Veritable L.P. Decreases Stake in Occidental Petroleum Co. (NYSE:OXY)

Veritable L.P. decreased its holdings in Occidental Petroleum Co. (NYSE:OXY) by 3.9% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 16,665 shares of the oil and gas producer’s stock after selling 674 shares during the period. Veritable L.P.’s holdings in Occidental Petroleum were worth $980,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of OXY. Grantham Mayo Van Otterloo & Co. LLC lifted its holdings in shares of Occidental Petroleum by 150.8% during the 1st quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 593,600 shares of the oil and gas producer’s stock valued at $37,058,000 after acquiring an additional 356,900 shares in the last quarter. BOKF NA boosted its position in shares of Occidental Petroleum by 57.4% in the first quarter. BOKF NA now owns 142,535 shares of the oil and gas producer’s stock worth $8,898,000 after buying an additional 51,971 shares during the period. Commerce Bank grew its stake in shares of Occidental Petroleum by 3.4% in the first quarter. Commerce Bank now owns 39,715 shares of the oil and gas producer’s stock valued at $2,479,000 after buying an additional 1,314 shares in the last quarter. BNC Wealth Management LLC raised its holdings in shares of Occidental Petroleum by 141.0% during the 2nd quarter. BNC Wealth Management LLC now owns 42,510 shares of the oil and gas producer’s stock valued at $2,500,000 after buying an additional 24,874 shares during the period. Finally, Nordea Investment Management AB lifted its position in Occidental Petroleum by 11.0% during the 2nd quarter. Nordea Investment Management AB now owns 580,676 shares of the oil and gas producer’s stock worth $34,237,000 after acquiring an additional 57,522 shares in the last quarter. 77.54% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc bought 1,686,368 shares of the company’s stock in a transaction that occurred on Monday, October 23rd. The shares were purchased at an average price of $62.80 per share, with a total value of $105,903,910.40. Following the completion of the acquisition, the insider now directly owns 225,815,560 shares in the company, valued at $14,181,217,168. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, major shareholder Petroleum Corp /De/ Occidental sold 5,100,000 shares of the stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $25.00, for a total transaction of $127,500,000.00. Following the completion of the sale, the insider now directly owns 185,181,578 shares of the company’s stock, valued at $4,629,539,450. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc bought 1,686,368 shares of Occidental Petroleum stock in a transaction that occurred on Monday, October 23rd. The shares were acquired at an average price of $62.80 per share, with a total value of $105,903,910.40. Following the completion of the acquisition, the insider now directly owns 225,815,560 shares of the company’s stock, valued at approximately $14,181,217,168. The disclosure for this purchase can be found here. Insiders own 0.31% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Truist Financial reiterated a “buy” rating and set a $80.00 price objective on shares of Occidental Petroleum in a research note on Wednesday, August 16th. JPMorgan Chase & Co. dropped their price target on shares of Occidental Petroleum from $81.00 to $78.00 and set a “neutral” rating on the stock in a research note on Monday. Bank of America upped their price objective on shares of Occidental Petroleum from $78.00 to $82.00 in a research report on Wednesday, September 27th. Susquehanna lifted their target price on Occidental Petroleum from $72.00 to $78.00 and gave the stock a “positive” rating in a research report on Wednesday, October 18th. Finally, Wolfe Research downgraded Occidental Petroleum from an “outperform” rating to a “peer perform” rating in a report on Friday, November 10th. One analyst has rated the stock with a sell rating, ten have given a hold rating, eight 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 a consensus rating of “Hold” and an average price target of $71.53.

Occidental Petroleum Price Performance

Shares of NYSE:OXY opened at $60.31 on Friday. The company has a quick ratio of 0.70, a current ratio of 0.92 and a debt-to-equity ratio of 0.88. The firm has a 50-day simple moving average of $63.37 and a 200 day simple moving average of $61.49. Occidental Petroleum Co. has a fifty-two week low of $55.51 and a fifty-two week high of $72.88. The company has a market cap of $53.10 billion, a PE ratio of 13.20, a P/E/G ratio of 0.68 and a beta of 1.70.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings results on Tuesday, November 7th. The oil and gas producer reported $1.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.29. Occidental Petroleum had a return on equity of 25.39% and a net margin of 18.26%. The company had revenue of $7.40 billion for the quarter, compared to analysts’ expectations of $7.05 billion. During the same quarter in the previous year, the company posted $2.44 earnings per share. The business’s revenue for the quarter was down 22.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Occidental Petroleum Co. will post 4.12 EPS for the current year.

Occidental Petroleum Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 8th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date of this dividend is Thursday, December 7th. Occidental Petroleum’s dividend payout ratio is currently 15.75%.

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, North Africa, and Latin America. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing.