Strategic Financial Concepts LLC Purchases New Shares in Occidental Petroleum Co. (NYSE:OXY)

Strategic Financial Concepts LLC purchased a new stake in Occidental Petroleum Co. (NYSE:OXY) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 83,604 shares of the oil and gas producer’s stock, valued at approximately $53,000.

Several other large investors have also added to or reduced their stakes in the stock. Berkshire Hathaway Inc boosted its holdings in Occidental Petroleum by 8.7% in the fourth quarter. Berkshire Hathaway Inc now owns 243,715,804 shares of the oil and gas producer’s stock valued at $14,552,271,000 after acquiring an additional 19,586,612 shares in the last quarter. Cooke & Bieler LP boosted its holdings in Occidental Petroleum by 53.1% in the second quarter. Cooke & Bieler LP now owns 1,450,064 shares of the oil and gas producer’s stock valued at $91,398,000 after acquiring an additional 503,173 shares in the last quarter. Epoch Investment Partners Inc. boosted its holdings in shares of Occidental Petroleum by 52.8% during the 4th quarter. Epoch Investment Partners Inc. now owns 1,399,569 shares of the oil and gas producer’s stock valued at $83,568,000 after buying an additional 483,422 shares in the last quarter. Clean Energy Transition LLP bought a new stake in shares of Occidental Petroleum during the 1st quarter valued at $67,601,000. Finally, Sarasin & Partners LLP bought a new stake in shares of Occidental Petroleum during the 2nd quarter valued at $63,880,000. Institutional investors own 88.70% of the company’s stock.

Insiders Place Their Bets

In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the completion of the sale, the insider now owns 165,681,578 shares of the company’s stock, valued at approximately $5,923,116,413.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the completion of the sale, the insider now owns 165,681,578 shares of the company’s stock, valued at approximately $5,923,116,413.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Berkshire Hathaway Inc purchased 334,461 shares of Occidental Petroleum stock in a transaction dated Monday, June 17th. The shares were acquired at an average cost of $59.75 per share, with a total value of $19,984,044.75. Following the transaction, the insider now directly owns 255,281,524 shares in the company, valued at $15,253,071,059. The disclosure for this purchase can be found here. 0.31% of the stock is owned by insiders.

Wall Street Analyst Weigh In

OXY has been the topic of a number of research reports. Susquehanna dropped their target price on shares of Occidental Petroleum from $81.00 to $78.00 and set a “positive” rating on the stock in a report on Wednesday, September 4th. Wells Fargo & Company dropped their target price on shares of Occidental Petroleum from $68.00 to $65.00 and set an “equal weight” rating on the stock in a report on Friday, August 9th. Wolfe Research initiated coverage on shares of Occidental Petroleum in a report on Thursday, July 18th. They set an “outperform” rating and a $81.00 target price on the stock. Truist Financial dropped their target price on shares of Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating on the stock in a report on Monday, August 12th. Finally, Scotiabank dropped their target price on shares of Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. Ten investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $71.50.

Occidental Petroleum Price Performance

Shares of NYSE:OXY opened at $51.39 on Wednesday. Occidental Petroleum Co. has a fifty-two week low of $50.85 and a fifty-two week high of $71.18. The business has a 50-day simple moving average of $58.53 and a two-hundred day simple moving average of $61.78. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.75 and a current ratio of 1.04. The firm has a market cap of $46.54 billion, a price-to-earnings ratio of 14.04 and a beta of 1.58.

Occidental Petroleum (NYSE:OXY) last issued 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 return on equity of 17.91% and a net margin of 16.62%. The business had revenue of $6.88 billion during the quarter, compared to analyst estimates of $6.93 billion. During the same quarter in the previous year, the firm earned $0.68 EPS. Occidental Petroleum’s revenue was up 2.2% on a year-over-year basis. On average, analysts expect that Occidental Petroleum Co. will post 3.66 earnings per share for the current year.

Occidental Petroleum Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 10th will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date of this dividend is Tuesday, September 10th. Occidental Petroleum’s dividend payout ratio (DPR) is 24.04%.

Occidental Petroleum Company 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.