Grimes & Company Inc. Acquires Shares of 3,141 Occidental Petroleum Co. (NYSE:OXY)

Grimes & Company Inc. purchased a new position in Occidental Petroleum Co. (NYSE:OXY) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 3,141 shares of the oil and gas producer’s stock, valued at approximately $204,000.

A number of other large investors have also recently made changes to their positions in OXY. Berkshire Hathaway Inc grew its stake in shares of Occidental Petroleum by 8.7% in the fourth quarter. Berkshire Hathaway Inc now owns 243,715,804 shares of the oil and gas producer’s stock worth $14,552,271,000 after acquiring an additional 19,586,612 shares during the period. American Century Companies Inc. grew its stake in shares of Occidental Petroleum by 600.4% in the third quarter. American Century Companies Inc. now owns 2,242,910 shares of the oil and gas producer’s stock worth $145,520,000 after acquiring an additional 1,922,656 shares during the period. Pacer Advisors Inc. grew its stake in shares of Occidental Petroleum by 22.2% in the fourth quarter. Pacer Advisors Inc. now owns 5,995,258 shares of the oil and gas producer’s stock worth $357,977,000 after acquiring an additional 1,088,052 shares during the period. ANTIPODES PARTNERS Ltd grew its stake in shares of Occidental Petroleum by 51.7% in the fourth quarter. ANTIPODES PARTNERS Ltd now owns 2,340,465 shares of the oil and gas producer’s stock worth $139,749,000 after acquiring an additional 797,894 shares during the period. Finally, TD Asset Management Inc grew its stake in shares of Occidental Petroleum by 237.9% in the fourth quarter. TD Asset Management Inc now owns 756,862 shares of the oil and gas producer’s stock worth $45,192,000 after acquiring an additional 532,847 shares during the period. 88.70% of the stock is currently owned by institutional investors.

Insider Transactions at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc bought 765,899 shares of the stock in a transaction dated Wednesday, June 12th. The shares were purchased at an average price of $60.28 per share, with a total value of $46,168,391.72. Following the completion of the acquisition, the insider now owns 252,333,913 shares of the company’s stock, valued at $15,210,688,275.64. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Over the last quarter, insiders have purchased 4,656,747 shares of company stock valued at $278,664,028. 0.31% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

OXY has been the subject of a number of research analyst reports. Truist Financial lowered shares of Occidental Petroleum from a “buy” rating to a “hold” rating and reduced their price target for the stock from $84.00 to $69.00 in a research note on Thursday, May 16th. Citigroup dropped their price objective on shares of Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating on the stock in a report on Friday, May 24th. StockNews.com raised shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Friday, March 15th. Susquehanna raised their price objective on shares of Occidental Petroleum from $70.00 to $81.00 and gave the stock a “positive” rating in a report on Monday, April 22nd. Finally, Wells Fargo & Company raised their price objective 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. Eleven research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Occidental Petroleum presently has an average rating of “Hold” and a consensus price target of $71.56.

Occidental Petroleum Price Performance

NYSE:OXY traded up $0.34 during trading hours on Friday, hitting $63.03. 8,396,987 shares of the stock traded hands, compared to its average volume of 7,723,286. Occidental Petroleum Co. has a 1 year low of $55.12 and a 1 year high of $71.18. The stock has a 50 day moving average price of $62.94 and a 200 day moving average price of $61.74. The company has a quick ratio of 0.71, a current ratio of 0.95 and a debt-to-equity ratio of 0.82. The company has a market cap of $55.88 billion, a price-to-earnings ratio of 17.22 and a beta of 1.59.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 EPS for the quarter, topping 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 firm had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $6.70 billion. During the same quarter in the previous year, the firm earned $1.09 earnings per share. The company’s quarterly revenue was down 17.2% compared to the same quarter last year. Sell-side analysts forecast that Occidental Petroleum Co. will post 3.88 EPS for the current fiscal year.

Occidental Petroleum Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Monday, June 10th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.40%. The ex-dividend date of this dividend is Monday, June 10th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 24.04%.

Occidental Petroleum Company 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.