Cornerstone Advisors LLC Reduces Holdings in Occidental Petroleum Co. (NYSE:OXY)

Cornerstone Advisors LLC decreased its holdings in Occidental Petroleum Co. (NYSE:OXY) by 3.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 44,600 shares of the oil and gas producer’s stock after selling 1,500 shares during the quarter. Cornerstone Advisors LLC’s holdings in Occidental Petroleum were worth $2,811,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Berkshire Hathaway Inc increased its position in shares of Occidental Petroleum by 8.7% in the 4th quarter. Berkshire Hathaway Inc now owns 243,715,804 shares of the oil and gas producer’s stock worth $14,552,271,000 after purchasing an additional 19,586,612 shares during the last quarter. American Century Companies Inc. grew its position in shares of Occidental Petroleum by 16.8% in the 2nd quarter. American Century Companies Inc. now owns 3,707,555 shares of the oil and gas producer’s stock worth $233,687,000 after acquiring an additional 532,318 shares in the last quarter. Cooke & Bieler LP raised its position in shares of Occidental Petroleum by 53.1% during the 2nd quarter. Cooke & Bieler LP now owns 1,450,064 shares of the oil and gas producer’s stock valued at $91,398,000 after acquiring an additional 503,173 shares in the last quarter. Epoch Investment Partners Inc. increased its stake in Occidental Petroleum by 52.8% during the fourth quarter. Epoch Investment Partners Inc. now owns 1,399,569 shares of the oil and gas producer’s stock valued at $83,568,000 after purchasing an additional 483,422 shares during the last quarter. Finally, Clean Energy Transition LLP acquired a new stake in shares of Occidental Petroleum during the first quarter worth $67,601,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Insider Buying and Selling at Occidental Petroleum

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now directly owns 165,681,578 shares of the company’s stock, valued at approximately $5,923,116,413.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.31% of the company’s stock.

Occidental Petroleum Stock Performance

Shares of Occidental Petroleum stock opened at $51.30 on Tuesday. The business has a fifty day simple moving average of $57.66 and a 200-day simple moving average of $61.52. The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 0.77. The stock has a market cap of $46.45 billion, a PE ratio of 14.02 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.

Occidental Petroleum (NYSE:OXY) last issued its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.26. The company had revenue of $6.88 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.68 EPS. On average, sell-side analysts anticipate that Occidental Petroleum Co. will post 3.71 EPS for the current fiscal year.

Occidental Petroleum Announces Dividend

The firm 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. This represents a $0.88 annualized dividend and a yield of 1.72%. The ex-dividend date of this dividend is Tuesday, September 10th. Occidental Petroleum’s payout ratio is 24.04%.

Wall Street Analysts Forecast Growth

OXY has been the subject of a number of research reports. UBS Group lifted their target price on Occidental Petroleum from $69.00 to $70.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Scotiabank cut their price objective on shares of Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. Citigroup reduced their price objective on Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating for the company in a research report on Friday, May 24th. Wells Fargo & Company lowered their target price 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. Finally, Wolfe Research initiated coverage on shares of Occidental Petroleum in a report on Thursday, July 18th. They issued an “outperform” rating and a $81.00 price objective for the company. Nine equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $72.33.

Occidental Petroleum Company 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.