Variant Private Wealth LLC Makes New Investment in Occidental Petroleum Co. (NYSE:OXY)

Variant Private Wealth LLC acquired a new position in Occidental Petroleum Co. (NYSE:OXY) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 10,553 shares of the oil and gas producer’s stock, valued at approximately $521,000.

A number of other institutional investors and hedge funds have also made changes to their positions in OXY. Leavell Investment Management Inc. increased its position in shares of Occidental Petroleum by 3.3% during the third quarter. Leavell Investment Management Inc. now owns 6,241 shares of the oil and gas producer’s stock valued at $323,000 after acquiring an additional 200 shares in the last quarter. Empire Financial Management Company LLC grew its position in Occidental Petroleum by 4.1% in the 3rd quarter. Empire Financial Management Company LLC now owns 6,383 shares of the oil and gas producer’s stock worth $329,000 after purchasing an additional 250 shares during the period. Park Avenue Securities LLC grew its position in Occidental Petroleum by 3.2% in the 4th quarter. Park Avenue Securities LLC now owns 8,058 shares of the oil and gas producer’s stock worth $398,000 after purchasing an additional 250 shares during the period. Crossmark Global Holdings Inc. grew its position in Occidental Petroleum by 0.9% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 27,566 shares of the oil and gas producer’s stock worth $1,421,000 after purchasing an additional 257 shares during the period. Finally, Venturi Wealth Management LLC grew its position in Occidental Petroleum by 16.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,920 shares of the oil and gas producer’s stock worth $99,000 after purchasing an additional 278 shares during the period. Institutional investors own 88.70% of the company’s stock.

Analysts Set New Price Targets

OXY has been the subject of a number of research analyst reports. Piper Sandler cut their target price on shares of Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating for the company in a research report on Thursday, December 19th. TD Cowen cut their target price on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a research report on Tuesday, November 12th. Susquehanna cut their target price on shares of Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating for the company in a research report on Thursday, November 14th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $56.00 price target on shares of Occidental Petroleum in a research note on Friday, November 8th. Finally, Citigroup dropped their price target on shares of Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 26th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Occidental Petroleum currently has a consensus rating of “Hold” and a consensus target price of $61.90.

Insider Transactions at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 763,017 shares of Occidental Petroleum stock in a transaction dated Friday, February 7th. The shares were purchased at an average cost 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 in the company, valued at approximately $12,404,557,799.42. This represents a 0.29 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Insiders have acquired a total of 6,854,394 shares of company stock worth $315,101,532 in the last three months. Insiders own 0.31% of the company’s stock.

Occidental Petroleum Stock Performance

Shares of NYSE OXY opened at $50.42 on Friday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.76 and a current ratio of 0.95. The company has a market cap of $47.31 billion, a P/E ratio of 20.66 and a beta of 1.55. The firm’s fifty day moving average is $49.20 and its two-hundred day moving average is $51.41. Occidental Petroleum Co. has a 52-week low of $45.17 and a 52-week high of $71.18.

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 analysts’ consensus estimates of $0.67 by $0.13. Occidental Petroleum had a net margin of 11.37% and a return on equity of 16.33%. The company had revenue of $6.84 billion for the quarter, compared to the consensus estimate of $7.14 billion. As a group, analysts anticipate that Occidental Petroleum Co. will post 3.58 EPS for the current fiscal year.

Occidental Petroleum Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 10th will be issued a $0.24 dividend. The ex-dividend date is Monday, March 10th. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.90%. Occidental Petroleum’s payout ratio is 36.07%.

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.