Allspring Global Investments Holdings LLC Decreases Stock Holdings in Occidental Petroleum Co. (NYSE:OXY)

Allspring Global Investments Holdings LLC trimmed its stake in Occidental Petroleum Co. (NYSE:OXY - Free Report) by 7.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 62,950 shares of the oil and gas producer's stock after selling 5,126 shares during the period. Allspring Global Investments Holdings LLC's holdings in Occidental Petroleum were worth $3,123,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Fortitude Family Office LLC lifted its position in Occidental Petroleum by 160.0% during the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer's stock valued at $25,000 after acquiring an additional 304 shares during the period. Mizuho Securities Co. Ltd. purchased a new position in Occidental Petroleum in the third quarter worth about $32,000. Transamerica Financial Advisors Inc. purchased a new position in Occidental Petroleum in the third quarter worth about $50,000. New Wave Wealth Advisors LLC purchased a new position in Occidental Petroleum in the fourth quarter worth about $59,000. Finally, Comprehensive Financial Planning Inc. PA purchased a new position in Occidental Petroleum in the fourth quarter worth about $68,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

Occidental Petroleum Price Performance

Shares of OXY traded down $1.68 during mid-day trading on Friday, reaching $50.42. The stock had a trading volume of 13,869,302 shares, compared to its average volume of 10,758,816. The firm has a market cap of $47.31 billion, a price-to-earnings ratio of 20.66 and a beta of 1.55. Occidental Petroleum Co. has a 12 month low of $45.17 and a 12 month high of $71.18. The business has a fifty day moving average of $49.14 and a 200 day moving average of $51.45. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.76 and a current ratio of 0.95.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its earnings results on Tuesday, February 18th. The oil and gas producer reported $0.80 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 the consensus estimate of $7.14 billion. Equities analysts predict that Occidental Petroleum Co. will post 3.56 EPS for the current year.

Occidental Petroleum Increases Dividend

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

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Piper Sandler decreased their target price on shares of Occidental Petroleum from $57.00 to $51.00 and set a "neutral" rating for the company in a report on Thursday, December 19th. TD Cowen reduced their price target on shares of Occidental Petroleum from $80.00 to $68.00 and set a "buy" rating for the company in a research note on Tuesday, November 12th. StockNews.com upgraded shares of Occidental Petroleum from a "sell" rating to a "hold" rating in a research note on Wednesday. The Goldman Sachs Group lowered shares of Occidental Petroleum from a "neutral" rating to a "sell" rating and reduced their price target for the stock from $54.00 to $45.00 in a research note on Friday, January 31st. Finally, Truist Financial lifted their price target on shares of Occidental Petroleum from $56.00 to $58.00 and gave the stock a "hold" rating in a research note on Monday, January 13th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $61.90.

Insider Activity at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc purchased 3,614,015 shares of the business's stock in a transaction dated Thursday, December 19th. The shares were purchased at an average cost of $45.60 per share, for a total transaction of $164,799,084.00. Following the completion of the acquisition, the insider now owns 264,178,414 shares in the company, valued at approximately $12,046,535,678.40. This trade represents a 1.39 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders have acquired a total of 6,854,394 shares of company stock valued at $315,101,532 over the last 90 days. 0.31% of the stock is owned by corporate insiders.

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.