Pinnacle Wealth Planning Services Inc. has significantly increased its investment in Occidental Petroleum Corporation (NYSE: OXY) by 35.2% during the second quarter of this year. This information comes from a recent filing with the Securities and Exchange Commission (SEC). Pinnacle now holds 5,988 shares of the oil and gas producer, following the acquisition of an additional 1,560 shares in the quarter. As of the end of June, these holdings were valued at approximately $252,000.
Other institutional investors have also been active in the Occidental Petroleum market. For instance, Frank Rimerman Advisors LLC raised its stake in the company by 28.9%, bringing its total to 6,666 shares, valued at $280,000. Similarly, WBI Investments LLC entered the scene with a new stake worth about $2,011,000. Dorsey & Whitney Trust CO LLC and Inkwell Capital LLC also increased their positions by 16.2% and 9.7%, respectively, bringing their holdings to 7,123 shares valued at $299,000 and 59,123 shares worth $2,484,000. Intrust Bank NA boosted its holdings by 34.6%, now owning 10,603 shares valued at $445,000. Currently, institutional investors collectively own 88.70% of Occidental Petroleum’s stock.
Stock Performance and Dividend Announcement
On Thursday, Occidental Petroleum’s stock opened at $41.49, reflecting a decrease of 2.4%. The company’s financial indicators include a quick ratio of 0.83, a current ratio of 1.05, and a debt-to-equity ratio of 0.84. Over the past year, the stock has fluctuated between a low of $34.78 and a high of $53.20. The market capitalization stands at $40.88 billion, with a price-to-earnings ratio of 24.55.
Occidental Petroleum also announced a quarterly dividend of $0.24 per share, set to be paid on January 15, 2024. Shareholders on record as of December 10, 2023, will receive this payment, translating to an annualized dividend of $0.96 and a yield of 2.3%. The company’s current dividend payout ratio is 70.59%.
Analysts’ Perspectives on Occidental Petroleum
In recent evaluations, several financial research firms provided insights into Occidental Petroleum’s stock performance. Wells Fargo & Company reduced its target price from $42.00 to $40.00, assigning an “underweight” rating. Conversely, HSBC adjusted its target from $55.00 to $54.00 while maintaining a “buy” rating. Roth Capital increased its price objective from $45.00 to $46.00, offering a “neutral” rating.
Overall, the stock has received mixed reviews from analysts. Out of a total of 23 ratings, one has rated it as a Strong Buy, five as Buy, fourteen as Hold, and three as Sell. According to MarketBeat.com, the average rating remains at “Hold,” with an average target price of $51.24.
Occidental Petroleum Corporation continues to engage in the exploration and development of oil and gas properties across the United States, the Middle East, and North Africa. The company operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing, focusing on the production of oil, natural gas liquids, and natural gas.
