Cheviot Value Management LLC Makes New Investment in Occidental Petroleum Co. (NYSE:OXY)

Cheviot Value Management LLC bought a new position in Occidental Petroleum Co. (NYSE:OXY) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 35,228 shares of the oil and gas producer’s stock, valued at approximately $2,220,000.

A number of other large investors have also added to or reduced their stakes in OXY. Investment Research & Advisory Group Inc. raised its holdings in Occidental Petroleum by 75.2% in the first quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 167 shares in the last quarter. LifeSteps Financial Inc. purchased a new stake in shares of Occidental Petroleum during the first quarter worth about $34,000. Able Wealth Management LLC purchased a new stake in shares of Occidental Petroleum during the fourth quarter worth about $38,000. New Covenant Trust Company N.A. purchased a new stake in shares of Occidental Petroleum during the first quarter worth about $44,000. Finally, LRI Investments LLC purchased a new stake in shares of Occidental Petroleum during the first quarter worth about $44,000. 88.70% of the stock is currently owned by institutional investors.

Occidental Petroleum Trading Up 1.2 %

Occidental Petroleum stock opened at $52.24 on Tuesday. The company has a current ratio of 1.04, a quick ratio of 0.75 and a debt-to-equity ratio of 0.77. Occidental Petroleum Co. has a 12 month low of $49.90 and a 12 month high of $71.18. The stock’s 50 day simple moving average is $56.71 and its two-hundred day simple moving average is $61.20. The firm has a market cap of $46.32 billion, a PE ratio of 14.27 and a beta of 1.58.

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, topping the consensus estimate of $0.77 by $0.26. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The business had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.93 billion. During the same quarter in the prior year, the firm posted $0.68 EPS. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. Analysts anticipate that Occidental Petroleum Co. will post 3.71 earnings per share for the current year.

Occidental Petroleum Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, September 10th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.68%. The ex-dividend date is Tuesday, September 10th. Occidental Petroleum’s payout ratio is 24.04%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Truist Financial dropped their price target on Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating on the stock in a research note on Monday, August 12th. StockNews.com lowered Occidental Petroleum from a “hold” rating to a “sell” rating in a research note on Thursday, September 19th. Scotiabank dropped their price target on Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. Wolfe Research assumed coverage on Occidental Petroleum in a research note on Thursday, July 18th. They set an “outperform” rating and a $81.00 price target on the stock. Finally, Mizuho dropped their target price on Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Occidental Petroleum has a consensus rating of “Hold” and an average target price of $71.60.

Insider Transactions at Occidental Petroleum

In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the company’s stock in a transaction that occurred on 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 directly owns 165,681,578 shares of the company’s stock, valued at approximately $5,923,116,413.50. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate 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.