Oppenheimer & Co. Inc. Purchases 18,296 Shares of Occidental Petroleum Co. (NYSE:OXY)

Oppenheimer & Co. Inc. increased its stake in shares of Occidental Petroleum Co. (NYSE:OXY - Free Report) by 8.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 244,283 shares of the oil and gas producer's stock after acquiring an additional 18,296 shares during the period. Oppenheimer & Co. Inc.'s holdings in Occidental Petroleum were worth $12,590,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Fortitude Family Office LLC raised its holdings in shares of Occidental Petroleum by 160.0% during the third quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer's stock worth $25,000 after acquiring an additional 304 shares during the period. New Covenant Trust Company N.A. bought a new stake in shares of Occidental Petroleum during the 1st quarter worth about $44,000. LRI Investments LLC bought a new stake in Occidental Petroleum in the 1st quarter valued at about $44,000. Strategic Financial Concepts LLC bought a new stake in Occidental Petroleum in the 2nd quarter valued at about $53,000. Finally, Exchange Traded Concepts LLC bought a new stake in Occidental Petroleum in the 3rd quarter valued at about $87,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on OXY shares. TD Cowen cut their price target on shares of Occidental Petroleum from $80.00 to $68.00 and set a "buy" rating for the company in a report on Tuesday. Stephens upped their price target on shares of Occidental Petroleum from $70.00 to $71.00 and gave the company an "overweight" rating in a research report on Wednesday. Bank of America initiated coverage on shares of Occidental Petroleum in a research note on Thursday, October 17th. They issued a "neutral" rating and a $57.00 price objective on the stock. Evercore ISI reduced their price objective 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, Truist Financial cut their target price on shares of Occidental Petroleum from $65.00 to $56.00 and set a "hold" rating on the stock in a research note on Monday, September 30th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Occidental Petroleum has an average rating of "Hold" and an average target price of $64.30.

Occidental Petroleum Price Performance

OXY traded up $0.83 during trading on Wednesday, reaching $51.12. 24,142,190 shares of the company traded hands, compared to its average volume of 9,334,393. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.75 and a current ratio of 1.04. Occidental Petroleum Co. has a 12-month low of $48.42 and a 12-month high of $71.18. The firm has a fifty day simple moving average of $51.97 and a 200 day simple moving average of $57.72. The company has a market cap of $46.30 billion, a P/E ratio of 12.88 and a beta of 1.58.

Occidental Petroleum Dividend Announcement

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

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.