Mercer Global Advisors Inc. ADV Raises Position in Occidental Petroleum Co. (NYSE:OXY)

Mercer Global Advisors Inc. ADV lifted its stake in shares of Occidental Petroleum Co. (NYSE:OXY) by 8.9% during the second quarter, Holdings Channel reports. The fund owned 50,448 shares of the oil and gas producer’s stock after acquiring an additional 4,113 shares during the period. Mercer Global Advisors Inc. ADV’s holdings in Occidental Petroleum were worth $3,180,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of OXY. CapWealth Advisors LLC raised its position in Occidental Petroleum by 2.7% in the 1st quarter. CapWealth Advisors LLC now owns 6,105 shares of the oil and gas producer’s stock valued at $397,000 after purchasing an additional 162 shares in the last quarter. Meeder Advisory Services Inc. lifted its stake in Occidental Petroleum by 2.0% in the first quarter. Meeder Advisory Services Inc. now owns 8,503 shares of the oil and gas producer’s stock worth $553,000 after acquiring an additional 164 shares during the last quarter. Investment Research & Advisory Group Inc. grew its holdings in Occidental Petroleum by 75.2% during the 1st quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock worth $25,000 after acquiring an additional 167 shares in the last quarter. Earnest Partners LLC increased its position in shares of Occidental Petroleum by 2.6% in the 1st quarter. Earnest Partners LLC now owns 6,850 shares of the oil and gas producer’s stock valued at $445,000 after purchasing an additional 173 shares during the last quarter. Finally, Proficio Capital Partners LLC raised its holdings in shares of Occidental Petroleum by 0.8% in the 1st quarter. Proficio Capital Partners LLC now owns 20,911 shares of the oil and gas producer’s stock valued at $1,359,000 after purchasing an additional 175 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Occidental Petroleum Trading Down 0.7 %

NYSE:OXY opened at $51.64 on Monday. 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 stock’s 50 day simple moving average is $56.91 and its 200-day simple moving average is $61.26. Occidental Petroleum Co. has a 12-month low of $49.90 and a 12-month high of $71.18. The firm has a market cap of $45.79 billion, a P/E ratio of 14.11 and a beta of 1.58.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.26. The company had revenue of $6.88 billion for the quarter, compared to analysts’ expectations of $6.93 billion. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. Occidental Petroleum’s revenue was up 2.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.68 EPS. Equities analysts anticipate that Occidental Petroleum Co. will post 3.71 EPS for the current year.

Occidental Petroleum Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, September 10th will be given a $0.22 dividend. The ex-dividend date is Tuesday, September 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.70%. Occidental Petroleum’s payout ratio is currently 24.04%.

Insiders Place Their Bets

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 value of $697,125,000.00. Following the sale, the insider now directly owns 165,681,578 shares in the company, valued at $5,923,116,413.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.31% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Wells Fargo & Company dropped their target price on Occidental Petroleum from $68.00 to $65.00 and set an “equal weight” rating on the stock in a report on Friday, August 9th. Scotiabank dropped their price objective 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. Truist Financial decreased their target price on Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating for the company in a research note on Monday, August 12th. Mizuho dropped their price target on shares of Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. Finally, UBS Group lowered their target price on shares of Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating for the company in a report on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $71.60.

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.