Daiwa Securities Group Inc. Raises Stock Position in Occidental Petroleum Co. (NYSE:OXY)

Daiwa Securities Group Inc. boosted its stake in Occidental Petroleum Co. (NYSE:OXY) by 11.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 72,286 shares of the oil and gas producer’s stock after purchasing an additional 7,174 shares during the period. Daiwa Securities Group Inc.’s holdings in Occidental Petroleum were worth $4,556,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cary Street Partners Investment Advisory LLC lifted its holdings in Occidental Petroleum by 13.2% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 5,932 shares of the oil and gas producer’s stock valued at $354,000 after acquiring an additional 691 shares during the period. Avantax Advisory Services Inc. increased its holdings in Occidental Petroleum by 7.5% during the fourth quarter. Avantax Advisory Services Inc. now owns 20,787 shares of the oil and gas producer’s stock valued at $1,241,000 after buying an additional 1,451 shares during the last quarter. Quotient Wealth Partners LLC bought a new position in Occidental Petroleum in the fourth quarter worth approximately $216,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Occidental Petroleum by 4.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 638,121 shares of the oil and gas producer’s stock worth $38,677,000 after acquiring an additional 26,663 shares during the last quarter. Finally, Fiera Capital Corp purchased a new stake in shares of Occidental Petroleum in the 4th quarter worth $537,000. 88.70% of the stock is owned by institutional investors.

Occidental Petroleum Trading Up 0.6 %

Shares of OXY opened at $50.98 on Friday. Occidental Petroleum Co. has a fifty-two week low of $49.90 and a fifty-two week high of $71.18. 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 company’s fifty day moving average is $58.07 and its 200 day moving average is $61.63. The stock has a market capitalization of $45.20 billion, a PE ratio of 13.93 and a beta of 1.58.

Occidental Petroleum (NYSE:OXY) last posted 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 firm had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.93 billion. During the same period in the previous year, the firm posted $0.68 EPS. The business’s quarterly revenue was up 2.2% on a year-over-year basis. Sell-side analysts expect that Occidental Petroleum Co. will post 3.66 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, September 10th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date of this dividend is Tuesday, September 10th. Occidental Petroleum’s dividend payout ratio (DPR) is 24.04%.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Wolfe Research began coverage on Occidental Petroleum in a report on Thursday, July 18th. They set an “outperform” rating and a $81.00 price target for the company. Citigroup reduced their target price on shares of Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating for the company in a report on Friday, May 24th. Wells Fargo & Company lowered their price target 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. Susquehanna reduced their price objective on shares of Occidental Petroleum from $81.00 to $78.00 and set a “positive” rating for the company in a research note on Wednesday, September 4th. Finally, Truist Financial lowered their target price on shares of Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating on the stock in a research note on Monday, August 12th. Nine research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Occidental Petroleum currently has an average rating of “Hold” and an average price target of $72.27.

Insider Activity

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

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.