Segment Wealth Management LLC Raises Stake in Occidental Petroleum Co. (NYSE:OXY)

Segment Wealth Management LLC raised its stake in Occidental Petroleum Co. (NYSE:OXY) by 5.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,973 shares of the oil and gas producer’s stock after buying an additional 196 shares during the period. Segment Wealth Management LLC’s holdings in Occidental Petroleum were worth $205,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Investment Research & Advisory Group Inc. grew its stake 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. New Covenant Trust Company N.A. bought a new position in shares of Occidental Petroleum during the 1st quarter worth $44,000. LRI Investments LLC purchased a new position in shares of Occidental Petroleum during the first quarter valued at $44,000. Strategic Financial Concepts LLC bought a new stake in shares of Occidental Petroleum in the second quarter valued at about $53,000. Finally, Exchange Traded Concepts LLC bought a new position in Occidental Petroleum during the 3rd quarter worth about $87,000. 88.70% of the stock is currently owned by institutional investors.

Occidental Petroleum Stock Performance

Shares of OXY opened at $51.32 on Thursday. The stock has a 50-day moving average of $53.71 and a two-hundred day moving average of $59.46. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.75 and a current ratio of 1.04. The stock has a market cap of $45.50 billion, a P/E ratio of 14.02 and a beta of 1.57. Occidental Petroleum Co. has a one year low of $49.75 and a one year high of $71.18.

Occidental Petroleum (NYSE:OXY) last issued its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.26. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The firm 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 earned $0.68 earnings per share. Occidental Petroleum’s revenue for the quarter was up 2.2% on a year-over-year basis. As a group, research analysts predict that Occidental Petroleum Co. will post 3.43 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on OXY. Evercore ISI dropped their price objective on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a research note on Monday, September 30th. Barclays cut their price target on Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. StockNews.com cut Occidental Petroleum from a “hold” rating to a “sell” rating in a research note on Saturday, October 5th. Truist Financial cut their target price on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a research note on Monday, September 30th. Finally, Scotiabank decreased their price target on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $65.72.

Insider Activity at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the 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 sale, the insider now directly owns 165,681,578 shares of the company’s stock, valued at approximately $5,923,116,413.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.31% of the stock is currently owned by insiders.

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.