Occidental Petroleum Co. (NYSE:OXY) Major Shareholder Berkshire Hathaway Inc Purchases 1,060,653 Shares

Occidental Petroleum Co. (NYSE:OXY) major shareholder Berkshire Hathaway Inc acquired 1,060,653 shares of Occidental Petroleum stock in a transaction on Friday, June 14th. The stock was purchased at an average cost of $59.59 per share, with a total value of $63,204,312.27. Following the completion of the transaction, the insider now directly owns 254,947,063 shares in the company, valued at approximately $15,192,295,484.17. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Berkshire Hathaway Inc also recently made the following trade(s):

• On Monday, June 17th, Berkshire Hathaway Inc bought 334,461 shares of Occidental Petroleum stock. The shares were bought at an average cost of $59.75 per share, with a total value of $19,984,044.75.
• On Wednesday, June 12th, Berkshire Hathaway Inc bought 765,899 shares of Occidental Petroleum stock. The shares were bought at an average cost of $60.28 per share, with a total value of $46,168,391.72.
• On Monday, June 10th, Berkshire Hathaway Inc bought 584,550 shares of Occidental Petroleum stock. The shares were bought at an average cost of $60.26 per share, with a total value of $35,224,983.00.
• On Friday, June 7th, Berkshire Hathaway Inc purchased 1,386,844 shares of Occidental Petroleum stock. The shares were acquired at an average price of $59.67 per share, for a total transaction of $82,752,981.48.
• On Wednesday, June 5th, Berkshire Hathaway Inc purchased 524,340 shares of Occidental Petroleum stock. The shares were acquired at an average price of $59.75 per share, for a total transaction of $31,329,315.00.

Occidental Petroleum Price Performance

OXY stock opened at $61.26 on Wednesday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.71 and a current ratio of 0.95. Occidental Petroleum Co. has a 52 week low of $55.12 and a 52 week high of $71.18. The firm’s fifty day moving average is $63.77 and its 200 day moving average is $61.45. The firm has a market cap of $54.32 billion, a P/E ratio of 16.74 and a beta of 1.59.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.01. The business had revenue of $6.01 billion for the quarter, compared to analyst estimates of $6.70 billion. Occidental Petroleum had a net margin of 15.62% and a return on equity of 17.50%. The company’s revenue was down 17.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.09 EPS. Research analysts predict that Occidental Petroleum Co. will post 3.89 earnings per share for the current year.

Occidental Petroleum Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, June 10th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.44%. The ex-dividend date of this dividend is Monday, June 10th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 24.04%.

Institutional Investors Weigh In On Occidental Petroleum

A number of large investors have recently added to or reduced their stakes in OXY. DekaBank Deutsche Girozentrale grew its holdings in Occidental Petroleum by 13.7% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 150,752 shares of the oil and gas producer’s stock worth $9,927,000 after acquiring an additional 18,118 shares during the last quarter. Kestra Advisory Services LLC lifted its position in shares of Occidental Petroleum by 8.1% in the 3rd quarter. Kestra Advisory Services LLC now owns 72,701 shares of the oil and gas producer’s stock worth $4,717,000 after purchasing an additional 5,432 shares during the period. QRG Capital Management Inc. purchased a new stake in shares of Occidental Petroleum in the 3rd quarter worth about $6,580,000. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Occidental Petroleum in the 3rd quarter worth about $335,000. Finally, Nordea Investment Management AB lifted its position in shares of Occidental Petroleum by 25.1% in the 3rd quarter. Nordea Investment Management AB now owns 726,498 shares of the oil and gas producer’s stock worth $47,317,000 after purchasing an additional 145,822 shares during the period. Institutional investors own 88.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on OXY. Mizuho upped their price target on shares of Occidental Petroleum from $70.00 to $71.00 and gave the company a “neutral” rating in a research note on Wednesday, May 8th. Citigroup lowered their target price on shares of Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating on the stock in a research note on Friday, May 24th. Barclays initiated coverage on shares of Occidental Petroleum in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $73.00 target price on the stock. Truist Financial lowered shares of Occidental Petroleum from a “buy” rating to a “hold” rating and decreased their price target for the stock from $84.00 to $69.00 in a report on Thursday, May 16th. Finally, Scotiabank raised shares of Occidental Petroleum from a “sector perform” rating to a “sector outperform” rating and increased their price target for the stock from $63.00 to $90.00 in a report on Thursday, April 11th. Eleven equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $71.50.

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.