Earnest Partners LLC Grows Stock Position in Occidental Petroleum Co. (NYSE:OXY)

Earnest Partners LLC increased its holdings in shares of Occidental Petroleum Co. (NYSE:OXY) by 2.6% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 6,850 shares of the oil and gas producer’s stock after purchasing an additional 173 shares during the quarter. Earnest Partners LLC’s holdings in Occidental Petroleum were worth $445,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in OXY. Berkshire Hathaway Inc lifted its position in Occidental Petroleum by 8.7% during 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 buying an additional 19,586,612 shares during the period. Clean Energy Transition LLP purchased a new position in Occidental Petroleum during the first quarter worth about $67,601,000. ANTIPODES PARTNERS Ltd lifted its position in Occidental Petroleum by 51.7% during 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 buying an additional 797,894 shares during the period. TD Asset Management Inc lifted its position in Occidental Petroleum by 237.9% during 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 buying an additional 532,847 shares during the period. Finally, Epoch Investment Partners Inc. raised its holdings in shares of Occidental Petroleum by 52.8% in the 4th quarter. Epoch Investment Partners Inc. now owns 1,399,569 shares of the oil and gas producer’s stock worth $83,568,000 after purchasing an additional 483,422 shares during the period. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Occidental Petroleum Price Performance

Shares of OXY traded down $0.12 during midday trading on Tuesday, reaching $60.06. The stock had a trading volume of 1,719,205 shares, compared to its average volume of 7,812,185. Occidental Petroleum Co. has a 52 week low of $55.12 and a 52 week high of $71.18. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.95 and a quick ratio of 0.71. The firm’s 50 day moving average price is $61.52 and its 200-day moving average price is $62.09. The company has a market capitalization of $53.25 billion, a P/E ratio of 16.37 and a beta of 1.61.

Occidental Petroleum (NYSE:OXY) last issued its earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.01. The business had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $6.70 billion. Occidental Petroleum had a return on equity of 17.50% and a net margin of 15.62%. The company’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 EPS. On average, analysts forecast 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. Investors of record on Tuesday, September 10th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.47%. The ex-dividend date of this dividend is Tuesday, September 10th. Occidental Petroleum’s payout ratio is 24.04%.

Insider Activity at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc purchased 334,461 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The shares were purchased at an average cost of $59.75 per share, with a total value of $19,984,044.75. Following the completion of the transaction, the insider now owns 255,281,524 shares of the company’s stock, valued at $15,253,071,059. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last ninety days, 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.

Analysts Set New Price Targets

OXY has been the topic of a number of research reports. Susquehanna raised their price objective on Occidental Petroleum from $70.00 to $81.00 and gave the stock a “positive” rating in a report on Monday, April 22nd. HSBC assumed coverage on Occidental Petroleum in a research report on Monday, April 8th. They issued a “hold” rating and a $65.00 target price for the company. Mizuho lifted their target price on Occidental Petroleum from $70.00 to $71.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. Truist Financial decreased their target price 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. Finally, Barclays started coverage on Occidental Petroleum in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $73.00 price objective for the company. Ten investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Occidental Petroleum currently has a consensus rating of “Hold” and a consensus target price of $72.31.

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.