Cornerstone Wealth Management LLC Buys New Holdings in Occidental Petroleum Co. (NYSE:OXY)

Cornerstone Wealth Management LLC acquired a new stake in Occidental Petroleum Co. (NYSE:OXY) during the third quarter, HoldingsChannel.com reports. The fund acquired 5,005 shares of the oil and gas producer’s stock, valued at approximately $258,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Vontobel Holding Ltd. increased its holdings in Occidental Petroleum by 389.9% in the third quarter. Vontobel Holding Ltd. now owns 78,802 shares of the oil and gas producer’s stock valued at $4,061,000 after buying an additional 62,716 shares during the last quarter. Jamison Private Wealth Management Inc. increased its holdings in shares of Occidental Petroleum by 108.4% in the 3rd quarter. Jamison Private Wealth Management Inc. now owns 6,367 shares of the oil and gas producer’s stock valued at $328,000 after acquiring an additional 3,312 shares during the last quarter. Swedbank AB raised its position in shares of Occidental Petroleum by 50.7% during the 3rd quarter. Swedbank AB now owns 282,054 shares of the oil and gas producer’s stock worth $14,537,000 after acquiring an additional 94,856 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in Occidental Petroleum by 9.4% in the third quarter. Thurston Springer Miller Herd & Titak Inc. now owns 9,015 shares of the oil and gas producer’s stock valued at $465,000 after purchasing an additional 771 shares in the last quarter. Finally, Ameliora Wealth Management Ltd. increased its stake in Occidental Petroleum by 5.6% in the third quarter. Ameliora Wealth Management Ltd. now owns 8,482 shares of the oil and gas producer’s stock valued at $437,000 after purchasing an additional 450 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on OXY shares. Bank of America began coverage on shares of Occidental Petroleum in a report on Thursday. They issued a “neutral” rating and a $57.00 target price for the company. Mizuho dropped their price objective on Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. StockNews.com downgraded Occidental Petroleum from a “hold” rating to a “sell” rating in a report on Saturday, October 5th. Barclays dropped their price target on Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Finally, Wells Fargo & Company reduced their price objective on Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating for the company in a research note on Friday, September 27th. Two investment analysts have rated the stock with a sell rating, eleven have assigned 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, Occidental Petroleum has a consensus rating of “Hold” and a consensus price target of $65.72.

Insider Activity

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the company’s 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 owns 165,681,578 shares in the company, valued at $5,923,116,413.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.31% of the company’s stock.

Occidental Petroleum Stock Performance

Shares of OXY stock opened at $51.66 on Friday. The company has a current ratio of 1.04, a quick ratio of 0.75 and a debt-to-equity ratio of 0.77. Occidental Petroleum Co. has a 12-month low of $49.75 and a 12-month high of $71.18. The company has a market cap of $45.80 billion, a price-to-earnings ratio of 14.11 and a beta of 1.57. The stock has a 50 day simple moving average of $54.08 and a 200-day simple moving average of $59.81.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.26. The company had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.93 billion. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. Occidental Petroleum’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.68 earnings per share. On average, equities analysts forecast that Occidental Petroleum Co. will post 3.48 EPS for the current year.

Occidental Petroleum Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 10th were issued a $0.22 dividend. The ex-dividend date of this dividend was Tuesday, September 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.70%. Occidental Petroleum’s dividend payout ratio (DPR) is presently 24.04%.

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.