Morris Capital Advisors LLC Purchases New Position in Occidental Petroleum Co. (NYSE:OXY)

Morris Capital Advisors LLC purchased a new stake in shares of Occidental Petroleum Co. (NYSE:OXYGet Rating) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 55,414 shares of the oil and gas producer’s stock, valued at approximately $3,263,000. Occidental Petroleum accounts for approximately 2.9% of Morris Capital Advisors LLC’s holdings, making the stock its 12th biggest position.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. American International Group Inc. boosted its stake in Occidental Petroleum by 0.3% during the fourth quarter. American International Group Inc. now owns 315,030 shares of the oil and gas producer’s stock worth $9,133,000 after acquiring an additional 844 shares in the last quarter. Schroder Investment Management Group boosted its stake in Occidental Petroleum by 608.9% during the fourth quarter. Schroder Investment Management Group now owns 1,468,484 shares of the oil and gas producer’s stock worth $42,571,000 after acquiring an additional 1,261,338 shares in the last quarter. Siemens Fonds Invest GmbH boosted its stake in Occidental Petroleum by 9.5% during the fourth quarter. Siemens Fonds Invest GmbH now owns 9,540 shares of the oil and gas producer’s stock worth $276,000 after acquiring an additional 827 shares in the last quarter. Mutual Advisors LLC bought a new stake in Occidental Petroleum during the fourth quarter worth about $316,000. Finally, Nissay Asset Management Corp Japan ADV boosted its stake in Occidental Petroleum by 1.8% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 98,866 shares of the oil and gas producer’s stock worth $2,866,000 after acquiring an additional 1,744 shares in the last quarter. Hedge funds and other institutional investors own 78.83% of the company’s stock.

Wall Street Analysts Forecast Growth

OXY has been the topic of several analyst reports. Mizuho dropped their target price on shares of Occidental Petroleum from $89.00 to $84.00 and set a “buy” rating on the stock in a research note on Tuesday, July 19th. Barclays dropped their target price on shares of Occidental Petroleum from $79.00 to $75.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 31st. Piper Sandler dropped their target price on shares of Occidental Petroleum from $93.00 to $92.00 and set an “overweight” rating on the stock in a research note on Monday, September 12th. The Goldman Sachs Group cut shares of Occidental Petroleum from a “buy” rating to a “neutral” rating and set a $70.00 target price for the company. in a report on Monday, July 11th. Finally, StockNews.com cut shares of Occidental Petroleum from a “buy” rating to a “hold” rating in a report on Wednesday, August 3rd. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Occidental Petroleum currently has an average rating of “Hold” and an average target price of $71.74.

Occidental Petroleum Price Performance

Shares of NYSE:OXY traded down $3.11 during midday trading on Friday, reaching $58.77. 1,517,417 shares of the company were exchanged, compared to its average volume of 23,702,980. The company has a current ratio of 1.07, a quick ratio of 0.91 and a debt-to-equity ratio of 1.20. The business’s fifty day moving average is $65.44 and its two-hundred day moving average is $62.08. Occidental Petroleum Co. has a one year low of $26.05 and a one year high of $77.13. The stock has a market cap of $55.08 billion, a PE ratio of 5.75, a price-to-earnings-growth ratio of 0.37 and a beta of 1.83.

Occidental Petroleum (NYSE:OXYGet Rating) last issued its earnings results on Tuesday, August 2nd. The oil and gas producer reported $3.16 earnings per share for the quarter, topping analysts’ consensus estimates of $2.93 by $0.23. Occidental Petroleum had a net margin of 32.25% and a return on equity of 60.25%. The firm had revenue of $10.74 billion during the quarter, compared to analyst estimates of $9.74 billion. During the same quarter in the prior year, the business earned $0.32 earnings per share. As a group, analysts predict that Occidental Petroleum Co. will post 11.01 earnings per share for the current year.

Occidental Petroleum Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Monday, September 12th will be given a dividend of $0.13 per share. The ex-dividend date is Friday, September 9th. This represents a $0.52 annualized dividend and a yield of 0.88%. Occidental Petroleum’s dividend payout ratio (DPR) is currently 5.13%.

Insider Buying and Selling at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc acquired 4,845,546 shares of the stock in a transaction on Friday, July 1st. The stock was acquired at an average price of $59.01 per share, for a total transaction of $285,935,669.46. Following the completion of the transaction, the insider now directly owns 163,395,275 shares of the company’s stock, valued at $9,641,955,177.75. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, major shareholder Berkshire Hathaway Inc bought 4,845,546 shares of the stock in a transaction dated Friday, July 1st. The stock was purchased at an average price of $59.01 per share, for a total transaction of $285,935,669.46. Following the acquisition, the insider now owns 163,395,275 shares of the company’s stock, valued at $9,641,955,177.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Petroleum Corp /De/ Occidental sold 10,000,000 shares of the firm’s stock in a transaction dated Thursday, July 21st. The stock was sold at an average price of $25.25, for a total transaction of $252,500,000.00. Following the completion of the sale, the insider now owns 190,281,578 shares of the company’s stock, valued at approximately $4,804,609,844.50. The disclosure for this sale can be found here. Insiders acquired 23,166,303 shares of company stock worth $1,354,436,524 over the last 90 days. 0.31% of the stock is owned by insiders.

Occidental Petroleum Company Profile

(Get Rating)

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, Africa, and Latin America. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing.

See Also

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Institutional Ownership by Quarter for Occidental Petroleum (NYSE:OXY)

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