Pallas Capital Advisors LLC Makes New Investment in Occidental Petroleum Co. (NYSE:OXY)

Pallas Capital Advisors LLC bought a new stake in shares of Occidental Petroleum Co. (NYSE:OXY) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 5,903 shares of the oil and gas producer’s stock, valued at approximately $291,000.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Occidental Petroleum by 18.1% during the fourth quarter. Vanguard Group Inc. now owns 68,123,704 shares of the oil and gas producer’s stock worth $3,365,992,000 after purchasing an additional 10,434,098 shares during the last quarter. Berkshire Hathaway Inc increased its position in shares of Occidental Petroleum by 3.5% in the 4th quarter. Berkshire Hathaway Inc now owns 264,178,414 shares of the oil and gas producer’s stock valued at $13,053,055,000 after acquiring an additional 8,896,890 shares during the period. Worldquant Millennium Advisors LLC raised its stake in shares of Occidental Petroleum by 1,075.3% in the fourth quarter. Worldquant Millennium Advisors LLC now owns 1,930,776 shares of the oil and gas producer’s stock worth $95,400,000 after purchasing an additional 1,766,491 shares during the last quarter. Marshall Wace LLP lifted its stake in Occidental Petroleum by 48.1% during the 4th quarter. Marshall Wace LLP now owns 4,117,777 shares of the oil and gas producer’s stock valued at $203,459,000 after acquiring an additional 1,337,728 shares during the period. Finally, Invesco Ltd. lifted its position in Occidental Petroleum by 25.2% during the fourth quarter. Invesco Ltd. now owns 6,357,689 shares of the oil and gas producer’s stock valued at $314,133,000 after purchasing an additional 1,278,389 shares during the period. Institutional investors own 88.70% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. TD Cowen lowered Occidental Petroleum from a “buy” rating to a “hold” rating and cut their price target for the company from $68.00 to $45.00 in a research note on Tuesday, April 8th. Piper Sandler cut their price objective on Occidental Petroleum from $50.00 to $48.00 and set a “neutral” rating for the company in a research report on Tuesday, April 22nd. Raymond James downgraded Occidental Petroleum from a “strong-buy” rating to an “outperform” rating and reduced their target price for the stock from $81.00 to $64.00 in a research note on Monday, March 10th. UBS Group dropped their price target on shares of Occidental Petroleum from $44.00 to $38.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 16th. Finally, Scotiabank lowered shares of Occidental Petroleum from a “sector outperform” rating to a “sector perform” rating and set a $40.00 price target for the company. in a report on Friday, April 11th. Three equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $53.14.

Occidental Petroleum Price Performance

NYSE:OXY opened at $46.40 on Friday. Occidental Petroleum Co. has a one year low of $34.79 and a one year high of $64.76. The stock has a market cap of $45.67 billion, a PE ratio of 19.02 and a beta of 0.87. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.76 and a current ratio of 0.95. The stock has a 50 day moving average price of $41.05 and a 200 day moving average price of $45.86.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings results on Wednesday, May 7th. The oil and gas producer reported $0.87 EPS for the quarter, topping the consensus estimate of $0.74 by $0.13. Occidental Petroleum had a return on equity of 16.33% and a net margin of 11.37%. The business had revenue of $6.80 billion for the quarter, compared to analyst estimates of $6.97 billion. During the same quarter in the previous year, the firm earned $0.63 EPS. The company’s quarterly revenue was up 13.9% compared to the same quarter last year. Equities research analysts expect that Occidental Petroleum Co. will post 3.58 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, June 10th will be paid a $0.24 dividend. The ex-dividend date is Tuesday, June 10th. This represents a $0.96 annualized dividend and a dividend yield of 2.07%. Occidental Petroleum’s dividend payout ratio (DPR) is 39.02%.

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.