Scharf Investments LLC Takes $42.74 Million Position in Occidental Petroleum Co. (NYSE:OXY)

Scharf Investments LLC bought a new position in shares of Occidental Petroleum Co. (NYSE:OXY - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 678,161 shares of the oil and gas producer's stock, valued at approximately $42,744,000. Occidental Petroleum makes up approximately 1.2% of Scharf Investments LLC's portfolio, making the stock its 26th largest position. Scharf Investments LLC owned about 0.08% of Occidental Petroleum as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently bought and sold shares of the stock. Kiley Juergens Wealth Management LLC raised its stake in shares of Occidental Petroleum by 5.2% during the 2nd quarter. Kiley Juergens Wealth Management LLC now owns 11,879 shares of the oil and gas producer's stock worth $749,000 after purchasing an additional 585 shares in the last quarter. Joule Financial LLC increased its holdings in Occidental Petroleum by 2.5% during the second quarter. Joule Financial LLC now owns 7,863 shares of the oil and gas producer's stock worth $497,000 after buying an additional 191 shares during the last quarter. Stableford Capital II LLC raised its position in Occidental Petroleum by 1.8% during the second quarter. Stableford Capital II LLC now owns 16,083 shares of the oil and gas producer's stock worth $1,016,000 after acquiring an additional 290 shares in the last quarter. Shelton Wealth Management LLC lifted its stake in Occidental Petroleum by 39.0% in the second quarter. Shelton Wealth Management LLC now owns 15,069 shares of the oil and gas producer's stock valued at $950,000 after acquiring an additional 4,225 shares during the last quarter. Finally, Byrne Asset Management LLC grew its position in shares of Occidental Petroleum by 551.5% in the 2nd quarter. Byrne Asset Management LLC now owns 2,469 shares of the oil and gas producer's stock valued at $154,000 after acquiring an additional 2,090 shares during the period. 88.70% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 1,386,844 shares of Occidental Petroleum stock in a transaction on Friday, June 7th. The shares were purchased at an average price of $59.67 per share, with a total value of $82,752,981.48. Following the acquisition, the insider now owns 250,583,605 shares in the company, valued at approximately $14,952,323,710.35. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total value of $697,125,000.00. Following the completion of the transaction, the insider now owns 165,681,578 shares of the company's stock, valued at approximately $5,923,116,413.50. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Berkshire Hathaway Inc bought 1,386,844 shares of the firm's stock in a transaction on Friday, June 7th. The shares were bought at an average cost of $59.67 per share, for a total transaction of $82,752,981.48. Following the purchase, the insider now owns 250,583,605 shares of the company's stock, valued at approximately $14,952,323,710.35. The disclosure for this purchase can be found here. Insiders have bought 4,656,747 shares of company stock valued at $278,664,028 over the last three months. 0.31% of the stock is owned by insiders.

Occidental Petroleum Price Performance

NYSE:OXY traded up $0.08 during trading hours on Thursday, reaching $56.10. 8,665,309 shares of the company were exchanged, compared to its average volume of 9,955,489. The company has a market capitalization of $50.81 billion, a P/E ratio of 15.33 and a beta of 1.61. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.04 and a quick ratio of 0.75. The business has a 50 day moving average of $60.27 and a 200 day moving average of $62.06. Occidental Petroleum Co. has a 1-year low of $55.04 and a 1-year high of $71.18.

Occidental Petroleum (NYSE:OXY - Get Free Report) last issued its quarterly earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, topping analysts' consensus estimates of $0.77 by $0.26. The company had revenue of $6.88 billion for the quarter, compared to analysts' expectations of $6.93 billion. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. Occidental Petroleum's revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the business earned $0.68 earnings per share. Research analysts forecast that Occidental Petroleum Co. will post 3.7 EPS for the current year.

Occidental Petroleum Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, September 10th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $0.88 annualized dividend and a dividend yield of 1.57%. Occidental Petroleum's dividend payout ratio is 24.04%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Scotiabank dropped their target price on shares of Occidental Petroleum from $90.00 to $80.00 and set a "sector outperform" rating on the stock in a report on Friday, July 12th. UBS Group boosted their target price on Occidental Petroleum from $69.00 to $70.00 and gave the stock a "neutral" rating in a report on Tuesday. Truist Financial cut their price target on Occidental Petroleum from $67.00 to $65.00 and set a "hold" rating for the company in a report on Monday, August 12th. Stephens reiterated an "overweight" rating and issued a $76.00 price objective on shares of Occidental Petroleum in a report on Thursday, August 8th. Finally, Mizuho raised their target price on shares of Occidental Petroleum from $70.00 to $71.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 8th. Ten analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Occidental Petroleum has an average rating of "Hold" and an average price target of $71.69.

Occidental Petroleum Company 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.

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