Proficio Capital Partners LLC Takes Position in Occidental Petroleum Co. (NYSE:OXY)

Proficio Capital Partners LLC purchased a new stake in shares of Occidental Petroleum Co. (NYSE:OXY - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 128,244 shares of the oil and gas producer's stock, valued at approximately $6,337,000.

Several other hedge funds have also made changes to their positions in OXY. Whipplewood Advisors LLC acquired a new stake in Occidental Petroleum during the 4th quarter valued at $27,000. Transamerica Financial Advisors Inc. acquired a new position in Occidental Petroleum during the third quarter valued at $50,000. Deseret Mutual Benefit Administrators lifted its stake in Occidental Petroleum by 27.1% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,164 shares of the oil and gas producer's stock worth $58,000 after acquiring an additional 248 shares in the last quarter. New Wave Wealth Advisors LLC acquired a new stake in Occidental Petroleum during the 4th quarter worth about $59,000. Finally, Comprehensive Financial Planning Inc. PA purchased a new position in Occidental Petroleum during the 4th quarter valued at about $68,000. Hedge funds and other institutional investors own 88.70% of the company's stock.

Occidental Petroleum Stock Performance

Shares of Occidental Petroleum stock traded up $0.03 during trading on Thursday, reaching $47.99. The company's stock had a trading volume of 5,507,423 shares, compared to its average volume of 9,880,108. The business's fifty day moving average price is $48.74 and its 200-day moving average price is $50.12. Occidental Petroleum Co. has a one year low of $44.70 and a one year high of $71.19. The firm has a market cap of $45.04 billion, a price-to-earnings ratio of 19.68 and a beta of 1.51. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.76 and a current ratio of 0.95.

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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, topping 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 the consensus estimate of $7.14 billion. As a group, equities research analysts predict that Occidental Petroleum Co. will post 3.58 earnings per share for the current year.

Occidental Petroleum Increases Dividend

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

Insider Activity at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc bought 763,017 shares of Occidental Petroleum stock in a transaction that occurred on Friday, February 7th. The stock was purchased at an average cost of $46.82 per share, with a total value of $35,724,455.94. Following the completion of the transaction, the insider now directly owns 264,941,431 shares in the company, valued at $12,404,557,799.42. This trade represents 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.

Analyst Upgrades and Downgrades

Several research firms recently commented on OXY. Wells Fargo & Company restated an "equal weight" rating on shares of Occidental Petroleum in a report on Friday, February 21st. Citigroup dropped their price target on shares of Occidental Petroleum from $56.00 to $51.00 and set a "neutral" rating on the stock in a research note on Monday. Raymond James cut Occidental Petroleum from a "strong-buy" rating to an "outperform" rating and reduced their price objective for the company from $81.00 to $64.00 in a research report on Monday, March 10th. Mizuho dropped their target price on Occidental Petroleum from $72.00 to $70.00 and set a "neutral" rating on the stock in a research report on Monday, December 16th. Finally, Piper Sandler reduced their price target on Occidental Petroleum from $51.00 to $50.00 and set a "neutral" rating for the company in a report on Thursday, March 6th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $60.45.

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.