SteelPeak Wealth LLC Invests $290,000 in Occidental Petroleum Co. (NYSE:OXY)

SteelPeak Wealth LLC acquired a new position in Occidental Petroleum Co. (NYSE:OXY) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 4,463 shares of the oil and gas producer’s stock, valued at approximately $290,000.

A number of other hedge funds have also added to or reduced their stakes in the business. Investment Research & Advisory Group Inc. raised its stake in Occidental Petroleum by 75.2% in 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. VisionPoint Advisory Group LLC raised its position in shares of Occidental Petroleum by 1.2% in the third quarter. VisionPoint Advisory Group LLC now owns 14,754 shares of the oil and gas producer’s stock valued at $957,000 after buying an additional 174 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund boosted its stake in shares of Occidental Petroleum by 0.8% in the fourth quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 23,523 shares of the oil and gas producer’s stock valued at $1,405,000 after buying an additional 185 shares during the period. Strategic Advocates LLC grew its position in Occidental Petroleum by 1.8% during the fourth quarter. Strategic Advocates LLC now owns 10,356 shares of the oil and gas producer’s stock worth $618,000 after buying an additional 186 shares in the last quarter. Finally, Greatmark Investment Partners Inc. increased its stake in Occidental Petroleum by 1.5% during the 4th quarter. Greatmark Investment Partners Inc. now owns 13,180 shares of the oil and gas producer’s stock worth $787,000 after acquiring an additional 200 shares during the period. Institutional investors own 88.70% of the company’s stock.

Insider Transactions at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc purchased 1,386,844 shares of the company’s stock in a transaction on Friday, June 7th. The shares were purchased at an average cost of $59.67 per share, with a total value of $82,752,981.48. Following the completion of the purchase, the insider now owns 250,583,605 shares in the company, valued at $14,952,323,710.35. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In the last ninety days, insiders acquired 4,656,747 shares of company stock valued at $278,664,028. Corporate insiders own 0.48% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on OXY shares. Scotiabank raised Occidental Petroleum from a “sector perform” rating to a “sector outperform” rating and increased their target price for the stock from $63.00 to $90.00 in a report on Thursday, April 11th. Citigroup dropped their target price on shares of Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating for the company in a research report on Friday, May 24th. Barclays began coverage on shares of Occidental Petroleum in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $73.00 price objective on the stock. Truist Financial downgraded Occidental Petroleum from a “buy” rating to a “hold” rating and reduced their target price for the company from $84.00 to $69.00 in a report on Thursday, May 16th. Finally, Morgan Stanley upped their price objective on shares of Occidental Petroleum from $66.00 to $72.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Eleven research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Occidental Petroleum currently has a consensus rating of “Hold” and an average target price of $71.56.

Occidental Petroleum Trading Up 0.5 %

NYSE OXY opened at $63.03 on Monday. Occidental Petroleum Co. has a 12 month low of $55.12 and a 12 month high of $71.18. The company has a current ratio of 0.95, a quick ratio of 0.71 and a debt-to-equity ratio of 0.82. The firm has a market capitalization of $55.88 billion, a PE ratio of 17.22 and a beta of 1.61. The business’s 50-day moving average price is $62.94 and its two-hundred day moving average price is $61.77.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.01. Occidental Petroleum had a net margin of 15.62% and a return on equity of 17.50%. The firm had revenue of $6.01 billion during the quarter, compared to analyst estimates of $6.70 billion. During the same quarter last year, the business earned $1.09 EPS. The company’s revenue was down 17.2% compared to the same quarter last year. On average, analysts expect that Occidental Petroleum Co. will post 3.88 EPS for the current year.

Occidental Petroleum Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, June 10th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Monday, June 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.40%. Occidental Petroleum’s payout ratio is currently 24.04%.

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.