Modera Wealth Management LLC lifted its stake in shares of Occidental Petroleum Co. (NYSE:OXY – Free Report) by 6.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 12,470 shares of the oil and gas producer’s stock after purchasing an additional 788 shares during the quarter. Modera Wealth Management LLC’s holdings in Occidental Petroleum were worth $809,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also made changes to their positions in OXY. Ironwood Wealth Management LLC. acquired a new stake in Occidental Petroleum in the first quarter worth $334,000. Cibc World Market Inc. grew its position in shares of Occidental Petroleum by 47.2% during the first quarter. Cibc World Market Inc. now owns 55,697 shares of the oil and gas producer’s stock worth $3,160,000 after acquiring an additional 17,859 shares during the last quarter. Prudential PLC bought a new stake in Occidental Petroleum in the 1st quarter valued at about $1,124,000. Sequoia Financial Advisors LLC acquired a new position in Occidental Petroleum during the 1st quarter valued at about $313,000. Finally, Candriam Luxembourg S.C.A. grew its position in Occidental Petroleum by 12.4% in the 1st quarter. Candriam Luxembourg S.C.A. now owns 54,540 shares of the oil and gas producer’s stock worth $3,094,000 after purchasing an additional 6,018 shares during the last quarter. Institutional investors own 77.54% of the company’s stock.
Analysts Set New Price Targets
Several equities analysts have recently issued reports on OXY shares. Truist Financial reduced their price objective on Occidental Petroleum from $80.00 to $77.00 and set a “buy” rating for the company in a research report on Friday, February 16th. Stephens reiterated an “overweight” rating and set a $74.00 price target on shares of Occidental Petroleum in a research report on Thursday, February 15th. Morgan Stanley raised Occidental Petroleum from an “equal weight” rating to an “overweight” rating and set a $68.00 price target on the stock in a report on Monday, December 11th. JPMorgan Chase & Co. reduced their price objective on shares of Occidental Petroleum from $78.00 to $73.00 and set a “neutral” rating for the company in a report on Friday, December 8th. Finally, StockNews.com raised shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Friday. Eight research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $70.06.
Occidental Petroleum Stock Up 0.1 %
OXY stock opened at $62.67 on Friday. The firm has a market cap of $55.12 billion, a PE ratio of 16.03, a P/E/G ratio of 1.99 and a beta of 1.63. Occidental Petroleum Co. has a 12 month low of $55.12 and a 12 month high of $67.67. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.92 and a quick ratio of 0.69. The firm has a 50 day simple moving average of $58.95 and a 200 day simple moving average of $60.87.
Occidental Petroleum (NYSE:OXY – Get Free Report) last posted its quarterly earnings results on Thursday, February 15th. The oil and gas producer reported $0.74 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.74. The company had revenue of $7.53 billion for the quarter, compared to analysts’ expectations of $6.93 billion. Occidental Petroleum had a return on equity of 20.63% and a net margin of 16.24%. The firm’s revenue was down 9.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.61 earnings per share. Equities research analysts forecast that Occidental Petroleum Co. will post 3.64 earnings per share for the current fiscal year.
Occidental Petroleum Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Friday, March 8th will be given a $0.22 dividend. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Thursday, March 7th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.40%. Occidental Petroleum’s dividend payout ratio (DPR) is 22.51%.
Insiders Place Their Bets
In other news, major shareholder Berkshire Hathaway Inc purchased 1,743,124 shares of Occidental Petroleum stock in a transaction that occurred on Thursday, December 21st. The stock was acquired at an average price of $60.26 per share, for a total transaction of $105,040,652.24. Following the transaction, the insider now owns 243,715,804 shares in the company, valued at $14,686,314,349.04. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.31% of the company’s stock.
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.
Source: defenseworld.net