Industrial Alliance Investment Management Inc. Acquires 46,850 Shares of Occidental Petroleum Co. (NYSE:OXY)

Industrial Alliance Investment Management Inc. boosted its holdings in shares of Occidental Petroleum Co. (NYSE:OXY – Get Rating) by 65.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 118,390 shares of the oil and gas producer’s stock after purchasing an additional 46,850 shares during the quarter. Industrial Alliance Investment Management Inc.’s holdings in Occidental Petroleum were worth $7,275,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Smith Moore & CO. increased its stake in Occidental Petroleum by 4.6% in the third quarter. Smith Moore & CO. now owns 3,789 shares of the oil and gas producer’s stock valued at $233,000 after purchasing an additional 165 shares in the last quarter. Rosenberg Matthew Hamilton increased its position in shares of Occidental Petroleum by 3.4% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 5,209 shares of the oil and gas producer’s stock valued at $320,000 after buying an additional 171 shares in the last quarter. Lazard Asset Management LLC raised its stake in Occidental Petroleum by 1.5% during the 1st quarter. Lazard Asset Management LLC now owns 11,920 shares of the oil and gas producer’s stock worth $676,000 after buying an additional 180 shares during the period. Apollon Wealth Management LLC lifted its holdings in Occidental Petroleum by 1.2% during the third quarter. Apollon Wealth Management LLC now owns 16,658 shares of the oil and gas producer’s stock worth $1,024,000 after acquiring an additional 197 shares in the last quarter. Finally, CAPROCK Group Inc. grew its stake in Occidental Petroleum by 2.0% in the third quarter. CAPROCK Group Inc. now owns 9,936 shares of the oil and gas producer’s stock valued at $612,000 after acquiring an additional 199 shares during the period. Institutional investors and hedge funds own 78.45% of the company’s stock.

Insider Activity at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc acquired 1,678,017 shares of the firm’s stock in a transaction on Monday, March 6th. The shares were purchased at an average cost of $61.56 per share, for a total transaction of $103,298,726.52. Following the completion of the acquisition, the insider now directly owns 198,392,755 shares in the company, valued at $12,213,057,997.80. The purchase was disclosed in a filing with the SEC, which is available at this link. In the last quarter, insiders have acquired 8,705,002 shares of company stock worth $519,305,954. Company insiders own 0.31% of the company’s stock.

Occidental Petroleum Stock Performance

Shares of OXY stock opened at $56.80 on Thursday. The company has a fifty day moving average price of $62.70 and a two-hundred day moving average price of $65.56. Occidental Petroleum Co. has a one year low of $51.53 and a one year high of $77.13. The stock has a market cap of $51.12 billion, a P/E ratio of 4.59, a P/E/G ratio of 0.43 and a beta of 1.77. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.15 and a quick ratio of 0.88.

Occidental Petroleum (NYSE:OXY – Get Rating) last issued its earnings results on Monday, February 27th. The oil and gas producer reported $1.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.83 by ($0.22). The firm had revenue of $8.22 billion during the quarter, compared to analyst estimates of $8.21 billion. Occidental Petroleum had a net margin of 35.87% and a return on equity of 52.68%. The company’s revenue for the quarter was up 97.6% on a year-over-year basis. During the same quarter last year, the business posted $1.48 earnings per share. As a group, equities analysts predict that Occidental Petroleum Co. will post 6.12 EPS for the current year.

Occidental Petroleum Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 17th. Investors of record on Friday, March 10th will be issued a dividend of $0.18 per share. The ex-dividend date is Thursday, March 9th. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.13. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.27%. Occidental Petroleum’s payout ratio is presently 5.82%.

Analyst Ratings Changes

Several brokerages recently issued reports on OXY. Piper Sandler decreased their price objective on Occidental Petroleum from $76.00 to $69.00 and set a “neutral” rating for the company in a research report on Monday, December 19th. Wells Fargo & Company dropped their price objective on shares of Occidental Petroleum from $67.00 to $63.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 1st. StockNews.com started coverage on shares of Occidental Petroleum in a research note on Thursday. They issued a “hold” rating for the company. Citigroup lifted their price target on Occidental Petroleum from $67.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, November 17th. Finally, The Goldman Sachs Group raised Occidental Petroleum from a “neutral” rating to a “buy” rating and set a $81.00 price objective for the company in a research report on Tuesday, February 14th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Occidental Petroleum currently has an average rating of “Hold” and an average target price of $75.72.

About Occidental Petroleum

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Occidental Petroleum Corp. engages in the exploration and production of oil and natural gas. It operates through the following segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops and produces oil and condensate, natural gas liquids and natural gas.