ICICI Prudential Asset Management Co Ltd Takes $2.46 Million Position in Occidental Petroleum Co. (NYSE:OXY)

ICICI Prudential Asset Management Co Ltd purchased a new position in shares of Occidental Petroleum Co. (NYSE:OXY) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 47,800 shares of the oil and gas producer’s stock, valued at approximately $2,464,000.

A number of other institutional investors also recently modified their holdings of the business. Oppenheimer & Co. Inc. raised its holdings in shares of Occidental Petroleum by 8.1% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 244,283 shares of the oil and gas producer’s stock worth $12,590,000 after buying an additional 18,296 shares in the last quarter. MQS Management LLC acquired a new position in shares of Occidental Petroleum during the 3rd quarter worth $744,000. Haverford Trust Co acquired a new position in shares of Occidental Petroleum during the 3rd quarter worth $241,000. Victory Capital Management Inc. raised its holdings in shares of Occidental Petroleum by 43.2% during the 3rd quarter. Victory Capital Management Inc. now owns 551,759 shares of the oil and gas producer’s stock worth $28,438,000 after buying an additional 166,372 shares in the last quarter. Finally, Aigen Investment Management LP raised its holdings in shares of Occidental Petroleum by 444.5% during the 3rd quarter. Aigen Investment Management LP now owns 50,877 shares of the oil and gas producer’s stock worth $2,622,000 after buying an additional 41,534 shares in the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Evercore ISI lowered their target price on Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company in a report on Monday, September 30th. Stephens reaffirmed an “overweight” rating and issued a $76.00 target price on shares of Occidental Petroleum in a report on Thursday, August 8th. UBS Group lowered their target price on Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating for the company in a report on Wednesday, September 18th. BMO Capital Markets lowered their target price on Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating for the company in a report on Friday, October 4th. Finally, Bank of America assumed coverage on Occidental Petroleum in a report on Thursday, October 17th. They issued a “neutral” rating and a $57.00 target price for the company. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Occidental Petroleum presently has an average rating of “Hold” and an average target price of $64.55.

Occidental Petroleum Trading Down 2.1 %

Shares of Occidental Petroleum stock traded down $1.08 on Wednesday, hitting $49.21. 10,479,328 shares of the company’s stock traded hands, compared to its average volume of 9,265,983. Occidental Petroleum Co. has a one year low of $48.42 and a one year high of $71.18. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.04 and a quick ratio of 0.75. The company has a fifty day moving average of $51.97 and a two-hundred day moving average of $57.72. The company has a market capitalization of $44.57 billion, a price-to-earnings ratio of 12.07 and a beta of 1.58.

Occidental Petroleum Dividend Announcement

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

Occidental Petroleum 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.