Meyer Handelman Co. Lowers Stake in Occidental Petroleum Co. (NYSE:OXY)

Meyer Handelman Co. cut its position in Occidental Petroleum Co. (NYSE:OXY) by 1.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 25,460 shares of the oil and gas producer’s stock after selling 500 shares during the period. Meyer Handelman Co.’s holdings in Occidental Petroleum were worth $1,605,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. CapWealth Advisors LLC boosted its holdings in shares of Occidental Petroleum by 2.7% during the 1st quarter. CapWealth Advisors LLC now owns 6,105 shares of the oil and gas producer’s stock valued at $397,000 after purchasing an additional 162 shares during the last quarter. Meeder Advisory Services Inc. boosted its stake in Occidental Petroleum by 2.0% during the first quarter. Meeder Advisory Services Inc. now owns 8,503 shares of the oil and gas producer’s stock valued at $553,000 after buying an additional 164 shares during the last quarter. Investment Research & Advisory Group Inc. grew its holdings in Occidental Petroleum by 75.2% during the 1st quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock valued at $25,000 after buying an additional 167 shares in the last quarter. Earnest Partners LLC increased its stake in Occidental Petroleum by 2.6% in the 1st quarter. Earnest Partners LLC now owns 6,850 shares of the oil and gas producer’s stock worth $445,000 after acquiring an additional 173 shares during the last quarter. Finally, Proficio Capital Partners LLC raised its holdings in shares of Occidental Petroleum by 0.8% during the 1st quarter. Proficio Capital Partners LLC now owns 20,911 shares of the oil and gas producer’s stock worth $1,359,000 after acquiring an additional 175 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

OXY has been the topic of a number of recent research reports. Stephens reaffirmed an “overweight” rating and set a $76.00 price target on shares of Occidental Petroleum in a research note on Thursday, August 8th. Susquehanna increased their price target on shares of Occidental Petroleum from $70.00 to $81.00 and gave the company a “positive” rating in a report on Monday, April 22nd. Wells Fargo & Company reduced their price objective on Occidental Petroleum from $68.00 to $65.00 and set an “equal weight” rating on the stock in a research note on Friday, August 9th. Scotiabank dropped their target price on Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Finally, Truist Financial decreased their price target on Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating on the stock in a report on Monday. Ten equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $71.94.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc acquired 1,060,653 shares of the business’s stock in a transaction dated Friday, June 14th. The shares were purchased at an average price of $59.59 per share, for a total transaction of $63,204,312.27. Following the completion of the acquisition, the insider now directly owns 254,947,063 shares in the company, valued at approximately $15,192,295,484.17. The transaction was disclosed in a document filed with the SEC, which is available through this link. Over the last ninety days, insiders bought 4,656,747 shares of company stock worth $278,664,028. 0.31% of the stock is owned by corporate insiders.

Occidental Petroleum Stock Performance

OXY stock opened at $57.56 on Wednesday. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.95 and a quick ratio of 0.71. Occidental Petroleum Co. has a 1-year low of $55.04 and a 1-year high of $71.18. The business has a 50-day moving average price of $60.73 and a 200 day moving average price of $62.17. The company has a market capitalization of $51.03 billion, a P/E ratio of 15.70 and a beta of 1.61.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.26. The firm had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.93 billion. Occidental Petroleum had a net margin of 15.62% and a return on equity of 17.50%. The company’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period last year, the firm earned $0.68 earnings per share. As a group, equities research analysts forecast that Occidental Petroleum Co. will post 3.6 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, September 10th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date is Tuesday, September 10th. Occidental Petroleum’s payout ratio is currently 24.04%.

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.