Cheviot Value Management LLC Acquires Shares of 35,228 Occidental Petroleum Co. (NYSE:OXY)

Cheviot Value Management LLC acquired a new stake in shares of Occidental Petroleum Co. (NYSE:OXY) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 35,228 shares of the oil and gas producer’s stock, valued at approximately $2,220,000.

A number of other institutional investors have also added to or reduced their stakes in OXY. Berkshire Hathaway Inc grew its holdings in Occidental Petroleum by 8.7% during the 4th quarter. Berkshire Hathaway Inc now owns 243,715,804 shares of the oil and gas producer’s stock valued at $14,552,271,000 after buying an additional 19,586,612 shares in the last quarter. Clean Energy Transition LLP purchased a new stake in Occidental Petroleum during the 1st quarter valued at approximately $67,601,000. Sarasin & Partners LLP bought a new position in shares of Occidental Petroleum during the 2nd quarter valued at approximately $63,880,000. Scharf Investments LLC purchased a new position in shares of Occidental Petroleum in the second quarter valued at $42,744,000. Finally, TD Asset Management Inc grew its holdings in shares of Occidental Petroleum by 237.9% in the fourth quarter. TD Asset Management Inc now owns 756,862 shares of the oil and gas producer’s stock valued at $45,192,000 after purchasing an additional 532,847 shares in the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Stephens reissued an “overweight” rating and issued a $76.00 target price on shares of Occidental Petroleum in a report on Thursday, August 8th. Truist Financial cut their target price on shares of Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating for the company in a report on Monday, August 12th. Wells Fargo & Company cut their target price on shares of Occidental Petroleum from $68.00 to $65.00 and set an “equal weight” rating for the company in a report on Friday, August 9th. Wolfe Research assumed coverage on shares of Occidental Petroleum in a report on Thursday, July 18th. They issued an “outperform” rating and a $81.00 target price for the company. Finally, UBS Group cut their target price on shares of Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating for the company in a report on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $71.60.

Occidental Petroleum Stock Up 1.2 %

Shares of OXY opened at $52.24 on Tuesday. The firm has a market capitalization of $46.32 billion, a P/E ratio of 14.27 and a beta of 1.58. Occidental Petroleum Co. has a 12-month low of $49.90 and a 12-month high of $71.18. The company has a current ratio of 1.04, a quick ratio of 0.75 and a debt-to-equity ratio of 0.77. The firm has a fifty day moving average price of $56.71 and a 200-day moving average price of $61.20.

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 firm had revenue of $6.88 billion during the quarter, compared to analyst estimates of $6.93 billion. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The business’s revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.68 earnings per share. Equities research analysts expect that Occidental Petroleum Co. will post 3.71 earnings per share for the current year.

Occidental Petroleum Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors 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 annualized dividend and a dividend yield of 1.68%. Occidental Petroleum’s payout ratio is currently 24.04%.

Insider Activity at Occidental Petroleum

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of Occidental Petroleum stock in a transaction dated 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 completion of the sale, the insider now directly owns 165,681,578 shares in the company, valued at $5,923,116,413.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.31% of the stock is currently owned by corporate insiders.

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.