TT Capital Management LLC Invests $557,000 in Occidental Petroleum Co. (NYSE:OXY)

TT Capital Management LLC purchased a new stake in shares of Occidental Petroleum Co. (NYSE:OXY) during the fourth quarter, Holdings Channel reports. The institutional investor purchased 10,880 shares of the oil and gas producer’s stock, valued at approximately $557,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Howard Capital Management Inc. lifted its position in shares of Occidental Petroleum by 5.4% during the fourth quarter. Howard Capital Management Inc. now owns 4,234 shares of the oil and gas producer’s stock worth $209,000 after acquiring an additional 216 shares in the last quarter. Deseret Mutual Benefit Administrators lifted its holdings in Occidental Petroleum by 27.1% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,164 shares of the oil and gas producer’s stock worth $58,000 after purchasing an additional 248 shares in the last quarter. Park Avenue Securities LLC boosted its stake 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. Horizon Investments LLC increased its position in shares of Occidental Petroleum by 2.3% during the fourth quarter. Horizon Investments LLC now owns 11,208 shares of the oil and gas producer’s stock valued at $554,000 after buying an additional 257 shares during the period. Finally, Oregon Public Employees Retirement Fund lifted its holdings in shares of Occidental Petroleum by 0.5% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 57,934 shares of the oil and gas producer’s stock worth $2,863,000 after buying an additional 290 shares in the last quarter. 88.70% of the stock is owned by institutional investors.

Occidental Petroleum Price Performance

OXY opened at $37.68 on Friday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.95 and a quick ratio of 0.76. The stock’s 50 day simple moving average is $46.46 and its 200 day simple moving average is $49.05. The firm has a market cap of $35.41 billion, a price-to-earnings ratio of 15.44 and a beta of 1.02. Occidental Petroleum Co. has a 1 year low of $34.79 and a 1 year high of $71.19.

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

Occidental Petroleum Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 10th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.55%. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.22. The ex-dividend date is Monday, March 10th. Occidental Petroleum’s dividend payout ratio is 39.34%.

Insider Buying and Selling

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 763,017 shares of the firm’s stock in a transaction that occurred on Friday, February 7th. The stock was bought at an average price of $46.82 per share, for a total transaction of $35,724,455.94. Following the completion of the acquisition, the insider now directly owns 264,941,431 shares in the company, valued at $12,404,557,799.42. The trade was a 0.29 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.31% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Truist Financial upped their target price on shares of Occidental Petroleum from $56.00 to $58.00 and gave the stock a “hold” rating in a report on Monday, January 13th. Morgan Stanley set a $58.00 price objective on Occidental Petroleum and gave the stock an “overweight” rating in a research report on Wednesday, March 26th. The Goldman Sachs Group cut Occidental Petroleum from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $54.00 to $45.00 in a research report on Friday, January 31st. TD Cowen downgraded Occidental Petroleum from a “buy” rating to a “hold” rating and dropped their price target for the company from $68.00 to $45.00 in a research report on Tuesday, April 8th. Finally, Piper Sandler decreased their price objective on shares of Occidental Petroleum from $51.00 to $50.00 and set a “neutral” rating on the stock in a research report on Thursday, March 6th. Three equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $56.71.

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.