Insider Buying: Occidental Petroleum Co. (NYSE:OXY) Major Shareholder Purchases $164,799,084.00 in Stock

Occidental Petroleum Co. (NYSE:OXY) major shareholder Berkshire Hathaway Inc bought 3,614,015 shares of Occidental Petroleum stock in a transaction that occurred on Thursday, December 19th. The stock was purchased at an average price of $45.60 per share, with a total value of $164,799,084.00. Following the purchase, the insider now directly owns 264,178,414 shares in the company, valued at $12,046,535,678.40. The trade was a 1.39 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Berkshire Hathaway Inc also recently made the following trade(s):

• On Tuesday, December 17th, Berkshire Hathaway Inc purchased 2,477,362 shares of Occidental Petroleum stock. The stock was acquired at an average price of $46.25 per share, for a total transaction of $114,577,992.50.

Occidental Petroleum Price Performance

NYSE:OXY opened at $47.13 on Friday. The firm has a market cap of $44.22 billion, a P/E ratio of 12.27 and a beta of 1.57. The stock has a 50 day moving average of $50.03 and a two-hundred day moving average of $55.00. Occidental Petroleum Co. has a 12 month low of $45.17 and a 12 month high of $71.18. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 0.96.

Occidental Petroleum Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.87%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio is currently 22.92%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on OXY shares. Scotiabank dropped their price objective on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. BMO Capital Markets cut their price target on Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating on the stock in a research report on Friday, October 4th. Barclays decreased their price objective on Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Jefferies Financial Group raised their target price on Occidental Petroleum from $53.00 to $54.00 and gave the stock a “hold” rating in a report on Tuesday, November 12th. Finally, TD Cowen lowered their price objective on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a research report on Tuesday, November 12th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Occidental Petroleum currently has a consensus rating of “Hold” and an average target price of $62.10.

Institutional Investors Weigh In On Occidental Petroleum

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Atria Wealth Solutions Inc. lifted its stake in shares of Occidental Petroleum by 0.6% in the second quarter. Atria Wealth Solutions Inc. now owns 27,519 shares of the oil and gas producer’s stock worth $1,735,000 after buying an additional 176 shares in the last quarter. Raymond James Trust N.A. lifted its stake in Occidental Petroleum by 1.0% in the 2nd quarter. Raymond James Trust N.A. now owns 17,592 shares of the oil and gas producer’s stock worth $1,109,000 after purchasing an additional 182 shares in the last quarter. Gateway Advisory LLC boosted its holdings in shares of Occidental Petroleum by 3.9% during the 2nd quarter. Gateway Advisory LLC now owns 4,847 shares of the oil and gas producer’s stock worth $306,000 after purchasing an additional 184 shares during the last quarter. Segment Wealth Management LLC grew its position in shares of Occidental Petroleum by 5.2% in the third quarter. Segment Wealth Management LLC now owns 3,973 shares of the oil and gas producer’s stock valued at $205,000 after purchasing an additional 196 shares in the last quarter. Finally, Wealth Alliance Advisory Group LLC lifted its position in Occidental Petroleum by 2.2% during the third quarter. Wealth Alliance Advisory Group LLC now owns 9,191 shares of the oil and gas producer’s stock worth $474,000 after buying an additional 200 shares in the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

About Occidental Petroleum

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.