Seven Eight Capital LP Purchases Shares of 31,725 Occidental Petroleum Co. (NYSE:OXY)

Seven Eight Capital LP purchased a new stake in shares of Occidental Petroleum Co. (NYSE:OXY) in the second quarter, Holdings Channel reports. The firm purchased 31,725 shares of the oil and gas producer’s stock, valued at approximately $2,000,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Berkshire Hathaway Inc increased its stake in Occidental Petroleum by 8.7% during the 4th quarter. Berkshire Hathaway Inc now owns 243,715,804 shares of the oil and gas producer’s stock valued at $14,552,271,000 after purchasing an additional 19,586,612 shares in the last quarter. American Century Companies Inc. increased its stake in Occidental Petroleum by 16.8% during the 2nd quarter. American Century Companies Inc. now owns 3,707,555 shares of the oil and gas producer’s stock valued at $233,687,000 after purchasing an additional 532,318 shares in the last quarter. Cooke & Bieler LP grew its stake in shares of Occidental Petroleum by 53.1% in the 2nd quarter. Cooke & Bieler LP now owns 1,450,064 shares of the oil and gas producer’s stock worth $91,398,000 after acquiring an additional 503,173 shares in the last quarter. Epoch Investment Partners Inc. grew its stake in shares of Occidental Petroleum by 52.8% in the 4th quarter. Epoch Investment Partners Inc. now owns 1,399,569 shares of the oil and gas producer’s stock worth $83,568,000 after acquiring an additional 483,422 shares in the last quarter. Finally, Clean Energy Transition LLP bought a new stake in shares of Occidental Petroleum in the 1st quarter worth $67,601,000. Institutional investors own 88.70% of the company’s stock.

Insider Buying and Selling at Occidental Petroleum

In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total value of $697,125,000.00. Following the sale, the insider now directly owns 165,681,578 shares of the company’s stock, valued at $5,923,116,413.50. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on OXY shares. Stephens reiterated an “overweight” rating and issued a $76.00 target price on shares of Occidental Petroleum in a research note on Thursday, August 8th. UBS Group reduced their target price on shares of Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating for the company in a research note on Wednesday. Truist Financial reduced their target price on shares of Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating for the company in a research note on Monday, August 12th. Susquehanna reduced their target price on shares of Occidental Petroleum from $81.00 to $78.00 and set a “positive” rating for the company in a research note on Wednesday, September 4th. Finally, Wolfe Research initiated coverage on shares of Occidental Petroleum in a research note on Thursday, July 18th. They issued an “outperform” rating and a $81.00 target price for the company. Nine investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Occidental Petroleum currently has a consensus rating of “Hold” and an average price target of $71.60.

Occidental Petroleum Price Performance

NYSE OXY opened at $51.77 on Thursday. The company has a market cap of $46.88 billion, a PE ratio of 14.14 and a beta of 1.58. Occidental Petroleum Co. has a 52 week low of $49.90 and a 52 week high of $71.18. The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 0.77. The firm’s 50-day simple moving average is $57.29 and its two-hundred day simple moving average is $61.38.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, beating the consensus estimate of $0.77 by $0.26. The business had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.93 billion. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The company’s revenue was up 2.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.68 earnings per share. Research analysts predict that Occidental Petroleum Co. will post 3.71 earnings per share for the current year.

Occidental Petroleum Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 10th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.70%. The ex-dividend date of this dividend is Tuesday, September 10th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 24.04%.

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.