Fifth Third Wealth Advisors LLC Buys 6,647 Shares of Occidental Petroleum Co. (NYSE:OXY)

Fifth Third Wealth Advisors LLC lifted its stake in shares of Occidental Petroleum Co. (NYSE:OXY) by 157.5% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 10,868 shares of the oil and gas producer’s stock after acquiring an additional 6,647 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Occidental Petroleum were worth $685,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Mackenzie Financial Corp raised its position in shares of Occidental Petroleum by 6.2% in the fourth quarter. Mackenzie Financial Corp now owns 33,615 shares of the oil and gas producer’s stock valued at $2,007,000 after purchasing an additional 1,964 shares during the period. Daiwa Securities Group Inc. increased its stake in shares of Occidental Petroleum by 3.5% in the fourth quarter. Daiwa Securities Group Inc. now owns 60,040 shares of the oil and gas producer’s stock worth $3,585,000 after purchasing an additional 2,031 shares during the period. Xponance Inc. grew its holdings in Occidental Petroleum by 5.7% in the 4th quarter. Xponance Inc. now owns 84,396 shares of the oil and gas producer’s stock valued at $5,039,000 after buying an additional 4,534 shares during the last quarter. abrdn plc lifted its holdings in shares of Occidental Petroleum by 69.3% during the fourth quarter. abrdn plc now owns 286,532 shares of the oil and gas producer’s stock worth $17,109,000 after buying an additional 117,317 shares during the last quarter. Finally, Criterion Capital Advisors LLC bought a new position in Occidental Petroleum during the fourth quarter worth $34,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on OXY shares. Stephens restated an “overweight” rating and set a $76.00 price objective on shares of Occidental Petroleum in a report on Thursday, August 8th. Truist Financial lowered their price target on Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating on the stock in a research note on Monday, August 12th. UBS Group raised their price objective on Occidental Petroleum from $69.00 to $70.00 and gave the stock a “neutral” rating in a research report on Tuesday. Wells Fargo & Company lowered their price objective on Occidental Petroleum from $68.00 to $65.00 and set an “equal weight” rating on the stock in a research report on Friday, August 9th. Finally, Citigroup reduced their target price 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. Ten equities research 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 company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $71.69.

Insider Buying and Selling at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 1,386,844 shares of the firm’s stock in a transaction dated Friday, June 7th. The shares were bought at an average price of $59.67 per share, for a total transaction of $82,752,981.48. Following the completion of the acquisition, the insider now owns 250,583,605 shares of the company’s stock, valued at $14,952,323,710.35. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total value of $697,125,000.00. Following the completion of the transaction, the insider now owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Berkshire Hathaway Inc purchased 1,386,844 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were purchased at an average cost of $59.67 per share, for a total transaction of $82,752,981.48. Following the purchase, the insider now directly owns 250,583,605 shares of the company’s stock, valued at $14,952,323,710.35. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 4,656,747 shares of company stock worth $278,664,028. 0.31% of the stock is currently owned by insiders.

Occidental Petroleum Price Performance

Shares of NYSE OXY traded down $0.15 during midday trading on Wednesday, reaching $56.02. 13,154,130 shares of the company traded hands, compared to its average volume of 8,249,296. The stock’s 50-day simple moving average is $60.35 and its 200-day simple moving average is $62.10. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.75 and a current ratio of 1.04. Occidental Petroleum Co. has a 12 month low of $55.04 and a 12 month high of $71.18. The firm has a market cap of $49.67 billion, a PE ratio of 15.31 and a beta of 1.61.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings results 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 firm had revenue of $6.88 billion for 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 company’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.68 earnings per share. As a group, equities analysts anticipate that Occidental Petroleum Co. will post 3.7 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, September 10th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.57%. Occidental Petroleum’s dividend payout ratio is 24.04%.

Occidental Petroleum 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.