ICICI Prudential Asset Management Co Ltd Buys Shares of 47,800 Occidental Petroleum Co. (NYSE:OXY)

ICICI Prudential Asset Management Co Ltd bought a new stake in Occidental Petroleum Co. (NYSE:OXY) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 47,800 shares of the oil and gas producer’s stock, valued at approximately $2,464,000.

Other hedge funds have also recently added to or reduced their stakes in the company. American Century Companies Inc. raised its position in Occidental Petroleum by 16.8% in the 2nd quarter. American Century Companies Inc. now owns 3,707,555 shares of the oil and gas producer’s stock valued at $233,687,000 after buying an additional 532,318 shares during the last quarter. Epoch Investment Partners Inc. raised its position in Occidental Petroleum by 20.1% in the 2nd quarter. Epoch Investment Partners Inc. now owns 1,661,231 shares of the oil and gas producer’s stock valued at $104,707,000 after buying an additional 277,462 shares during the last quarter. National Pension Service raised its position in Occidental Petroleum by 9.4% in the 3rd quarter. National Pension Service now owns 1,556,461 shares of the oil and gas producer’s stock valued at $80,220,000 after buying an additional 133,546 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in Occidental Petroleum by 1.6% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,482,049 shares of the oil and gas producer’s stock valued at $76,385,000 after buying an additional 22,920 shares during the last quarter. Finally, Himalaya Capital Management LLC acquired a new stake in Occidental Petroleum in the 2nd quarter valued at approximately $92,433,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on OXY shares. Evercore ISI lowered their price target on Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a research report on Monday, September 30th. Susquehanna lowered their price target on Occidental Petroleum from $78.00 to $77.00 and set a “positive” rating on the stock in a research report on Friday, October 18th. Jefferies Financial Group boosted their price target on Occidental Petroleum from $53.00 to $54.00 and gave the stock a “hold” rating in a research report on Tuesday. Wolfe Research boosted their price target on Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, The Goldman Sachs Group initiated coverage on Occidental Petroleum in a research note on Wednesday, October 2nd. They set a “neutral” rating and a $55.00 target price for the company. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $64.55.

Occidental Petroleum Stock Performance

OXY traded down $1.08 during trading on Wednesday, hitting $49.21. The stock had a trading volume of 10,479,328 shares, compared to its average volume of 9,265,983. The company has a 50 day moving average price of $51.97 and a 200-day moving average price of $57.72. The firm has a market cap of $44.57 billion, a price-to-earnings ratio of 12.07 and a beta of 1.58. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.04 and a quick ratio of 0.75. Occidental Petroleum Co. has a one year low of $48.42 and a one year high of $71.18.

Occidental Petroleum Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.79%. Occidental Petroleum’s payout ratio is 21.67%.

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.