Kennondale Capital Management LLC Takes $791,000 Position in Occidental Petroleum Co. (NYSE:OXY)

Kennondale Capital Management LLC purchased a new position in shares of Occidental Petroleum Co. (NYSE:OXY - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 16,019 shares of the oil and gas producer's stock, valued at approximately $791,000.

Several other large investors also recently modified their holdings of the stock. Tejara Capital Ltd grew its stake in shares of Occidental Petroleum by 11.2% in the 4th quarter. Tejara Capital Ltd now owns 163,991 shares of the oil and gas producer's stock valued at $8,103,000 after buying an additional 16,527 shares during the period. RD Lewis Holdings Inc. acquired a new stake in Occidental Petroleum in the fourth quarter valued at approximately $262,000. Axxcess Wealth Management LLC increased its holdings in shares of Occidental Petroleum by 28.2% during the fourth quarter. Axxcess Wealth Management LLC now owns 45,944 shares of the oil and gas producer's stock valued at $2,270,000 after acquiring an additional 10,120 shares in the last quarter. Tocqueville Asset Management L.P. raised its position in shares of Occidental Petroleum by 10.9% during the fourth quarter. Tocqueville Asset Management L.P. now owns 500,551 shares of the oil and gas producer's stock worth $24,732,000 after purchasing an additional 49,293 shares during the period. Finally, Signaturefd LLC lifted its holdings in shares of Occidental Petroleum by 84.1% in the 4th quarter. Signaturefd LLC now owns 14,616 shares of the oil and gas producer's stock worth $722,000 after purchasing an additional 6,678 shares in the last quarter. Institutional investors and hedge funds own 88.70% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Stephens restated an "overweight" rating and set a $71.00 price target on shares of Occidental Petroleum in a research note on Wednesday, February 19th. UBS Group upped their target price on shares of Occidental Petroleum from $54.00 to $56.00 and gave the stock a "neutral" rating in a report on Thursday, February 20th. Piper Sandler decreased their price objective on Occidental Petroleum from $51.00 to $50.00 and set a "neutral" rating for the company in a report on Thursday, March 6th. Raymond James downgraded Occidental Petroleum from a "strong-buy" rating to an "outperform" rating and lowered their price objective for the stock from $81.00 to $64.00 in a research note on Monday, March 10th. Finally, Truist Financial lifted their target price on Occidental Petroleum from $56.00 to $58.00 and gave the company a "hold" rating in a research report on Monday, January 13th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $60.45.

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Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc bought 763,017 shares of Occidental Petroleum stock in a transaction on Friday, February 7th. The stock was acquired at an average price of $46.82 per share, with a total value of $35,724,455.94. Following the acquisition, the insider now directly owns 264,941,431 shares of the company's stock, valued at $12,404,557,799.42. This represents a 0.29 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.31% of the company's stock.

Occidental Petroleum Stock Performance

Shares of OXY stock traded up $0.15 during trading hours on Friday, hitting $48.11. 23,294,817 shares of the company were exchanged, compared to its average volume of 9,959,363. Occidental Petroleum Co. has a 52-week low of $44.70 and a 52-week 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. The firm has a fifty day simple moving average of $48.68 and a 200 day simple moving average of $50.11. The stock has a market capitalization of $45.15 billion, a price-to-earnings ratio of 19.72 and a beta of 1.51.

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

Occidental Petroleum Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 10th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.00%. This is a positive change from Occidental Petroleum's previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Monday, March 10th. Occidental Petroleum's payout ratio is currently 39.34%.

About Occidental Petroleum

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.