Allspring Global Investments Holdings LLC Increases Stake in Occidental Petroleum Corporation $OXY

Allspring Global Investments Holdings LLC increased its position in shares of Occidental Petroleum Corporation (NYSE:OXY) by 3.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 32,967 shares of the oil and gas producer’s stock after buying an additional 1,099 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Occidental Petroleum were worth $1,413,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd purchased a new position in shares of Occidental Petroleum during the first quarter valued at $39,000. Spectrum Wealth Counsel LLC boosted its position in Occidental Petroleum by 5,000.0% during the first quarter. Spectrum Wealth Counsel LLC now owns 1,020 shares of the oil and gas producer’s stock valued at $50,000 after purchasing an additional 1,000 shares in the last quarter. Ransom Advisory Ltd bought a new stake in Occidental Petroleum during the first quarter valued at about $54,000. Quarry LP boosted its position in Occidental Petroleum by 69.7% during the first quarter. Quarry LP now owns 1,675 shares of the oil and gas producer’s stock valued at $83,000 after purchasing an additional 688 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd bought a new stake in Occidental Petroleum during the first quarter valued at about $95,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Trading Up 2.0%

Occidental Petroleum stock opened at $41.73 on Thursday. The company has a quick ratio of 0.83, a current ratio of 1.05 and a debt-to-equity ratio of 0.84. Occidental Petroleum Corporation has a 52 week low of $34.78 and a 52 week high of $53.20. The company has a market capitalization of $41.08 billion, a price-to-earnings ratio of 24.69 and a beta of 0.95. The stock has a 50-day moving average price of $45.29 and a 200 day moving average price of $43.36.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%.The firm had revenue of $6.41 billion during the quarter, compared to the consensus estimate of $6.29 billion. During the same quarter in the previous year, the company posted $1.03 earnings per share. The company’s revenue was down 6.1% compared to the same quarter last year. Sell-side analysts anticipate that Occidental Petroleum Corporation will post 3.58 EPS for the current year.

Occidental Petroleum Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Wednesday, September 10th were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Wednesday, September 10th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.3%. Occidental Petroleum’s payout ratio is 56.80%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on OXY. Melius Research began coverage on Occidental Petroleum in a research report on Wednesday, August 20th. They set a “hold” rating and a $64.00 price objective on the stock. Bank of America raised their price objective on Occidental Petroleum from $44.00 to $47.00 and gave the company a “neutral” rating in a research report on Monday, October 6th. JPMorgan Chase & Co. raised their price objective on Occidental Petroleum from $49.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, October 14th. Melius began coverage on Occidental Petroleum in a research report on Wednesday, August 20th. They set a “hold” rating and a $64.00 price objective on the stock. Finally, Evercore ISI dropped their price objective on Occidental Petroleum from $40.00 to $38.00 and set an “underperform” rating on the stock in a research report on Friday, October 3rd. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, fifteen have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $52.26.

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.