Occidental Petroleum Co. (NYSE:OXY) Shares Sold by Ritholtz Wealth Management

Ritholtz Wealth Management cut its stake in shares of Occidental Petroleum Co. (NYSE:OXY) by 19.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,241 shares of the oil and gas producer’s stock after selling 1,757 shares during the period. Ritholtz Wealth Management’s holdings in Occidental Petroleum were worth $456,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the stock. Auxano Advisors LLC raised its position in Occidental Petroleum by 16.6% in the second quarter. Auxano Advisors LLC now owns 3,931 shares of the oil and gas producer’s stock valued at $248,000 after purchasing an additional 560 shares during the period. WR Wealth Planners LLC lifted its stake in Occidental Petroleum by 13.0% during the 2nd quarter. WR Wealth Planners LLC now owns 3,410 shares of the oil and gas producer’s stock worth $215,000 after acquiring an additional 391 shares in the last quarter. Cutter & CO Brokerage Inc. boosted its holdings in Occidental Petroleum by 0.8% during the 2nd quarter. Cutter & CO Brokerage Inc. now owns 79,896 shares of the oil and gas producer’s stock valued at $5,036,000 after acquiring an additional 658 shares during the period. Wealth Alliance Advisory Group LLC grew its position in Occidental Petroleum by 23.3% in the 2nd quarter. Wealth Alliance Advisory Group LLC now owns 8,991 shares of the oil and gas producer’s stock valued at $567,000 after acquiring an additional 1,700 shares in the last quarter. Finally, Concurrent Investment Advisors LLC purchased a new stake in Occidental Petroleum during the second quarter worth about $213,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

OXY has been the topic of several recent research reports. Truist Financial cut their target price on shares of Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating on the stock in a research note on Monday, August 12th. Citigroup reduced their price objective on Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating on the stock in a research note on Friday, May 24th. Scotiabank lowered their target price on Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. Mizuho lifted their price objective on Occidental Petroleum from $70.00 to $71.00 and gave the company a “neutral” rating in a research note on Wednesday, May 8th. Finally, Stephens restated an “overweight” rating and set a $76.00 target price on shares of Occidental Petroleum in a research note on Thursday, August 8th. Ten equities research 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 stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $71.50.

Insider Buying and Selling

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 584,550 shares of Occidental Petroleum stock in a transaction dated Monday, June 10th. The stock was acquired at an average cost of $60.26 per share, with a total value of $35,224,983.00. Following the completion of the acquisition, the insider now owns 251,168,155 shares of the company’s stock, valued at $15,135,393,020.30. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, major shareholder Berkshire Hathaway Inc bought 584,550 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were acquired at an average price of $60.26 per share, with a total value of $35,224,983.00. Following the completion of the acquisition, the insider now owns 251,168,155 shares in the company, valued at approximately $15,135,393,020.30. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total value of $697,125,000.00. Following the sale, the insider now directly owns 165,681,578 shares of the company’s stock, valued at $5,923,116,413.50. The disclosure for this sale can be found here. Insiders acquired a total of 4,132,407 shares of company stock worth $247,334,713 in the last 90 days. Company insiders own 0.31% of the company’s stock.

Occidental Petroleum Stock Performance

NYSE OXY opened at $54.62 on Thursday. The company has a fifty day moving average of $59.36 and a two-hundred day moving average of $61.99. The company has a market capitalization of $49.46 billion, a PE ratio of 14.92 and a beta of 1.58. Occidental Petroleum Co. has a 1 year low of $54.58 and a 1 year high of $71.18. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.04 and a quick ratio of 0.75.

Occidental Petroleum (NYSE:OXY) last announced its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.26. The firm had revenue of $6.88 billion during the quarter, compared to analysts’ expectations of $6.93 billion. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The business’s revenue was up 2.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.68 EPS. As a group, analysts expect that Occidental Petroleum Co. will post 3.69 earnings per share for the current year.

Occidental Petroleum Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, September 10th will be issued a $0.22 dividend. The ex-dividend date is Tuesday, September 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.61%. Occidental Petroleum’s payout ratio is 24.04%.

Occidental Petroleum 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.