Gateway Investment Advisers LLC Decreases Position in Occidental Petroleum Co. (NYSE:OXY)

Gateway Investment Advisers LLC decreased its holdings in shares of Occidental Petroleum Co. (NYSE:OXY) by 0.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 228,348 shares of the oil and gas producer’s stock after selling 186 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Occidental Petroleum were worth $14,393,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in OXY. Investment Research & Advisory Group Inc. lifted its stake in Occidental Petroleum by 75.2% during the first quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 167 shares during the last quarter. Grove Bank & Trust lifted its stake 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 during the last quarter. Criterion Capital Advisors LLC purchased a new stake in Occidental Petroleum in the fourth quarter valued at approximately $34,000. LifeSteps Financial Inc. purchased a new stake in Occidental Petroleum in the first quarter valued at approximately $34,000. Finally, Able Wealth Management LLC purchased a new stake in Occidental Petroleum in the fourth quarter valued at approximately $38,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Insider Activity at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc acquired 1,386,844 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The shares were acquired at an average price of $59.67 per share, with a total value of $82,752,981.48. Following the completion of the purchase, the insider now directly owns 250,583,605 shares in the company, valued at $14,952,323,710.35. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders have purchased a total of 4,656,747 shares of company stock valued at $278,664,028 over the last quarter. Insiders own 0.31% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Susquehanna boosted their price objective on Occidental Petroleum from $70.00 to $81.00 and gave the company a “positive” rating in a research note on Monday, April 22nd. Truist Financial reduced their price objective on Occidental Petroleum from $69.00 to $67.00 and set a “hold” rating for the company in a research note on Monday, July 22nd. Stephens reiterated an “overweight” rating and issued a $76.00 price objective on shares of Occidental Petroleum in a research note on Thursday. Wells Fargo & Company cut their price target on Occidental Petroleum from $68.00 to $65.00 and set an “equal weight” rating for the company in a research note on Friday. Finally, Citigroup cut their price target on Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating for the company in a research note on Friday, May 24th. Ten analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $72.06.

Occidental Petroleum Price Performance

Occidental Petroleum stock traded down $0.12 during trading hours on Friday, hitting $58.41. The stock had a trading volume of 7,596,926 shares, compared to its average volume of 7,853,839. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.95 and a quick ratio of 0.71. The stock has a market capitalization of $51.79 billion, a price-to-earnings ratio of 15.96 and a beta of 1.61. Occidental Petroleum Co. has a 1-year low of $55.04 and a 1-year high of $71.18. The stock’s fifty day moving average is $60.81 and its two-hundred day moving average is $62.14.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.26. The business 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 17.50% and a net margin of 15.62%. The business’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.68 earnings per share. As a group, analysts predict that Occidental Petroleum Co. will post 3.6 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, September 10th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date is Tuesday, September 10th. Occidental Petroleum’s payout ratio is currently 24.04%.

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.