Pinnacle Wealth Management LLC purchased a new position in Occidental Petroleum Co. (NYSE:OXY – Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 26,133 shares of the oil and gas producer’s stock, valued at approximately $1,537,000.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Berkshire Hathaway Inc increased its holdings in Occidental Petroleum by 8.9% in the first quarter. Berkshire Hathaway Inc now owns 211,707,119 shares of the oil and gas producer’s stock valued at $13,216,875,000 after buying an additional 17,355,469 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Occidental Petroleum by 26.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 9,687,278 shares of the oil and gas producer’s stock worth $569,612,000 after acquiring an additional 1,998,851 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Occidental Petroleum by 2.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 5,035,799 shares of the oil and gas producer’s stock worth $285,732,000 after purchasing an additional 118,928 shares during the last quarter. Moneta Group Investment Advisors LLC acquired a new position in Occidental Petroleum in the fourth quarter valued at approximately $267,173,000. Finally, First Trust Advisors LP raised its holdings in Occidental Petroleum by 87.9% during the first quarter. First Trust Advisors LP now owns 3,276,078 shares of the oil and gas producer’s stock worth $185,885,000 after purchasing an additional 1,532,100 shares in the last quarter. Institutional investors and hedge funds own 77.54% of the company’s stock.
Wall Street Analyst Weigh In
OXY has been the topic of a number of recent analyst reports. Roth Mkm reaffirmed a “neutral” rating and issued a $60.00 target price on shares of Occidental Petroleum in a research report on Tuesday, September 12th. UBS Group lifted their target price on Occidental Petroleum from $72.00 to $74.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 4th. JPMorgan Chase & Co. decreased their target price on Occidental Petroleum from $81.00 to $78.00 and set a “neutral” rating for the company in a research report on Monday, November 13th. Bank of America lifted their price target on Occidental Petroleum from $78.00 to $82.00 in a research report on Wednesday, September 27th. Finally, Raymond James lowered their target price on shares of Occidental Petroleum from $80.00 to $75.00 and set a “strong-buy” rating on the stock in a research report on Monday, July 24th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $71.53.
Insider Buying and Selling at Occidental Petroleum
In related news, major shareholder Petroleum Corp /De/ Occidental sold 5,100,000 shares of the stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $25.00, for a total value of $127,500,000.00. Following the transaction, the insider now directly owns 185,181,578 shares of the company’s stock, valued at approximately $4,629,539,450. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc acquired 1,686,368 shares of the company’s stock in a transaction dated Monday, October 23rd. The stock was bought at an average price of $62.80 per share, with a total value of $105,903,910.40. Following the completion of the transaction, the insider now directly owns 225,815,560 shares of the company’s stock, valued at $14,181,217,168. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Petroleum Corp /De/ Occidental sold 5,100,000 shares of the company’s stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $25.00, for a total transaction of $127,500,000.00. Following the sale, the insider now directly owns 185,181,578 shares of the company’s stock, valued at $4,629,539,450. The disclosure for this sale can be found here. 0.31% of the stock is owned by company insiders.
Occidental Petroleum Trading Up 1.1 %
OXY stock traded up $0.65 during midday trading on Friday, hitting $60.96. The stock had a trading volume of 9,185,996 shares, compared to its average volume of 8,505,625. The company’s 50-day moving average price is $63.29 and its 200 day moving average price is $61.49. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.92 and a quick ratio of 0.70. The firm has a market cap of $53.67 billion, a PE ratio of 13.34, a price-to-earnings-growth ratio of 0.67 and a beta of 1.70. Occidental Petroleum Co. has a 12-month low of $55.51 and a 12-month high of $72.88.
Occidental Petroleum (NYSE:OXY – Get Free Report) last announced its quarterly earnings data on Tuesday, November 7th. The oil and gas producer reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.29. The business had revenue of $7.40 billion during the quarter, compared to the consensus estimate of $7.05 billion. Occidental Petroleum had a return on equity of 25.39% and a net margin of 18.26%. The business’s revenue for the quarter was down 22.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.44 earnings per share. On average, equities research analysts predict that Occidental Petroleum Co. will post 4.12 earnings per share for the current fiscal year.
Occidental Petroleum Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Friday, December 8th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.18%. The ex-dividend date is Thursday, December 7th. Occidental Petroleum’s dividend payout ratio (DPR) is 15.75%.
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, North Africa, and Latin America. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing.
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