Sterling Investment Management LLC Invests $2.17 Million in Occidental Petroleum Co. (NYSE:OXY)

Sterling Investment Management LLC bought a new stake in Occidental Petroleum Co. (NYSE:OXY) during the 2nd quarter, HoldingsChannel reports. The fund bought 36,880 shares of the oil and gas producer’s stock, valued at approximately $2,169,000. Occidental Petroleum comprises 1.7% of Sterling Investment Management LLC’s portfolio, making the stock its 16th biggest position.

Several other hedge funds have also recently added to or reduced their stakes in OXY. HBW Advisory Services LLC increased its stake in Occidental Petroleum by 3.6% in the 1st quarter. HBW Advisory Services LLC now owns 4,790 shares of the oil and gas producer’s stock worth $299,000 after purchasing an additional 166 shares in the last quarter. Mutual Advisors LLC raised its holdings in shares of Occidental Petroleum by 4.8% during the first quarter. Mutual Advisors LLC now owns 3,746 shares of the oil and gas producer’s stock valued at $234,000 after acquiring an additional 172 shares during the period. Avaii Wealth Management LLC lifted its position in shares of Occidental Petroleum by 4.7% in the 1st quarter. Avaii Wealth Management LLC now owns 3,958 shares of the oil and gas producer’s stock valued at $247,000 after acquiring an additional 177 shares in the last quarter. Lazard Asset Management LLC boosted its stake in Occidental Petroleum by 1.5% in the 1st quarter. Lazard Asset Management LLC now owns 11,920 shares of the oil and gas producer’s stock worth $676,000 after purchasing an additional 180 shares during the period. Finally, Greenleaf Trust grew its holdings in shares of Occidental Petroleum by 1.6% during the first quarter. Greenleaf Trust now owns 11,912 shares of the oil and gas producer’s stock valued at $744,000 after buying an additional 183 shares in the last quarter. Institutional investors own 77.54% of the company’s stock.

Occidental Petroleum Price Performance

OXY traded down $0.18 during midday trading on Tuesday, reaching $66.14. 1,599,181 shares of the company’s stock were exchanged, compared to its average volume of 11,326,973. The business has a 50-day simple moving average of $62.99 and a two-hundred day simple moving average of $61.03. The company has a quick ratio of 0.73, a current ratio of 1.00 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $58.51 billion, a price-to-earnings ratio of 11.26, a price-to-earnings-growth ratio of 0.79 and a beta of 1.77. Occidental Petroleum Co. has a one year low of $55.51 and a one year high of $76.11.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Wednesday, August 2nd. The oil and gas producer reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.02). The firm had revenue of $6.73 billion during the quarter, compared to the consensus estimate of $6.92 billion. Occidental Petroleum had a return on equity of 31.59% and a net margin of 21.36%. The firm’s revenue for the quarter was down 37.3% compared to the same quarter last year. During the same period in the previous year, the company posted $3.16 EPS. As a group, research analysts predict that Occidental Petroleum Co. will post 3.8 EPS for the current year.

Occidental Petroleum Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 8th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.09%. The ex-dividend date is Thursday, September 7th. Occidental Petroleum’s payout ratio is currently 12.22%.

Insider Buying and Selling

In other Occidental Petroleum news, major shareholder Petroleum Corp /De/ Occidental sold 5,100,000 shares of the business’s stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $25.00, for a total value of $127,500,000.00. Following the transaction, the insider now owns 185,181,578 shares of the company’s stock, valued at $4,629,539,450. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, major shareholder Petroleum Corp /De/ Occidental sold 5,100,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $25.00, for a total transaction of $127,500,000.00. Following the transaction, the insider now directly owns 185,181,578 shares in the company, valued at $4,629,539,450. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Berkshire Hathaway Inc acquired 260,769 shares of the company’s stock in a transaction that occurred on Wednesday, June 28th. The stock was bought at an average price of $57.02 per share, with a total value of $14,869,048.38. Following the transaction, the insider now directly owns 224,129,192 shares in the company, valued at $12,779,846,527.84. The disclosure for this purchase can be found here. 0.35% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on OXY. 51job reissued a “maintains” rating on shares of Occidental Petroleum in a research note on Tuesday, June 13th. Roth Mkm reaffirmed a “neutral” rating and set a $60.00 price objective on shares of Occidental Petroleum in a research report on Tuesday, September 12th. UBS Group increased their target price on shares of Occidental Petroleum from $63.00 to $72.00 and gave the stock a “neutral” rating in a research report on Thursday, August 17th. Piper Sandler increased their price objective on Occidental Petroleum from $61.00 to $62.00 in a report on Tuesday, June 13th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $80.00 target price on shares of Occidental Petroleum in a research report on Wednesday, August 16th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Occidental Petroleum currently has an average rating of “Hold” and an average target price of $69.88.

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, North Africa, and Latin America. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing.