Procyon Advisors LLC Buys New Position in Occidental Petroleum Co. (NYSE:OXY)

Procyon Advisors LLC purchased a new position in shares of Occidental Petroleum Co. (NYSE:OXY) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 52,044 shares of the oil and gas producer’s stock, valued at approximately $2,571,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. H&H International Investment LLC boosted its position in Occidental Petroleum by 497.7% during the third quarter. H&H International Investment LLC now owns 9,223,700 shares of the oil and gas producer’s stock worth $475,389,000 after acquiring an additional 7,680,598 shares during the last quarter. Himalaya Capital Management LLC acquired a new stake in shares of Occidental Petroleum in the second quarter valued at about $92,433,000. Anson Funds Management LP boosted its holdings in Occidental Petroleum by 3,645.8% in the 3rd quarter. Anson Funds Management LP now owns 765,486 shares of the oil and gas producer’s stock worth $39,453,000 after acquiring an additional 745,050 shares during the period. Geode Capital Management LLC grew its position in Occidental Petroleum by 3.3% in the third quarter. Geode Capital Management LLC now owns 13,846,890 shares of the oil and gas producer’s stock valued at $710,886,000 after acquiring an additional 444,850 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Occidental Petroleum during the third quarter valued at approximately $18,554,000. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. The Goldman Sachs Group started coverage on shares of Occidental Petroleum in a report on Wednesday, October 2nd. They set a “neutral” rating and a $55.00 price target for the company. Barclays dropped their target price on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Wolfe Research lifted their price target on Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. BMO Capital Markets cut their price objective on Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating on the stock in a research note on Friday, October 4th. Finally, Wells Fargo & Company reduced their price objective on Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating on the stock in a research note on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $62.19.

Occidental Petroleum Trading Down 0.8 %

Shares of OXY stock opened at $52.28 on Friday. Occidental Petroleum Co. has a 12 month low of $45.17 and a 12 month high of $71.18. The company has a market cap of $49.05 billion, a PE ratio of 13.61 and a beta of 1.57. 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 $49.65 and its two-hundred day moving average is $53.61.

Occidental Petroleum Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.68%. The ex-dividend date was Tuesday, December 10th. Occidental Petroleum’s payout ratio is presently 22.92%.

Insider Activity at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc purchased 2,477,362 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The stock was purchased at an average cost of $46.25 per share, with a total value of $114,577,992.50. Following the acquisition, the insider now directly owns 257,758,886 shares of the company’s stock, valued at approximately $11,921,348,477.50. This trade represents a 0.97 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.48% 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.