American International Group Inc. Sells 7,027 Shares of Occidental Petroleum Co. (NYSE:OXY)

American International Group Inc. cut its stake in shares of Occidental Petroleum Co. (NYSE:OXY) by 3.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 193,693 shares of the oil and gas producer’s stock after selling 7,027 shares during the quarter. American International Group Inc.’s holdings in Occidental Petroleum were worth $11,565,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Orion Capital Management LLC bought a new position in shares of Occidental Petroleum in the third quarter worth about $27,000. TLW Wealth Management LLC bought a new stake in shares of Occidental Petroleum during the fourth quarter valued at approximately $28,000. Grove Bank & Trust lifted its holdings in shares of Occidental Petroleum by 86.0% in the fourth quarter. Grove Bank & Trust now owns 519 shares of the oil and gas producer’s stock worth $31,000 after buying an additional 240 shares in the last quarter. Criterion Capital Advisors LLC bought a new position in shares of Occidental Petroleum during the fourth quarter worth $34,000. Finally, BKM Wealth Management LLC bought a new stake in Occidental Petroleum in the 4th quarter valued at $35,000. Institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Trading Up 0.6 %

OXY stock opened at $60.21 on Tuesday. The company has a market capitalization of $53.38 billion, a PE ratio of 16.45 and a beta of 1.59. 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 Co. has a 12 month low of $55.12 and a 12 month high of $71.18. The firm’s 50-day moving average is $63.92 and its 200 day moving average is $61.43.

Occidental Petroleum (NYSE:OXY) last announced 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 return on equity of 17.50% and a net margin of 15.62%. The firm had revenue of $6.01 billion for the quarter, compared to analyst estimates of $6.70 billion. During the same quarter last year, the firm posted $1.09 earnings per share. The business’s revenue for the quarter was down 17.2% on a year-over-year basis. On average, research analysts anticipate that Occidental Petroleum Co. will post 3.89 EPS for the current year.

Occidental Petroleum Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, June 10th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.46%. The ex-dividend date is Monday, June 10th. Occidental Petroleum’s payout ratio is 24.04%.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc purchased 1,386,844 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were acquired at an average cost of $59.67 per share, for a total transaction of $82,752,981.48. Following the acquisition, the insider now owns 250,583,605 shares of the company’s stock, valued at approximately $14,952,323,710.35. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders acquired 4,656,747 shares of company stock valued at $278,664,028 over the last 90 days. Corporate insiders own 0.48% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. HSBC initiated coverage on Occidental Petroleum in a report on Monday, April 8th. They issued a “hold” rating and a $65.00 target price on the stock. Mizuho raised their target price on shares of Occidental Petroleum from $70.00 to $71.00 and gave the company a “neutral” rating in a report on Wednesday, May 8th. Susquehanna upped their price target on shares of Occidental Petroleum from $70.00 to $81.00 and gave the company a “positive” rating in a research note on Monday, April 22nd. Morgan Stanley lifted their price objective on shares of Occidental Petroleum from $66.00 to $72.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Finally, Citigroup decreased their target price on shares of Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating on the stock in a research report on Friday, May 24th. Eleven research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Occidental Petroleum currently has an average rating of “Hold” and an average target price of $71.50.

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.