Himalaya Capital Management LLC Acquires New Stake in Occidental Petroleum Co. (NYSE:OXY)

Himalaya Capital Management LLC bought a new stake in Occidental Petroleum Co. (NYSE:OXY) in the 2nd quarter, Holdings Channel reports. The institutional investor bought 1,466,500 shares of the oil and gas producer’s stock, valued at approximately $92,433,000. Occidental Petroleum accounts for about 3.6% of Himalaya Capital Management LLC’s investment portfolio, making the stock its 7th largest position.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in OXY. Commerce Bank boosted its holdings in shares of Occidental Petroleum by 0.9% during the fourth quarter. Commerce Bank now owns 31,159 shares of the oil and gas producer’s stock worth $1,861,000 after purchasing an additional 271 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in Occidental Petroleum by 2.0% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 176,454 shares of the oil and gas producer’s stock worth $10,536,000 after buying an additional 3,448 shares during the last quarter. Bell & Brown Wealth Advisors LLC acquired a new position in shares of Occidental Petroleum during the 4th quarter valued at about $2,720,000. United Services Automobile Association lifted its holdings in shares of Occidental Petroleum by 7.4% during the 4th quarter. United Services Automobile Association now owns 19,251 shares of the oil and gas producer’s stock worth $1,149,000 after acquiring an additional 1,320 shares during the period. Finally, Pine Valley Investments Ltd Liability Co boosted its position in shares of Occidental Petroleum by 32.3% in the fourth quarter. Pine Valley Investments Ltd Liability Co now owns 4,183 shares of the oil and gas producer’s stock worth $250,000 after acquiring an additional 1,022 shares during the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the firm’s stock in a transaction on Wednesday, August 14th. The shares were 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 document filed with the SEC, which is available through this hyperlink. 0.31% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on OXY shares. Stephens reaffirmed an “overweight” rating and set a $76.00 price target on shares of Occidental Petroleum in a research report on Thursday, August 8th. Wolfe Research assumed coverage on Occidental Petroleum in a research report on Thursday, July 18th. They issued an “outperform” rating and a $81.00 target price on the stock. UBS Group lowered their price target on Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating for the company in a research report on Wednesday, September 18th. Truist Financial cut their price objective on Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating on the stock in a report on Monday, August 12th. Finally, Mizuho decreased their target price on Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating for the company in a report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $71.60.

Occidental Petroleum Stock Performance

NYSE:OXY opened at $52.24 on Tuesday. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.04 and a quick ratio of 0.75. The firm has a 50-day moving average of $56.71 and a two-hundred day moving average of $61.20. The stock has a market cap of $46.32 billion, a P/E ratio of 14.27 and a beta of 1.58. Occidental Petroleum Co. has a 1-year low of $49.90 and a 1-year high of $71.18.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings results 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 analysts’ expectations of $6.93 billion. During the same quarter in the previous year, the firm posted $0.68 earnings per share. The company’s revenue was up 2.2% compared to the same quarter last year. On average, research analysts expect that Occidental Petroleum Co. will post 3.71 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, September 10th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.68%. 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.