a number of research reports. Scotiabank lowered their price target on Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. StockNews.com lowered Occidental Petroleum from a “hold” rating to a “sell” rating in a report on Thursday, September 19th. Mizuho decreased their price target on Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Wells Fargo & Company dropped their price objective on shares of Occidental Petroleum from $68.00 to $65.00 and set an “equal weight” rating on the stock in a research note on Friday, August 9th. Finally, Wolfe Research began coverage on shares of Occidental Petroleum in a research note on Thursday, July 18th. They issued an “outperform” rating and a $81.00 target price for the company. One analyst has rated the stock with a sell rating, eight have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Occidental Petroleum has a consensus rating of “Hold” and a consensus price target of $71.60.

Occidental Petroleum Stock Performance

OXY opened at $52.40 on Wednesday. Occidental Petroleum Co. has a 1-year low of $49.90 and a 1-year high of $71.18. The stock has a market cap of $46.46 billion, a P/E ratio of 14.32 and a beta of 1.58. The stock’s 50 day simple moving average is $56.52 and its 200 day simple moving average is $61.14. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.04 and a quick ratio of 0.75.

Occidental Petroleum (NYSE:OXY) last announced 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. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The business had revenue of $6.88 billion during the quarter, compared to analysts’ expectations of $6.93 billion. During the same quarter last year, the business posted $0.68 earnings per share. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. As a group, equities analysts anticipate that Occidental Petroleum Co. will post 3.71 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 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 1.68%. The ex-dividend date is Tuesday, September 10th. Occidental Petroleum’s payout ratio is currently 24.04%.

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.