Allstate Corp Makes New Investment in Occidental Petroleum Co. (NYSE:OXY)

Allstate Corp acquired a new position in Occidental Petroleum Co. (NYSE:OXY - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 19,074 shares of the oil and gas producer's stock, valued at approximately $942,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. DnB Asset Management AS boosted its position in Occidental Petroleum by 4.5% during the 4th quarter. DnB Asset Management AS now owns 127,433 shares of the oil and gas producer's stock valued at $6,296,000 after buying an additional 5,500 shares during the period. New Age Alpha Advisors LLC raised its stake in shares of Occidental Petroleum by 767.4% during the fourth quarter. New Age Alpha Advisors LLC now owns 1,223 shares of the oil and gas producer's stock valued at $60,000 after acquiring an additional 1,082 shares during the last quarter. Loomis Sayles & Co. L P purchased a new stake in shares of Occidental Petroleum during the fourth quarter worth about $75,000. NEOS Investment Management LLC increased its holdings in Occidental Petroleum by 30.6% during the 4th quarter. NEOS Investment Management LLC now owns 37,156 shares of the oil and gas producer's stock valued at $1,836,000 after purchasing an additional 8,705 shares during the period. Finally, Farley Capital L.P. raised its position in Occidental Petroleum by 48.8% during the 4th quarter. Farley Capital L.P. now owns 12,155 shares of the oil and gas producer's stock valued at $601,000 after purchasing an additional 3,985 shares during the last quarter. Institutional investors own 88.70% of the company's stock.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc acquired 763,017 shares of Occidental Petroleum 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 transaction, the insider now 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 Securities & Exchange Commission, which is accessible through this hyperlink. 0.31% of the stock is owned by corporate insiders.

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Wall Street Analyst Weigh In

OXY has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. cut their price objective on Occidental Petroleum from $59.00 to $52.00 and set a "neutral" rating on the stock in a research report on Thursday, March 13th. Piper Sandler reduced 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. Truist Financial raised their target price on shares of Occidental Petroleum from $56.00 to $58.00 and gave the stock a "hold" rating in a research report on Monday, January 13th. UBS Group increased their price target on shares of Occidental Petroleum from $54.00 to $56.00 and gave the stock a "neutral" rating in a research note on Thursday, February 20th. Finally, Raymond James cut Occidental Petroleum from a "strong-buy" rating to an "outperform" rating and cut their price objective for the company from $81.00 to $64.00 in a research report on Monday, March 10th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $59.82.

Occidental Petroleum Stock Down 0.3 %

OXY traded down $0.14 during trading on Tuesday, hitting $49.22. 5,907,399 shares of the company's stock traded hands, compared to its average volume of 10,230,232. The stock has a market capitalization of $46.25 billion, a price-to-earnings ratio of 20.17 and a beta of 1.51. The company's 50 day simple moving average is $48.20 and its two-hundred day simple moving average is $49.85. Occidental Petroleum Co. has a 12-month low of $44.70 and a 12-month high of $71.19. The company has a current ratio of 0.95, a quick ratio of 0.76 and a debt-to-equity ratio of 0.95.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its quarterly earnings data on Tuesday, February 18th. The oil and gas producer reported $0.80 EPS for the quarter, beating the consensus estimate of $0.67 by $0.13. Occidental Petroleum had a return on equity of 16.33% and a net margin of 11.37%. The company had revenue of $6.84 billion for the quarter, compared to analysts' expectations of $7.14 billion. Analysts predict that Occidental Petroleum Co. will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 10th will be paid a $0.24 dividend. The ex-dividend date is Monday, March 10th. This is a positive change from Occidental Petroleum's previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.95%. Occidental Petroleum's payout ratio is currently 39.34%.

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.