Belpointe Asset Management LLC Lowers Holdings in Occidental Petroleum Co. (NYSE:OXY)

Belpointe Asset Management LLC reduced its stake in Occidental Petroleum Co. (NYSE:OXY) by 13.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,075 shares of the oil and gas producer’s stock after selling 2,179 shares during the period. Belpointe Asset Management LLC’s holdings in Occidental Petroleum were worth $887,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of OXY. CapWealth Advisors LLC increased its stake in Occidental Petroleum by 2.7% during the 1st quarter. CapWealth Advisors LLC now owns 6,105 shares of the oil and gas producer’s stock valued at $397,000 after purchasing an additional 162 shares in the last quarter. Meeder Advisory Services Inc. increased its position in shares of Occidental Petroleum by 2.0% during the first quarter. Meeder Advisory Services Inc. now owns 8,503 shares of the oil and gas producer’s stock valued at $553,000 after acquiring an additional 164 shares in the last quarter. Investment Research & Advisory Group Inc. raised its holdings in Occidental Petroleum by 75.2% in the 1st quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock worth $25,000 after acquiring an additional 167 shares during the last quarter. Earnest Partners LLC lifted its position in Occidental Petroleum by 2.6% in the 1st quarter. Earnest Partners LLC now owns 6,850 shares of the oil and gas producer’s stock valued at $445,000 after acquiring an additional 173 shares in the last quarter. Finally, Proficio Capital Partners LLC boosted its stake in Occidental Petroleum by 0.8% during the 1st quarter. Proficio Capital Partners LLC now owns 20,911 shares of the oil and gas producer’s stock valued at $1,359,000 after purchasing an additional 175 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on OXY. Wells Fargo & Company lowered their price target on Occidental Petroleum from $68.00 to $65.00 and set an “equal weight” rating on the stock in a report on Friday, August 9th. UBS Group upped their target price on shares of Occidental Petroleum from $69.00 to $70.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Wolfe Research started coverage on shares of Occidental Petroleum in a report on Thursday, July 18th. They set an “outperform” rating and a $81.00 price target on the stock. Truist Financial decreased their price objective on shares of Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating for the company in a report on Monday, August 12th. Finally, Stephens restated an “overweight” rating and issued a $76.00 target price on shares of Occidental Petroleum in a report on Thursday, August 8th. Ten investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $71.50.

Insider Transactions at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 765,899 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The shares were bought at an average price of $60.28 per share, with a total value of $46,168,391.72. Following the purchase, the insider now owns 252,333,913 shares of the company’s stock, valued at $15,210,688,275.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the completion of the transaction, the insider now owns 165,681,578 shares in the company, valued at $5,923,116,413.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Berkshire Hathaway Inc bought 765,899 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The stock was purchased at an average price of $60.28 per share, for a total transaction of $46,168,391.72. Following the completion of the transaction, the insider now directly owns 252,333,913 shares of the company’s stock, valued at approximately $15,210,688,275.64. The disclosure for this purchase can be found here. Insiders acquired a total of 2,745,563 shares of company stock valued at $164,581,732 over the last 90 days. Company insiders own 0.31% of the company’s stock.

Occidental Petroleum Stock Down 1.6 %

NYSE OXY opened at $53.74 on Friday. The stock’s 50-day moving average price is $59.18 and its 200-day moving average price is $61.94. The company has a market capitalization of $48.67 billion, a P/E ratio of 14.68 and a beta of 1.58. The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 0.77. Occidental Petroleum Co. has a 52 week low of $53.60 and a 52 week high of $71.18.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.26. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The firm had revenue of $6.88 billion during the quarter, compared to analysts’ expectations of $6.93 billion. During the same period in the prior year, the company posted $0.68 earnings per share. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. On average, equities research analysts predict that Occidental Petroleum Co. will post 3.69 earnings per share for the current year.

Occidental Petroleum Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, September 10th will be given a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $0.88 annualized dividend and a dividend yield of 1.64%. Occidental Petroleum’s payout ratio is 24.04%.

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.