Himalaya Capital Management LLC Invests $92.43 Million in Occidental Petroleum Co. (NYSE:OXY)

Himalaya Capital Management LLC bought a new stake in Occidental Petroleum Co. (NYSE:OXY) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,466,500 shares of the oil and gas producer’s stock, valued at approximately $92,433,000. Occidental Petroleum comprises approximately 3.6% of Himalaya Capital Management LLC’s holdings, making the stock its 7th biggest holding. Himalaya Capital Management LLC owned approximately 0.17% of Occidental Petroleum at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Investment Research & Advisory Group Inc. boosted its holdings in shares of Occidental Petroleum by 75.2% in the 1st quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock valued at $25,000 after buying an additional 167 shares in the last quarter. LifeSteps Financial Inc. acquired a new position in Occidental Petroleum in the first quarter valued at $34,000. Able Wealth Management LLC purchased a new position in shares of Occidental Petroleum during the fourth quarter worth about $38,000. New Covenant Trust Company N.A. acquired a new stake in shares of Occidental Petroleum during the first quarter worth about $44,000. Finally, LRI Investments LLC purchased a new stake in shares of Occidental Petroleum in the 1st quarter valued at about $44,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the business’s stock in a transaction dated Wednesday, August 14th. The shares were 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 in the company, valued at approximately $5,923,116,413.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.31% of the company’s stock.

Occidental Petroleum Stock Performance

NYSE:OXY opened at $52.24 on Tuesday. The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 0.77. Occidental Petroleum Co. has a fifty-two week low of $49.90 and a fifty-two week high of $71.18. The firm’s fifty day simple moving average is $56.71 and its 200-day simple moving average is $61.20. The stock has a market cap of $46.32 billion, a PE ratio of 14.27 and a beta of 1.58.

Occidental Petroleum (NYSE:OXY) last issued 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 company had revenue of $6.88 billion during the quarter, compared to analysts’ expectations of $6.93 billion. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The firm’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period last year, the company posted $0.68 earnings per share. Analysts expect that Occidental Petroleum Co. will post 3.71 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 10th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.68%. Occidental Petroleum’s payout ratio is 24.04%.

Wall Street Analysts Forecast Growth

Several research firms have commented on OXY. Wells Fargo & Company cut their price target on Occidental Petroleum from $68.00 to $65.00 and set an “equal weight” rating on the stock in a research report on Friday, August 9th. UBS Group reduced their price target on shares of Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating for the company in a research report on Wednesday, September 18th. Truist Financial decreased their price target on shares of Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating for the company in a research note on Monday, August 12th. StockNews.com cut shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a report on Thursday, September 19th. Finally, Scotiabank lowered their price target on Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Occidental Petroleum has a consensus rating of “Hold” and an average price target of $71.60.

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.