Cheviot Value Management LLC Increases Stock Holdings in Occidental Petroleum Co. (NYSE:OXY)

Cheviot Value Management LLC increased its holdings in shares of Occidental Petroleum Co. (NYSE:OXY) by 93.9% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 68,315 shares of the oil and gas producer’s stock after purchasing an additional 33,087 shares during the quarter. Occidental Petroleum comprises about 0.7% of Cheviot Value Management LLC’s investment portfolio, making the stock its 29th biggest holding. Cheviot Value Management LLC’s holdings in Occidental Petroleum were worth $3,521,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Himalaya Capital Management LLC purchased a new position in shares of Occidental Petroleum during the 2nd quarter worth about $92,433,000. Sarasin & Partners LLP purchased a new position in Occidental Petroleum during the second quarter worth approximately $63,880,000. Scharf Investments LLC acquired a new position in shares of Occidental Petroleum in the 2nd quarter valued at $42,744,000. American Century Companies Inc. grew its stake in shares of Occidental Petroleum by 16.8% during the 2nd quarter. American Century Companies Inc. now owns 3,707,555 shares of the oil and gas producer’s stock valued at $233,687,000 after buying an additional 532,318 shares during the period. Finally, Cooke & Bieler LP increased its holdings 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 worth $91,398,000 after buying an additional 503,173 shares during the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. TD Cowen lowered their price target on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a research report on Tuesday, November 12th. The Goldman Sachs Group initiated coverage on shares of Occidental Petroleum in a research report on Wednesday, October 2nd. They set a “neutral” rating and a $55.00 target price for the company. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $56.00 price target on shares of Occidental Petroleum in a research report on Friday, November 8th. Scotiabank dropped their price objective on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Finally, Mizuho reduced their target price on shares of Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $63.25.

Occidental Petroleum Stock Performance

Shares of OXY opened at $50.64 on Monday. The firm has a market cap of $47.52 billion, a price-to-earnings ratio of 13.17 and a beta of 1.58. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96. The business’s 50 day moving average is $51.64 and its two-hundred day moving average is $56.45. Occidental Petroleum Co. has a 52-week low of $48.42 and a 52-week high of $71.18.

Occidental Petroleum Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be paid a dividend of $0.22 per share. The ex-dividend date is Tuesday, December 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.74%. Occidental Petroleum’s dividend payout ratio (DPR) is 22.92%.

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.