Putnam Investments LLC Increases Holdings in Occidental Petroleum Co. (OXY)

Putnam Investments LLC raised its position in Occidental Petroleum Co. (NYSE:OXY) by 299.9% during the second quarter, HoldingsChannel reports. The firm owned 751,025 shares of the oil and gas producer’s stock after purchasing an additional 563,229 shares during the period. Putnam Investments LLC’s holdings in Occidental Petroleum were worth $62,846,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in OXY. Standard Life Aberdeen plc lifted its holdings in Occidental Petroleum by 1,541.0% in the 2nd quarter. Standard Life Aberdeen plc now owns 7,584,578 shares of the oil and gas producer’s stock valued at $634,716,000 after purchasing an additional 7,122,373 shares in the last quarter. FMR LLC lifted its holdings in Occidental Petroleum by 232.5% in the 2nd quarter. FMR LLC now owns 6,049,152 shares of the oil and gas producer’s stock valued at $506,194,000 after purchasing an additional 4,230,065 shares in the last quarter. Charles Schwab Investment Advisory Inc. purchased a new position in Occidental Petroleum in the 2nd quarter valued at $241,052,000. AGF Investments Inc. purchased a new position in Occidental Petroleum in the 2nd quarter valued at $93,394,000. Finally, PNC Financial Services Group Inc. lifted its holdings in Occidental Petroleum by 172.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,722,476 shares of the oil and gas producer’s stock valued at $111,893,000 after purchasing an additional 1,089,145 shares in the last quarter. Institutional investors own 80.42% of the company’s stock.

Shares of OXY opened at $77.58 on Friday. Occidental Petroleum Co. has a 52-week low of $61.09 and a 52-week high of $87.67. The firm has a market capitalization of $57.92 billion, a price-to-earnings ratio of 87.17, a P/E/G ratio of 2.59 and a beta of 0.61. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.36 and a quick ratio of 1.19.

Occidental Petroleum (NYSE:OXY) last issued its earnings results on Wednesday, August 8th. The oil and gas producer reported $1.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.11). Occidental Petroleum had a return on equity of 9.68% and a net margin of 15.36%. The company had revenue of $4.13 billion during the quarter, compared to analyst estimates of $4.13 billion. During the same period last year, the business earned $0.15 earnings per share. The firm’s revenue was up 14.7% compared to the same quarter last year. sell-side analysts forecast that Occidental Petroleum Co. will post 4.84 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Monday, September 10th will be paid a $0.78 dividend. The ex-dividend date of this dividend is Friday, September 7th. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.77. This represents a $3.12 dividend on an annualized basis and a dividend yield of 4.02%. Occidental Petroleum’s dividend payout ratio (DPR) is 350.56%.

OXY has been the topic of a number of research reports. Scotiabank upgraded Occidental Petroleum from a “sector perform” rating to an “outperform” rating in a report on Monday, May 21st. Capital One Financial upgraded Occidental Petroleum from an “equal weight” rating to an “overweight” rating in a report on Tuesday, May 29th. Citigroup upgraded Occidental Petroleum from a “neutral” rating to a “buy” rating in a report on Tuesday, June 5th. Mizuho initiated coverage on Occidental Petroleum in a report on Friday, June 8th. They issued a “buy” rating and a $102.00 price objective on the stock. Finally, Jefferies Financial Group upgraded Occidental Petroleum from a “hold” rating to a “buy” rating and raised their price objective for the company from $87.00 to $98.00 in a report on Monday, June 11th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $83.60.

In related news, Director William R. Klesse bought 5,000 shares of the business’s stock in a transaction on Monday, August 13th. The stock was acquired at an average cost of $78.55 per share, with a total value of $392,750.00. Following the purchase, the director now directly owns 77,963 shares of the company’s stock, valued at $6,123,993.65. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.32% of the stock is owned by company insiders.

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 and internationally. The company operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.

Further Reading: How to Use a Moving Average for Trading 

Want to see what other hedge funds are holding OXY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Occidental Petroleum Co. (NYSE:OXY).

Institutional Ownership by Quarter for Occidental Petroleum (NYSE:OXY)

Receive News & Ratings for Occidental Petroleum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Occidental Petroleum and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply