Peirce Capital Management LLC Acquires 782 Shares of Occidental Petroleum Co. (NYSE:OXY)

Peirce Capital Management LLC raised its stake in Occidental Petroleum Co. (NYSE:OXY) by 22.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,299 shares of the oil and gas producer’s stock after acquiring an additional 782 shares during the quarter. Peirce Capital Management LLC’s holdings in Occidental Petroleum were worth $222,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. CapWealth Advisors LLC increased its stake in shares of Occidental Petroleum by 2.7% during the first quarter. CapWealth Advisors LLC now owns 6,105 shares of the oil and gas producer’s stock worth $397,000 after purchasing an additional 162 shares during the period. Meeder Advisory Services Inc. increased its holdings in Occidental Petroleum by 2.0% in the 1st quarter. Meeder Advisory Services Inc. now owns 8,503 shares of the oil and gas producer’s stock worth $553,000 after acquiring an additional 164 shares during the last quarter. Investment Research & Advisory Group Inc. lifted its holdings in Occidental Petroleum by 75.2% during the 1st quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 167 shares in the last quarter. Earnest Partners LLC raised its position in shares of Occidental Petroleum by 2.6% in the first quarter. Earnest Partners LLC now owns 6,850 shares of the oil and gas producer’s stock worth $445,000 after buying an additional 173 shares in the last quarter. Finally, Proficio Capital Partners LLC grew its stake in Occidental Petroleum by 0.8% in the 1st quarter. Proficio Capital Partners LLC now owns 20,911 shares of the oil and gas producer’s stock worth $1,359,000 after buying an additional 175 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

OXY has been the topic of a number of analyst reports. UBS Group decreased their price target on Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 18th. StockNews.com lowered shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a research note on Saturday, October 5th. Wolfe Research assumed coverage on Occidental Petroleum in a research note on Thursday, July 18th. They issued an “outperform” rating and a $81.00 price objective on the stock. Truist Financial cut their price objective on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a research report on Monday, September 30th. Finally, Evercore ISI cut their target price 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. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $67.18.

Insiders Place Their Bets

In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of Occidental Petroleum stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the sale, the insider now directly owns 165,681,578 shares of the company’s stock, valued at approximately $5,923,116,413.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.31% of the company’s stock.

Occidental Petroleum Stock Performance

Shares of NYSE OXY traded up $0.79 during trading hours on Thursday, hitting $54.69. 3,045,133 shares of the company’s stock were exchanged, compared to its average volume of 9,103,820. 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’s 50-day moving average price is $54.74 and its 200-day moving average price is $60.41. Occidental Petroleum Co. has a 1-year low of $49.75 and a 1-year high of $71.18. The stock has a market capitalization of $48.49 billion, a price-to-earnings ratio of 14.94 and a beta of 1.57.

Occidental Petroleum (NYSE:OXY) last announced its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.26. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The company had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.93 billion. During the same period in the previous year, the firm posted $0.68 earnings per share. The company’s revenue was up 2.2% on a year-over-year basis. On average, sell-side analysts expect that Occidental Petroleum Co. will post 3.49 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 10th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.61%. The ex-dividend date is Tuesday, September 10th. Occidental Petroleum’s dividend payout ratio is 24.04%.

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.