Global Assets Advisory LLC Makes New Investment in Occidental Petroleum Co. (NYSE:OXY)

Global Assets Advisory LLC bought a new stake in Occidental Petroleum Co. (NYSE:OXY) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 23,499 shares of the oil and gas producer’s stock, valued at approximately $1,527,000.

Other hedge funds also recently modified their holdings of the company. Orion Capital Management LLC bought a new position in shares of Occidental Petroleum in the third quarter valued at approximately $27,000. TLW Wealth Management LLC purchased a new position in Occidental Petroleum in the fourth quarter worth $28,000. Grove Bank & Trust grew its stake in Occidental Petroleum by 86.0% in the 4th quarter. Grove Bank & Trust now owns 519 shares of the oil and gas producer’s stock valued at $31,000 after purchasing an additional 240 shares during the period. Criterion Capital Advisors LLC bought a new stake in shares of Occidental Petroleum during the 4th quarter worth $34,000. Finally, BKM Wealth Management LLC purchased a new position in shares of Occidental Petroleum in the 4th quarter worth about $35,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. StockNews.com upgraded shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Friday, March 15th. Truist Financial cut shares of Occidental Petroleum from a “buy” rating to a “hold” rating and lowered their price target for the stock from $84.00 to $69.00 in a report on Thursday, May 16th. Barclays assumed coverage on Occidental Petroleum in a report on Wednesday, April 10th. They set an “equal weight” rating and a $73.00 price objective for the company. Mizuho boosted their target price on Occidental Petroleum from $70.00 to $71.00 and gave the company a “neutral” rating in a research note on Wednesday, May 8th. Finally, Wells Fargo & Company increased their target price on shares of Occidental Petroleum from $68.00 to $69.00 and gave the stock an “equal weight” rating in a research report on Friday, June 21st. Eleven investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $71.56.

Occidental Petroleum Trading Down 0.4 %

Occidental Petroleum stock opened at $62.87 on Thursday. The stock has a market cap of $55.74 billion, a P/E ratio of 17.18 and a beta of 1.59. Occidental Petroleum Co. has a fifty-two week low of $55.12 and a fifty-two week high of $71.18. The firm’s fifty day moving average price is $63.14 and its 200-day moving average price is $61.64. 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 (NYSE:OXY) last announced its earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 earnings per share 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 return on equity of 17.50% and a net margin of 15.62%. The company’s quarterly revenue was down 17.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.09 EPS. Equities research analysts forecast that Occidental Petroleum Co. will post 3.88 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, June 10th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Monday, June 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.40%. Occidental Petroleum’s dividend payout ratio is presently 24.04%.

Insider Transactions at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc acquired 524,340 shares of the company’s stock in a transaction dated Wednesday, June 5th. The stock was bought at an average cost of $59.75 per share, with a total value of $31,329,315.00. Following the acquisition, the insider now owns 248,542,468 shares of the company’s stock, valued at approximately $14,850,412,463. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have purchased 4,656,747 shares of company stock valued at $278,664,028 in the last quarter. 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.