49 Wealth Management LLC Purchases New Shares in Occidental Petroleum Co. (NYSE:OXY)

49 Wealth Management LLC bought a new stake in Occidental Petroleum Co. (NYSE:OXY) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 6,161 shares of the oil and gas producer’s stock, valued at approximately $318,000.

Several other hedge funds and other institutional investors also recently modified their holdings of OXY. Fortitude Family Office LLC increased its position in shares of Occidental Petroleum by 160.0% in the third quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 304 shares during the last quarter. Mizuho Securities Co. Ltd. bought a new position in Occidental Petroleum in the third quarter valued at $32,000. New Covenant Trust Company N.A. purchased a new stake in Occidental Petroleum during the first quarter valued at about $44,000. LRI Investments LLC bought a new position in shares of Occidental Petroleum during the 1st quarter valued at about $44,000. Finally, Strategic Financial Concepts LLC bought a new stake in shares of Occidental Petroleum in the 2nd quarter worth approximately $53,000. Institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Price Performance

Occidental Petroleum stock opened at $51.54 on Friday. The stock has a market cap of $48.36 billion, a price-to-earnings ratio of 13.42 and a beta of 1.58. The firm has a 50-day moving average of $51.77 and a two-hundred day moving average of $57.11. Occidental Petroleum Co. has a 1 year low of $48.42 and a 1 year high of $71.18. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.00 and a quick ratio of 0.76.

Occidental Petroleum Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 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 1.71%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio (DPR) is 22.92%.

Analysts Set New Price Targets

A number of brokerages have issued reports on OXY. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $56.00 price target on shares of Occidental Petroleum in a report on Friday, November 8th. Stephens raised their price target on Occidental Petroleum from $70.00 to $71.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Raymond James lifted their target price on Occidental Petroleum from $77.00 to $78.00 and gave the stock a “strong-buy” rating in a report on Thursday. Evercore ISI lowered their target price on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a research note on Monday, September 30th. Finally, TD Cowen dropped their target price on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a report on Tuesday, November 12th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $63.70.

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.