Occidental Petroleum Co. (NYSE:OXY) Position Increased by Retirement Systems of Alabama

Retirement Systems of Alabama lifted its holdings in Occidental Petroleum Co. (NYSE:OXY) by 1.0% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 146,687 shares of the oil and gas producer’s stock after buying an additional 1,416 shares during the quarter. Retirement Systems of Alabama’s holdings in Occidental Petroleum were worth $9,246,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of OXY. Traynor Capital Management Inc. bought a new position in Occidental Petroleum in the second quarter worth about $504,000. Premier Path Wealth Partners LLC raised its position in shares of Occidental Petroleum by 12.1% during the 2nd quarter. Premier Path Wealth Partners LLC now owns 5,334 shares of the oil and gas producer’s stock worth $336,000 after purchasing an additional 575 shares during the period. Scharf Investments LLC bought a new stake in shares of Occidental Petroleum in the 2nd quarter worth approximately $42,744,000. Kiley Juergens Wealth Management LLC boosted its position in Occidental Petroleum by 5.2% during the 2nd quarter. Kiley Juergens Wealth Management LLC now owns 11,879 shares of the oil and gas producer’s stock valued at $749,000 after purchasing an additional 585 shares during the period. Finally, Joule Financial LLC lifted its stake in Occidental Petroleum by 2.5% in the second quarter. Joule Financial LLC now owns 7,863 shares of the oil and gas producer’s stock valued at $497,000 after buying an additional 191 shares during the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on OXY shares. Scotiabank lowered their price target on shares of Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Truist Financial dropped their price target 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 for the company in a research report on Friday, May 24th. 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. Finally, Wolfe Research began coverage on Occidental Petroleum in a research report on Thursday, July 18th. They set an “outperform” rating and a $81.00 price target for the company. Ten investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $71.69.

Occidental Petroleum Price Performance

Shares of Occidental Petroleum stock opened at $57.24 on Friday. Occidental Petroleum Co. has a 52 week low of $55.04 and a 52 week 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 company’s 50-day moving average price is $60.22 and its two-hundred day moving average price is $62.10. The stock has a market cap of $50.75 billion, a PE ratio of 15.64 and a beta of 1.61.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, beating the consensus estimate of $0.77 by $0.26. The business 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 quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.68 earnings per share. As a group, sell-side analysts anticipate that Occidental Petroleum Co. will post 3.7 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The business also recently announced 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. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date of this dividend is Tuesday, September 10th. Occidental Petroleum’s payout ratio is 24.04%.

Insider Transactions at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc purchased 524,340 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The stock was acquired at an average price of $59.75 per share, for a total transaction of $31,329,315.00. Following the transaction, the insider now directly owns 248,542,468 shares of the company’s stock, valued at approximately $14,850,412,463. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, major shareholder Berkshire Hathaway Inc purchased 524,340 shares of Occidental Petroleum stock in a transaction that occurred on Wednesday, June 5th. The stock was acquired at an average price of $59.75 per share, for a total transaction of $31,329,315.00. Following the transaction, the insider now owns 248,542,468 shares in the company, valued at $14,850,412,463. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of Occidental Petroleum stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the transaction, the insider now owns 165,681,578 shares in the company, valued at $5,923,116,413.50. The disclosure for this sale can be found here. Insiders have purchased 4,656,747 shares of company stock valued at $278,664,028 over the last three months. Company insiders own 0.31% of the company’s stock.

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.