Sendero Wealth Management LLC Boosts Position in Occidental Petroleum Co. (NYSE:OXY)

Sendero Wealth Management LLC raised its stake in Occidental Petroleum Co. (NYSE:OXY) by 50.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,688 shares of the oil and gas producer’s stock after buying an additional 3,585 shares during the period. Sendero Wealth Management LLC’s holdings in Occidental Petroleum were worth $695,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of the stock. SeaCrest Wealth Management LLC grew its stake in Occidental Petroleum by 8.9% in the fourth quarter. SeaCrest Wealth Management LLC now owns 5,825 shares of the oil and gas producer’s stock worth $343,000 after purchasing an additional 474 shares in the last quarter. Cullen Investment Group LTD. bought a new stake in shares of Occidental Petroleum in the fourth quarter valued at about $1,006,000. Koshinski Asset Management Inc. lifted its stake in Occidental Petroleum by 53.9% in the fourth quarter. Koshinski Asset Management Inc. now owns 48,179 shares of the oil and gas producer’s stock worth $2,877,000 after acquiring an additional 16,871 shares during the period. Assenagon Asset Management S.A. grew its holdings in Occidental Petroleum by 1,279.7% during the 4th quarter. Assenagon Asset Management S.A. now owns 231,899 shares of the oil and gas producer’s stock worth $13,847,000 after acquiring an additional 215,091 shares in the last quarter. Finally, Bridgefront Capital LLC purchased a new position in Occidental Petroleum during the 4th quarter valued at about $763,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on OXY. Morgan Stanley increased their price objective on shares of Occidental Petroleum from $66.00 to $72.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Scotiabank raised Occidental Petroleum from a “sector perform” rating to a “sector outperform” rating and boosted their price target for the stock from $63.00 to $90.00 in a research report on Thursday, April 11th. HSBC started coverage on Occidental Petroleum in a research note on Monday, April 8th. They set a “hold” rating and a $65.00 price objective for the company. Wells Fargo & Company boosted their target price on shares of Occidental Petroleum from $68.00 to $69.00 and gave the stock an “equal weight” rating in a report on Friday, June 21st. Finally, StockNews.com upgraded shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Friday, March 15th. Eleven analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $71.56.

Occidental Petroleum Stock Performance

Shares of OXY stock traded up $0.34 during mid-day trading on Friday, reaching $63.03. The stock had a trading volume of 8,333,876 shares, compared to its average volume of 8,074,386. Occidental Petroleum Co. has a 1-year low of $55.12 and a 1-year high of $71.18. The firm has a market cap of $55.88 billion, a price-to-earnings ratio of 17.22 and a beta of 1.59. The company has a current ratio of 0.95, a quick ratio of 0.71 and a debt-to-equity ratio of 0.82. The business’s fifty day moving average is $62.94 and its 200-day moving average is $61.70.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.01. The company had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $6.70 billion. Occidental Petroleum had a net margin of 15.62% and a return on equity of 17.50%. The firm’s quarterly revenue was down 17.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.09 earnings per share. On average, research analysts forecast that Occidental Petroleum Co. will post 3.88 earnings per share for the current year.

Occidental Petroleum Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, June 10th will be given a dividend of $0.22 per share. The ex-dividend date is Monday, June 10th. This represents a $0.88 annualized dividend and a yield of 1.40%. Occidental Petroleum’s dividend payout ratio is presently 24.04%.

Insider Buying and Selling at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 1,386,844 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were purchased at an average cost of $59.67 per share, for a total transaction of $82,752,981.48. Following the transaction, the insider now directly owns 250,583,605 shares of the company’s stock, valued at $14,952,323,710.35. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last quarter, insiders bought 4,656,747 shares of company stock valued at $278,664,028. Corporate insiders own 0.31% 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.