Occidental Petroleum Co. (NYSE:OXY) Holdings Cut by Wellington Management Group LLP

Wellington Management Group LLP reduced its stake in shares of Occidental Petroleum Co. (NYSE:OXY) by 8.4% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 80,282 shares of the oil and gas producer’s stock after selling 7,367 shares during the period. Wellington Management Group LLP’s holdings in Occidental Petroleum were worth $4,794,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of OXY. Orion Capital Management LLC acquired a new position in Occidental Petroleum in the 3rd quarter worth about $27,000. TLW Wealth Management LLC bought a new position in Occidental Petroleum during the fourth quarter valued at approximately $28,000. Grove Bank & Trust grew its position in 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 acquiring an additional 240 shares in the last quarter. Criterion Capital Advisors LLC acquired a new position in shares of Occidental Petroleum during the 4th quarter worth $34,000. Finally, BKM Wealth Management LLC acquired a new stake in shares of Occidental Petroleum in the 4th quarter valued at $35,000. 88.70% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc bought 1,386,844 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The stock was acquired at an average price of $59.67 per share, for a total transaction of $82,752,981.48. Following the transaction, the insider now directly owns 250,583,605 shares of the company’s stock, valued at $14,952,323,710.35. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last ninety days, insiders have purchased 4,656,747 shares of company stock worth $278,664,028. Company insiders own 0.31% of the company’s stock.

Wall Street Analyst Weigh In

OXY has been the topic of several analyst reports. Wells Fargo & Company increased their target price on shares of Occidental Petroleum from $68.00 to $69.00 and gave the stock an “equal weight” rating in a research report on Friday, June 21st. Truist Financial lowered Occidental Petroleum from a “buy” rating to a “hold” rating and reduced their target price for the stock from $84.00 to $69.00 in a report on Thursday, May 16th. StockNews.com upgraded Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Friday, March 15th. Scotiabank upgraded shares of Occidental Petroleum from a “sector perform” rating to a “sector outperform” rating and boosted their price objective for the stock from $63.00 to $90.00 in a research note on Thursday, April 11th. Finally, HSBC began coverage on shares of Occidental Petroleum in a report on Monday, April 8th. They issued a “hold” rating and a $65.00 target price on the stock. Eleven research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Occidental Petroleum has a consensus rating of “Hold” and an average price target of $71.56.

Occidental Petroleum Price Performance

Shares of NYSE:OXY opened at $63.03 on Friday. The firm has a market capitalization of $55.88 billion, a PE ratio of 17.22 and a beta of 1.59. The company has a current ratio of 0.95, a quick ratio of 0.71 and a debt-to-equity ratio of 0.82. Occidental Petroleum Co. has a 1-year low of $55.12 and a 1-year high of $71.18. The business’s 50 day moving average is $62.94 and its 200-day moving average is $61.74.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.01. The firm had revenue of $6.01 billion for the quarter, compared to analyst estimates of $6.70 billion. Occidental Petroleum had a net margin of 15.62% and a return on equity of 17.50%. The business’s revenue for the quarter was down 17.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.09 EPS. Sell-side analysts predict that Occidental Petroleum Co. will post 3.88 earnings per share for the current year.

Occidental Petroleum Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, June 10th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.40%. The ex-dividend date is Monday, June 10th. Occidental Petroleum’s dividend payout ratio is 24.04%.

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.