Insider Buying: Occidental Petroleum Co. (NYSE:OXY) Major Shareholder Purchases 584,550 Shares of Stock

Occidental Petroleum Co. (NYSE:OXY) major shareholder Berkshire Hathaway Inc purchased 584,550 shares of the business’s stock in a transaction dated Monday, June 10th. The shares were acquired at an average cost of $60.26 per share, for a total transaction of $35,224,983.00. Following the acquisition, the insider now owns 251,168,155 shares of the company’s stock, valued at approximately $15,135,393,020.30. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Berkshire Hathaway Inc also recently made the following trade(s):

• On Wednesday, June 12th, Berkshire Hathaway Inc purchased 765,899 shares of Occidental Petroleum stock. The shares were acquired at an average cost of $60.28 per share, for a total transaction of $46,168,391.72.
• On Friday, June 7th, Berkshire Hathaway Inc purchased 1,386,844 shares of Occidental Petroleum stock. The shares were acquired at an average cost of $59.67 per share, for a total transaction of $82,752,981.48.
• On Wednesday, June 5th, Berkshire Hathaway Inc purchased 524,340 shares of Occidental Petroleum stock. The shares were acquired at an average cost of $59.75 per share, for a total transaction of $31,329,315.00.

Occidental Petroleum Stock Performance

Shares of NYSE:OXY traded down $0.31 on Wednesday, hitting $60.30. 7,419,850 shares of the company were exchanged, compared to its average volume of 7,945,603. The company’s 50 day moving average price is $64.43 and its two-hundred day moving average price is $61.42. Occidental Petroleum Co. has a one year low of $55.12 and a one year high of $71.18. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.71 and a current ratio of 0.95. The firm has a market capitalization of $53.46 billion, a price-to-earnings ratio of 16.47 and a beta of 1.59.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings data on Tuesday, May 7th. The oil and gas producer reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.01. The company had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $6.70 billion. Occidental Petroleum had a net margin of 15.62% and a return on equity of 17.50%. The business’s revenue was down 17.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.09 EPS. Research analysts expect that Occidental Petroleum Co. will post 3.89 earnings per share for the current year.

Occidental Petroleum Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, June 10th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Monday, June 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.46%. Occidental Petroleum’s payout ratio is currently 24.04%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on OXY shares. Citigroup cut their price target on Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating on the stock in a report on Friday, May 24th. Barclays assumed coverage on shares of Occidental Petroleum in a research report on Wednesday, April 10th. They issued an “equal weight” rating and a $73.00 price target on the stock. Mizuho lifted their price objective on shares of Occidental Petroleum from $70.00 to $71.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. Morgan Stanley lifted their price objective on shares of Occidental Petroleum from $66.00 to $72.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Finally, HSBC assumed coverage on shares of Occidental Petroleum in a research report on Monday, April 8th. They set a “hold” rating and a $65.00 price objective on the stock. Eleven investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $70.94.

Institutional Trading of Occidental Petroleum

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OXY. Investment Research & Advisory Group Inc. increased its stake in Occidental Petroleum by 75.2% in the first quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock valued at $25,000 after acquiring an additional 167 shares during the period. Orion Capital Management LLC acquired a new position in Occidental Petroleum in the third quarter valued at about $27,000. TLW Wealth Management LLC acquired a new position in Occidental Petroleum in the fourth quarter valued at about $28,000. Grove Bank & Trust boosted its position in Occidental Petroleum by 86.0% in the fourth quarter. Grove Bank & Trust now owns 519 shares of the oil and gas producer’s stock valued at $31,000 after buying an additional 240 shares in the last quarter. Finally, Criterion Capital Advisors LLC acquired a new position in Occidental Petroleum in the fourth quarter valued at about $34,000. Institutional investors own 88.70% 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.