Pinnacle Associates Ltd. Acquires 17,094 Shares of Occidental Petroleum Co. (NYSE:OXY)

Pinnacle Associates Ltd. boosted its stake in shares of Occidental Petroleum Co. (NYSE:OXY - Free Report) by 12.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 151,033 shares of the oil and gas producer's stock after purchasing an additional 17,094 shares during the quarter. Pinnacle Associates Ltd.'s holdings in Occidental Petroleum were worth $9,520,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. Berkshire Hathaway Inc increased its holdings in Occidental Petroleum by 8.7% in the 4th quarter. Berkshire Hathaway Inc now owns 243,715,804 shares of the oil and gas producer's stock valued at $14,552,271,000 after buying an additional 19,586,612 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Occidental Petroleum by 2.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,699,722 shares of the oil and gas producer's stock valued at $220,910,000 after buying an additional 82,360 shares during the period. Epoch Investment Partners Inc. increased its holdings in Occidental Petroleum by 52.8% in the 4th quarter. Epoch Investment Partners Inc. now owns 1,399,569 shares of the oil and gas producer's stock valued at $83,568,000 after buying an additional 483,422 shares during the period. National Pension Service increased its holdings in Occidental Petroleum by 2.7% in the 4th quarter. National Pension Service now owns 1,342,292 shares of the oil and gas producer's stock valued at $80,148,000 after buying an additional 34,786 shares during the period. Finally, Clean Energy Transition LLP bought a new stake in shares of Occidental Petroleum in the 1st quarter worth about $67,601,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Occidental Petroleum Trading Down 0.4 %

Occidental Petroleum stock traded down $0.23 during trading hours on Friday, reaching $56.98. 9,622,330 shares of the company's stock traded hands, compared to its average volume of 11,645,702. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.75 and a current ratio of 1.04. Occidental Petroleum Co. has a fifty-two week low of $55.04 and a fifty-two week high of $71.18. The firm has a market capitalization of $51.60 billion, a price-to-earnings ratio of 15.57 and a beta of 1.61. The firm's 50 day moving average is $59.80 and its 200-day moving average is $62.07.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its quarterly earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share for the quarter, beating analysts' consensus estimates of $0.77 by $0.26. The business had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.93 billion. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. Occidental Petroleum's revenue for the quarter was up 2.2% on a year-over-year basis. During the same period last year, the company posted $0.68 EPS. On average, analysts predict that Occidental Petroleum Co. will post 3.69 earnings per share 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 $0.22 dividend. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.54%. Occidental Petroleum's dividend payout ratio is 24.04%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on OXY. UBS Group upped their target price on shares of Occidental Petroleum from $69.00 to $70.00 and gave the stock a "neutral" rating in a report on Tuesday, August 20th. Truist Financial lowered their target price on shares of Occidental Petroleum from $67.00 to $65.00 and set a "hold" rating on the stock in a report on Monday, August 12th. Wells Fargo & Company lowered their target price on shares of Occidental Petroleum from $68.00 to $65.00 and set an "equal weight" rating on the stock in a report on Friday, August 9th. Stephens reissued an "overweight" rating and set a $76.00 price objective on shares of Occidental Petroleum in a report on Thursday, August 8th. Finally, Scotiabank decreased their price objective 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. Ten analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $71.69.

Insider Activity at Occidental Petroleum

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

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.