Allspring Global Investments Holdings LLC Boosts Position in Occidental Petroleum Co. (NYSE:OXY)

Allspring Global Investments Holdings LLC increased its position in Occidental Petroleum Co. (NYSE:OXY - Free Report) by 139.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 78,529 shares of the oil and gas producer's stock after buying an additional 45,722 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Occidental Petroleum were worth $5,104,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. SeaCrest Wealth Management LLC lifted its stake in shares of Occidental Petroleum by 8.9% in the 4th quarter. SeaCrest Wealth Management LLC now owns 5,825 shares of the oil and gas producer's stock valued at $343,000 after purchasing an additional 474 shares in the last quarter. Cullen Investment Group LTD. acquired a new stake in shares of Occidental Petroleum in the fourth quarter worth $1,006,000. Koshinski Asset Management Inc. raised its stake in shares of Occidental Petroleum by 53.9% in the 4th quarter. Koshinski Asset Management Inc. now owns 48,179 shares of the oil and gas producer's stock valued at $2,877,000 after acquiring an additional 16,871 shares during the period. Assenagon Asset Management S.A. lifted its holdings in shares of Occidental Petroleum by 1,279.7% during the 4th quarter. Assenagon Asset Management S.A. now owns 231,899 shares of the oil and gas producer's stock valued at $13,847,000 after acquiring an additional 215,091 shares in the last quarter. Finally, Bridgefront Capital LLC purchased a new stake in Occidental Petroleum during the 4th quarter worth $763,000. Institutional investors and hedge funds own 88.70% of the company's stock.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc acquired 765,899 shares of Occidental Petroleum stock in a transaction that occurred on Wednesday, June 12th. The stock was acquired at an average price of $60.28 per share, for a total transaction of $46,168,391.72. Following the transaction, the insider now directly owns 252,333,913 shares of the company's stock, valued at approximately $15,210,688,275.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Over the last ninety days, insiders purchased 4,656,747 shares of company stock valued at $278,664,028. 0.48% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Barclays started coverage on Occidental Petroleum in a research note on Wednesday, April 10th. They set an "equal weight" rating and a $73.00 price objective on the stock. Morgan Stanley increased their price objective on shares of Occidental Petroleum from $66.00 to $72.00 and gave the company an "overweight" rating in a research report on Thursday, March 28th. Truist Financial cut shares of Occidental Petroleum from a "buy" rating to a "hold" rating and reduced their target price for the stock from $84.00 to $69.00 in a research report on Thursday, May 16th. Mizuho raised their price target on shares of Occidental Petroleum from $70.00 to $71.00 and gave the company a "neutral" rating in a report on Wednesday, May 8th. Finally, Scotiabank raised shares of Occidental Petroleum from a "sector perform" rating to a "sector outperform" rating and upped their price objective for the company from $63.00 to $90.00 in a research report on Thursday, April 11th. Eleven equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $71.56.

Occidental Petroleum Stock Performance

Shares of OXY stock traded down $0.52 on Tuesday, hitting $62.36. 6,502,953 shares of the stock traded hands, compared to its average volume of 8,041,331. The company's fifty day moving average is $62.86 and its 200 day moving average is $61.80. Occidental Petroleum Co. has a 1-year low of $55.12 and a 1-year high of $71.18. The company has a market capitalization of $55.29 billion, a PE ratio of 17.04 and a beta of 1.61. 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 (NYSE:OXY - Get Free Report) last posted its quarterly earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.62 by $0.01. Occidental Petroleum had a net margin of 15.62% and a return on equity of 17.50%. The company had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $6.70 billion. During the same period last year, the firm posted $1.09 EPS. The company's revenue for the quarter was down 17.2% on a year-over-year basis. On average, equities research analysts predict that Occidental Petroleum Co. will post 3.88 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, June 10th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Monday, June 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.41%. Occidental Petroleum's payout ratio is currently 24.04%.

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.