Meridian Wealth Management LLC Invests $488,000 in Occidental Petroleum Co. (NYSE:OXY)

Meridian Wealth Management LLC acquired a new stake in shares of Occidental Petroleum Co. (NYSE:OXY) in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 9,477 shares of the oil and gas producer’s stock, valued at approximately $488,000.

Other large investors also recently bought and sold shares of the company. Fortitude Family Office LLC boosted its holdings in Occidental Petroleum by 160.0% during the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock valued at $25,000 after acquiring an additional 304 shares during the period. Mizuho Securities Co. Ltd. purchased a new position in Occidental Petroleum during the 3rd quarter valued at $32,000. New Covenant Trust Company N.A. purchased a new position in Occidental Petroleum during the 1st quarter valued at $44,000. LRI Investments LLC purchased a new position in Occidental Petroleum during the 1st quarter valued at $44,000. Finally, Exchange Traded Concepts LLC purchased a new position in Occidental Petroleum during the 3rd quarter valued at $87,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Stock Up 0.8 %

Occidental Petroleum stock opened at $51.93 on Monday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.76 and a current ratio of 1.00. The business’s 50-day simple moving average is $51.79 and its two-hundred day simple moving average is $56.91. The company has a market cap of $48.73 billion, a PE ratio of 13.52 and a beta of 1.58. Occidental Petroleum Co. has a fifty-two week low of $48.42 and a fifty-two week high of $71.18.

Occidental Petroleum Announces Dividend

The company 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 dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $0.88 annualized dividend and a yield of 1.69%. Occidental Petroleum’s payout ratio is presently 22.92%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $56.00 target price on shares of Occidental Petroleum in a report on Friday, November 8th. StockNews.com upgraded Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Tuesday, November 19th. Scotiabank lowered their target price on Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. 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. Finally, Wolfe Research upped their target price on Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $63.70.

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.