Financial Management Network Inc. Takes $303,000 Position in Occidental Petroleum Co. (NYSE:OXY)

Financial Management Network Inc. purchased a new stake in Occidental Petroleum Co. (NYSE:OXYGet Rating) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 5,240 shares of the oil and gas producer’s stock, valued at approximately $303,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Exchange Traded Concepts LLC acquired a new position in Occidental Petroleum in the fourth quarter valued at approximately $25,000. Arlington Partners LLC acquired a new position in Occidental Petroleum in the fourth quarter valued at approximately $29,000. Trust Co. of Vermont acquired a new position in Occidental Petroleum in the fourth quarter valued at approximately $41,000. Point72 Hong Kong Ltd lifted its holdings in Occidental Petroleum by 111.9% in the fourth quarter. Point72 Hong Kong Ltd now owns 1,415 shares of the oil and gas producer’s stock valued at $41,000 after acquiring an additional 13,315 shares during the last quarter. Finally, Riverview Trust Co lifted its holdings in Occidental Petroleum by 498.8% in the first quarter. Riverview Trust Co now owns 976 shares of the oil and gas producer’s stock valued at $55,000 after acquiring an additional 813 shares during the last quarter. Hedge funds and other institutional investors own 86.15% of the company’s stock.

In other Occidental Petroleum news, CAO Christopher O. Champion sold 111,594 shares of the firm’s stock in a transaction dated Wednesday, June 1st. The stock was sold at an average price of $70.44, for a total transaction of $7,860,681.36. Following the transaction, the chief accounting officer now owns 38,303 shares of the company’s stock, valued at $2,698,063.32. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Berkshire Hathaway Inc acquired 5,673,196 shares of the company’s stock in a transaction on Friday, June 17th. The shares were purchased at an average cost of $55.27 per share, for a total transaction of $313,557,542.92. Following the acquisition, the insider now owns 148,835,588 shares of the company’s stock, valued at approximately $8,226,142,948.76. The disclosure for this purchase can be found here. Insiders purchased 23,301,157 shares of company stock worth $1,327,555,037 in the last three months. 0.31% of the stock is currently owned by corporate insiders.

OXY has been the topic of a number of recent analyst reports. Piper Sandler upgraded Occidental Petroleum from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $44.00 to $88.00 in a report on Thursday, April 7th. Raymond James upped their price target on Occidental Petroleum from $85.00 to $90.00 and gave the stock a “strong-buy” rating in a research note on Monday, April 25th. Capital One Financial upped their price target on Occidental Petroleum to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, May 19th. Wells Fargo & Company upped their price target on Occidental Petroleum from $51.00 to $58.00 in a research note on Thursday, May 12th. Finally, Stifel Nicolaus began coverage on Occidental Petroleum in a research note on Tuesday, April 5th. They set a “buy” rating and a $84.00 price target on the stock. Two analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $69.00.

NYSE:OXY opened at $60.44 on Friday. The firm has a market capitalization of $56.64 billion, a PE ratio of 9.20, a price-to-earnings-growth ratio of 0.17 and a beta of 1.92. The business’s fifty day moving average price is $62.26 and its 200 day moving average price is $50.55. The company has a debt-to-equity ratio of 1.71, a current ratio of 1.16 and a quick ratio of 0.99. Occidental Petroleum Co. has a 12 month low of $21.62 and a 12 month high of $74.04.

Occidental Petroleum (NYSE:OXYGet Rating) last posted its earnings results on Tuesday, May 10th. The oil and gas producer reported $2.12 EPS for the quarter, beating the consensus estimate of $2.03 by $0.09. The firm had revenue of $8.53 billion for the quarter, compared to analyst estimates of $8.06 billion. Occidental Petroleum had a return on equity of 47.28% and a net margin of 25.01%. Occidental Petroleum’s revenue for the quarter was up 61.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.15) earnings per share. As a group, equities analysts anticipate that Occidental Petroleum Co. will post 10.36 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Friday, June 10th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.86%. The ex-dividend date is Thursday, June 9th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 7.91%.

Occidental Petroleum Profile (Get Rating)

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, Africa, and Latin America. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing.

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Institutional Ownership by Quarter for Occidental Petroleum (NYSE:OXY)

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