Steel Grove Capital Advisors LLC Increases Stake in Occidental Petroleum Co. (NYSE:OXY)

Steel Grove Capital Advisors LLC increased its position in shares of Occidental Petroleum Co. (NYSE:OXY) by 20.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,458 shares of the oil and gas producer’s stock after purchasing an additional 940 shares during the period. Steel Grove Capital Advisors LLC’s holdings in Occidental Petroleum were worth $355,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Lazard Asset Management LLC lifted its holdings in Occidental Petroleum by 5.0% during the 1st quarter. Lazard Asset Management LLC now owns 12,470 shares of the oil and gas producer’s stock valued at $809,000 after buying an additional 589 shares in the last quarter. LRI Investments LLC bought a new position in Occidental Petroleum in the first quarter worth approximately $51,000. 1832 Asset Management L.P. increased its holdings in Occidental Petroleum by 42.8% during the 1st quarter. 1832 Asset Management L.P. now owns 59,634 shares of the oil and gas producer’s stock worth $3,876,000 after purchasing an additional 17,867 shares during the period. Elkhorn Partners Limited Partnership raised its position in Occidental Petroleum by 516.3% during the 1st quarter. Elkhorn Partners Limited Partnership now owns 10,600 shares of the oil and gas producer’s stock valued at $689,000 after purchasing an additional 8,880 shares in the last quarter. Finally, Clean Energy Transition LLP bought a new position in shares of Occidental Petroleum during the 1st quarter worth $67,601,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 334,461 shares of the firm’s stock in a transaction dated Monday, June 17th. The shares were purchased at an average price of $59.75 per share, for a total transaction of $19,984,044.75. Following the transaction, the insider now directly owns 255,281,524 shares of the company’s stock, valued at approximately $15,253,071,059. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last three months, insiders have acquired 4,656,747 shares of company stock valued at $278,664,028. Company insiders own 0.31% of the company’s stock.

Occidental Petroleum Stock Performance

OXY stock traded up $0.01 during trading on Friday, hitting $60.54. 5,189,137 shares of the company traded hands, compared to its average volume of 6,353,382. The company has a market cap of $53.68 billion, a PE ratio of 16.54 and a beta of 1.61. Occidental Petroleum Co. has a 1 year low of $55.12 and a 1 year high of $71.18. The stock’s 50-day simple moving average is $61.58 and its 200 day simple moving average is $62.03. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.95 and a quick ratio of 0.71.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 EPS for the quarter, beating the consensus estimate of $0.62 by $0.01. Occidental Petroleum had a net margin of 15.62% and a return on equity of 17.50%. The company had revenue of $6.01 billion for the quarter, compared to analyst estimates of $6.70 billion. During the same quarter last year, the business earned $1.09 earnings per share. The firm’s revenue was down 17.2% on a year-over-year basis. On average, equities analysts expect that Occidental Petroleum Co. will post 3.66 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 10th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.45%. Occidental Petroleum’s dividend payout ratio is currently 24.04%.

Analysts Set New Price Targets

A number of research analysts have commented on OXY shares. Wells Fargo & Company cut their target price on shares of Occidental Petroleum from $69.00 to $68.00 and set an “equal weight” rating on the stock in a research report on Friday, July 12th. Truist Financial reduced their price target on Occidental Petroleum from $69.00 to $67.00 and set a “hold” rating for the company in a research report on Monday, July 22nd. Scotiabank dropped their price objective on Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. Citigroup decreased their price target on shares of Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating for the company in a research report on Friday, May 24th. Finally, Barclays started coverage on shares of Occidental Petroleum in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $73.00 target price for the company. Ten research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Occidental Petroleum has a consensus rating of “Hold” and a consensus price target of $72.31.

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.