Berkshire Hathaway Inc Buys Shares of 264,941,431 Occidental Petroleum Corporation $OXY

Berkshire Hathaway Inc bought a new position in Occidental Petroleum Corporation (NYSE:OXY) in the 2nd quarter, Holdings Channel.com reports. The fund bought 264,941,431 shares of the oil and gas producer’s stock, valued at approximately $12,868,205,000. Occidental Petroleum comprises approximately 4.3% of Berkshire Hathaway Inc’s investment portfolio, making the stock its 7th biggest holding. Berkshire Hathaway Inc owned approximately 0.27% of Occidental Petroleum as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of OXY. Woodline Partners LP increased its position in Occidental Petroleum by 40.7% during the first quarter. Woodline Partners LP now owns 57,079 shares of the oil and gas producer’s stock worth $2,817,000 after buying an additional 16,506 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of Occidental Petroleum in the second quarter worth about $4,584,000. Federated Hermes Inc. lifted its position in shares of Occidental Petroleum by 696.7% in the second quarter. Federated Hermes Inc. now owns 23,997 shares of the oil and gas producer’s stock worth $1,008,000 after buying an additional 20,985 shares during the last quarter. Daiwa Securities Group Inc. boosted its stake in shares of Occidental Petroleum by 7.4% during the 2nd quarter. Daiwa Securities Group Inc. now owns 105,767 shares of the oil and gas producer’s stock worth $4,443,000 after acquiring an additional 7,285 shares in the last quarter. Finally, AXA S.A. boosted its stake in shares of Occidental Petroleum by 24.3% during the 2nd quarter. AXA S.A. now owns 136,625 shares of the oil and gas producer’s stock worth $5,740,000 after acquiring an additional 26,741 shares in the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on OXY. Evercore raised Occidental Petroleum from an “in-line” rating to an “outperform” rating and set a $65.00 price objective on the stock in a research note on Wednesday, July 8th. Mizuho upped their target price on Occidental Petroleum from $72.00 to $75.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Morgan Stanley lowered their price target on Occidental Petroleum from $74.00 to $68.00 and set an “equal weight” rating on the stock in a report on Friday, June 26th. Capital One Financial boosted their price objective on shares of Occidental Petroleum from $67.00 to $70.00 in a research note on Wednesday, May 27th. Finally, Raymond James Financial upped their price objective on shares of Occidental Petroleum from $64.00 to $75.00 and gave the stock an “outperform” rating in a report on Monday, May 4th. Ten investment analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $64.83.

Occidental Petroleum Stock Performance

OXY opened at $58.69 on Thursday. The company has a quick ratio of 1.13, a current ratio of 1.41 and a debt-to-equity ratio of 0.40. The stock’s 50 day moving average price is $54.88 and its two-hundred day moving average price is $55.84. The firm has a market capitalization of $58.67 billion, a P/E ratio of 9.09, a price-to-earnings-growth ratio of 0.93 and a beta of 0.15. Occidental Petroleum Corporation has a 12-month low of $38.80 and a 12-month high of $67.45.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 EPS for the quarter, topping analysts’ consensus estimates of $1.83 by $0.57. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.The company had revenue of $8.06 billion during the quarter, compared to analyst estimates of $7.07 billion. During the same period in the previous year, the company earned $0.39 earnings per share. The company’s quarterly revenue was up 53.4% compared to the same quarter last year. On average, equities analysts forecast that Occidental Petroleum Corporation will post 6.09 earnings per share for the current year.

Occidental Petroleum Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, September 10th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 1.9%. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Thursday, September 10th. Occidental Petroleum’s payout ratio is presently 16.10%.

Insider Buying and Selling

In related news, CEO Richard A. Jackson bought 4,770 shares of the business’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was purchased at an average cost of $52.38 per share, for a total transaction of $249,852.60. Following the purchase, the chief executive officer directly owned 444,098 shares in the company, valued at $23,261,853.24. This trade represents a 1.09% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.50% of the stock is currently owned by insiders.

Occidental Petroleum Profile

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental’s operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.