Alpha Paradigm Partners LLC bought a new stake in Occidental Petroleum Co. (NYSE:OXY – Get Rating) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 7,528 shares of the oil and gas producer’s stock, valued at approximately $463,000.
A number of other hedge funds have also made changes to their positions in the business. Selway Asset Management purchased a new stake in Occidental Petroleum during the 3rd quarter worth $37,000. Accel Wealth Management grew its holdings in Occidental Petroleum by 1,176.5% during the 3rd quarter. Accel Wealth Management now owns 651 shares of the oil and gas producer’s stock worth $43,000 after acquiring an additional 600 shares in the last quarter. Worth Asset Management LLC acquired a new position in Occidental Petroleum during the 1st quarter worth $58,000. M&R Capital Management Inc. acquired a new position in Occidental Petroleum during the 3rd quarter worth $61,000. Finally, Old North State Trust LLC acquired a new position in Occidental Petroleum during the 3rd quarter worth $68,000. Hedge funds and other institutional investors own 78.45% of the company’s stock.
Wall Street Analyst Weigh In
OXY has been the topic of several recent research reports. Piper Sandler cut their price objective on shares of Occidental Petroleum from $76.00 to $69.00 and set a “neutral” rating on the stock in a research report on Monday, December 19th. Evercore ISI downgraded shares of Occidental Petroleum from an “in-line” rating to an “underperform” rating and cut their price objective for the company from $74.00 to $60.00 in a research report on Wednesday, February 22nd. Citigroup lifted their price objective on shares of Occidental Petroleum from $67.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday, November 17th. The Goldman Sachs Group upgraded shares of Occidental Petroleum from a “neutral” rating to a “buy” rating and set a $81.00 price target on the stock in a research report on Tuesday, February 14th. Finally, Barclays dropped their price target on shares of Occidental Petroleum from $74.00 to $70.00 and set an “overweight” rating on the stock in a research report on Monday, January 23rd. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Occidental Petroleum presently has an average rating of “Hold” and a consensus price target of $75.72.
Occidental Petroleum Stock Performance
Occidental Petroleum (NYSE:OXY – Get Rating) last posted its earnings results on Monday, February 27th. The oil and gas producer reported $1.61 EPS for the quarter, missing the consensus estimate of $1.83 by ($0.22). The business had revenue of $8.22 billion during the quarter, compared to the consensus estimate of $8.21 billion. Occidental Petroleum had a return on equity of 52.68% and a net margin of 35.87%. The business’s revenue was up 97.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.48 earnings per share. Research analysts expect that Occidental Petroleum Co. will post 6.12 EPS for the current fiscal year.
Occidental Petroleum Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 17th. Stockholders of record on Friday, March 10th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.20%. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.13. The ex-dividend date is Thursday, March 9th. Occidental Petroleum’s payout ratio is presently 5.82%.
Insider Transactions at Occidental Petroleum
In other news, major shareholder Berkshire Hathaway Inc acquired 1,678,017 shares of Occidental Petroleum stock in a transaction dated Monday, March 6th. The stock was acquired at an average cost of $61.56 per share, for a total transaction of $103,298,726.52. Following the completion of the purchase, the insider now owns 198,392,755 shares of the company’s stock, valued at $12,213,057,997.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.31% of the stock is owned by corporate insiders.
Occidental Petroleum Company Profile
Occidental Petroleum Corp. engages in the exploration and production of oil and natural gas. It operates through the following segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops and produces oil and condensate, natural gas liquids and natural gas.
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