ICICI Prudential Asset Management Co Ltd Purchases New Shares in Occidental Petroleum Co. (NYSE:OXY)

ICICI Prudential Asset Management Co Ltd bought a new stake in shares of Occidental Petroleum Co. (NYSE:OXY - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 47,800 shares of the oil and gas producer's stock, valued at approximately $2,464,000.

Other large investors have also recently modified their holdings of the company. Fortitude Family Office LLC raised its position in shares of Occidental Petroleum by 160.0% in the 3rd 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. New Covenant Trust Company N.A. purchased a new position in shares of Occidental Petroleum in the 1st quarter worth about $44,000. LRI Investments LLC purchased a new position in shares of Occidental Petroleum in the 1st quarter worth about $44,000. Exchange Traded Concepts LLC purchased a new position in shares of Occidental Petroleum in the 3rd quarter worth about $87,000. Finally, Kennebec Savings Bank purchased a new position in shares of Occidental Petroleum in the 3rd quarter worth about $93,000. Hedge funds and other institutional investors own 88.70% of the company's stock.

Occidental Petroleum Price Performance

OXY stock traded up $0.83 during midday trading on Wednesday, hitting $51.12. The company's stock had a trading volume of 24,142,190 shares, compared to its average volume of 9,334,393. Occidental Petroleum Co. has a 12 month low of $48.42 and a 12 month high of $71.18. The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $46.30 billion, a price-to-earnings ratio of 12.88 and a beta of 1.58. The company has a 50 day moving average of $51.97 and a two-hundred day moving average of $57.72.

Occidental Petroleum Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be paid a $0.22 dividend. The ex-dividend date is Tuesday, December 10th. This represents a $0.88 annualized dividend and a yield of 1.72%. Occidental Petroleum's payout ratio is 22.92%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Truist Financial decreased their target price on Occidental Petroleum from $65.00 to $56.00 and set a "hold" rating for the company in a research report on Monday, September 30th. TD Cowen decreased their target price on Occidental Petroleum from $80.00 to $68.00 and set a "buy" rating for the company in a research report on Tuesday. Susquehanna decreased their target price on Occidental Petroleum from $78.00 to $77.00 and set a "positive" rating for the company in a research report on Friday, October 18th. The Goldman Sachs Group assumed coverage on Occidental Petroleum in a research report on Wednesday, October 2nd. They issued a "neutral" rating and a $55.00 target price for the company. Finally, Raymond James decreased their target price on Occidental Petroleum from $85.00 to $77.00 and set a "buy" rating for the company in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $64.30.

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.