Cinctive Capital Management LP Acquires Shares of 47,474 Occidental Petroleum Co. (NYSE:OXY)

Cinctive Capital Management LP bought a new position in shares of Occidental Petroleum Co. (NYSE:OXY) in the 3rd quarter, HoldingsChannel reports. The fund bought 47,474 shares of the oil and gas producer’s stock, valued at approximately $2,447,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Fortitude Family Office LLC boosted its position 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 valued at $25,000 after buying an additional 304 shares during the last quarter. Mizuho Securities Co. Ltd. purchased a new position in shares of Occidental Petroleum in the 3rd quarter worth approximately $32,000. Transamerica Financial Advisors Inc. bought a new position in Occidental Petroleum in the 3rd quarter valued at $50,000. Strategic Financial Concepts LLC purchased a new stake in shares of Occidental Petroleum during the 2nd quarter valued at $53,000. Finally, LRI Investments LLC raised its stake in shares of Occidental Petroleum by 34.6% during the 2nd quarter. LRI Investments LLC now owns 906 shares of the oil and gas producer’s stock worth $57,000 after purchasing an additional 233 shares during the period. Institutional investors and hedge funds own 88.70% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on OXY. UBS Group decreased their price target on shares of Occidental Petroleum from $59.00 to $58.00 and set a “neutral” rating for the company in a research note on Monday, November 18th. Barclays lowered their target price on Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Truist Financial dropped their price target on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a research report on Monday, September 30th. The Goldman Sachs Group assumed coverage on Occidental Petroleum in a report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price objective for the company. Finally, Mizuho dropped their price objective on shares of Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Occidental Petroleum currently has an average rating of “Hold” and a consensus price target of $63.25.

Occidental Petroleum Price Performance

Shares of NYSE OXY opened at $50.43 on Tuesday. The stock’s 50-day simple moving average is $51.64 and its two-hundred day simple moving average is $56.45. Occidental Petroleum Co. has a twelve month low of $48.42 and a twelve month high of $71.18. The firm has a market capitalization of $47.32 billion, a P/E ratio of 13.13 and a beta of 1.57. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96.

Occidental Petroleum Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.74%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio (DPR) 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.