Occidental Petroleum Co. (NYSE:OXY) Shares Sold by Modern Wealth Management LLC

Modern Wealth Management LLC cut its stake in shares of Occidental Petroleum Co. (NYSE:OXY) by 12.7% during the fourth quarter, HoldingsChannel.com reports. The firm owned 6,702 shares of the oil and gas producer’s stock after selling 978 shares during the period. Modern Wealth Management LLC’s holdings in Occidental Petroleum were worth $324,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in OXY. Certified Advisory Corp acquired a new stake in shares of Occidental Petroleum during the 4th quarter valued at approximately $476,000. Rule One Partners LLC acquired a new position in Occidental Petroleum during the third quarter worth $14,199,000. Fisher Asset Management LLC boosted its position in Occidental Petroleum by 1.1% during the fourth quarter. Fisher Asset Management LLC now owns 613,647 shares of the oil and gas producer’s stock worth $30,320,000 after purchasing an additional 6,461 shares in the last quarter. Sarasin & Partners LLP grew its holdings in Occidental Petroleum by 5.4% in the fourth quarter. Sarasin & Partners LLP now owns 990,521 shares of the oil and gas producer’s stock valued at $48,942,000 after purchasing an additional 50,983 shares during the last quarter. Finally, Weiss Asset Management LP purchased a new position in shares of Occidental Petroleum in the third quarter valued at $2,509,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

Occidental Petroleum Price Performance

OXY opened at $49.47 on Friday. Occidental Petroleum Co. has a 52-week low of $44.70 and a 52-week high of $71.19. The company has a 50 day moving average of $48.34 and a two-hundred day moving average of $49.91. The company has a market cap of $46.49 billion, a P/E ratio of 20.28 and a beta of 1.51. The company has a quick ratio of 0.76, a current ratio of 0.95 and a debt-to-equity ratio of 0.95.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Tuesday, February 18th. The oil and gas producer reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.13. The firm had revenue of $6.84 billion during the quarter, compared to the consensus estimate of $7.14 billion. Occidental Petroleum had a return on equity of 16.33% and a net margin of 11.37%. On average, analysts expect that Occidental Petroleum Co. will post 3.58 earnings per share for the current year.

Occidental Petroleum Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 10th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date of this dividend is Monday, March 10th. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.22. Occidental Petroleum’s dividend payout ratio is currently 39.34%.

Insider Buying and Selling at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc acquired 763,017 shares of the business’s stock in a transaction on Friday, February 7th. The shares were purchased at an average price of $46.82 per share, for a total transaction of $35,724,455.94. Following the acquisition, the insider now directly owns 264,941,431 shares of the company’s stock, valued at $12,404,557,799.42. This represents a 0.29 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.31% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently commented on OXY. Stephens reiterated an “overweight” rating and issued a $71.00 price objective on shares of Occidental Petroleum in a research report on Wednesday, February 19th. The Goldman Sachs Group lowered shares of Occidental Petroleum from a “neutral” rating to a “sell” rating and lowered their price target for the company from $54.00 to $45.00 in a research report on Friday, January 31st. Mizuho dropped their price objective on shares of Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating for the company in a research note on Monday, December 16th. StockNews.com downgraded Occidental Petroleum from a “hold” rating to a “sell” rating in a research report on Thursday, February 27th. Finally, Truist Financial boosted their target price on shares of Occidental Petroleum from $56.00 to $58.00 and gave the company a “hold” rating in a research note on Monday, January 13th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $59.82.

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.