Sterling Investment Management LLC Has $4.21 Million Stock Holdings in Occidental Petroleum Co. (NYSE:OXY)

Sterling Investment Management LLC grew its stake in Occidental Petroleum Co. (NYSE:OXY) by 94.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 70,553 shares of the oil and gas producer’s stock after acquiring an additional 34,248 shares during the quarter. Occidental Petroleum accounts for 3.1% of Sterling Investment Management LLC’s holdings, making the stock its 7th biggest position. Sterling Investment Management LLC’s holdings in Occidental Petroleum were worth $4,213,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. Berkshire Hathaway Inc increased its stake in Occidental Petroleum by 5.9% during the 2nd quarter. Berkshire Hathaway Inc now owns 224,129,192 shares of the oil and gas producer’s stock worth $13,178,796,000 after purchasing an additional 12,422,073 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Occidental Petroleum by 24.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 12,021,929 shares of the oil and gas producer’s stock worth $779,983,000 after acquiring an additional 2,334,651 shares during the last quarter. Pacer Advisors Inc. boosted its position in Occidental Petroleum by 22.2% during the 4th quarter. Pacer Advisors Inc. now owns 5,995,258 shares of the oil and gas producer’s stock worth $357,977,000 after acquiring an additional 1,088,052 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Occidental Petroleum by 2.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 5,035,799 shares of the oil and gas producer’s stock worth $285,732,000 after acquiring an additional 118,928 shares during the last quarter. Finally, Invesco Ltd. boosted its position in Occidental Petroleum by 2.8% during the 3rd quarter. Invesco Ltd. now owns 4,665,494 shares of the oil and gas producer’s stock worth $302,697,000 after acquiring an additional 125,927 shares during the last quarter. 88.70% of the stock is owned by institutional investors.

Occidental Petroleum Stock Up 1.4 %

OXY stock opened at $64.21 on Thursday. The company has a market cap of $56.92 billion, a PE ratio of 16.42 and a beta of 1.63. The business has a 50-day simple moving average of $59.84 and a 200 day simple moving average of $60.79. Occidental Petroleum Co. has a 52 week low of $55.12 and a 52 week high of $67.67. The company has a quick ratio of 0.69, a current ratio of 0.92 and a debt-to-equity ratio of 0.84.

Occidental Petroleum (NYSE:OXY) last issued its earnings results on Thursday, February 15th. The oil and gas producer reported $0.74 EPS for the quarter, hitting the consensus estimate of $0.74. The firm had revenue of $7.53 billion during the quarter, compared to the consensus estimate of $6.93 billion. Occidental Petroleum had a return on equity of 20.63% and a net margin of 16.24%. The business’s quarterly revenue was down 9.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.61 earnings per share. Sell-side analysts anticipate that Occidental Petroleum Co. will post 3.56 EPS for the current fiscal year.

Occidental Petroleum Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, March 8th will be paid a dividend of $0.22 per share. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Thursday, March 7th. This represents a $0.88 annualized dividend and a yield of 1.37%. Occidental Petroleum’s payout ratio is presently 22.51%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Truist Financial cut their price objective on Occidental Petroleum from $80.00 to $77.00 and set a “buy” rating for the company in a report on Friday, February 16th. JPMorgan Chase & Co. reduced their price objective on shares of Occidental Petroleum from $78.00 to $73.00 and set a “neutral” rating for the company in a research report on Friday, December 8th. StockNews.com raised shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research report on Friday, March 15th. Stephens reissued an “overweight” rating and issued a $74.00 target price on shares of Occidental Petroleum in a research report on Thursday, February 15th. Finally, Morgan Stanley raised shares of Occidental Petroleum from an “equal weight” rating to an “overweight” rating and set a $68.00 target price for the company in a research report on Monday, December 11th. Eight equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $69.94.

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.