South Street Advisors LLC Cuts Stock Position in Occidental Petroleum Co. (NYSE:OXY)

South Street Advisors LLC lessened its holdings in shares of Occidental Petroleum Co. (NYSE:OXY - Free Report) by 91.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,480 shares of the oil and gas producer's stock after selling 139,306 shares during the period. South Street Advisors LLC's holdings in Occidental Petroleum were worth $617,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of OXY. Certified Advisory Corp bought a new stake in shares of Occidental Petroleum during the 4th quarter valued at about $476,000. Rule One Partners LLC bought a new stake in Occidental Petroleum during the 3rd quarter valued at approximately $14,199,000. Fisher Asset Management LLC grew its holdings in shares of Occidental Petroleum by 1.1% during the 4th quarter. Fisher Asset Management LLC now owns 613,647 shares of the oil and gas producer's stock worth $30,320,000 after acquiring an additional 6,461 shares during the period. Sarasin & Partners LLP lifted its stake in shares of Occidental Petroleum by 5.4% in the 4th quarter. Sarasin & Partners LLP now owns 990,521 shares of the oil and gas producer's stock valued at $48,942,000 after purchasing an additional 50,983 shares during the period. Finally, Weiss Asset Management LP purchased a new position in Occidental Petroleum during the 3rd quarter valued at about $2,509,000. Institutional investors own 88.70% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. JPMorgan Chase & Co. lowered their target price on shares of Occidental Petroleum from $59.00 to $52.00 and set a "neutral" rating for the company in a report on Thursday, March 13th. Mizuho dropped their target price on Occidental Petroleum from $72.00 to $70.00 and set a "neutral" rating on the stock in a report on Monday, December 16th. UBS Group raised their price target on Occidental Petroleum from $54.00 to $56.00 and gave the company a "neutral" rating in a report on Thursday, February 20th. Citigroup cut their price objective on shares of Occidental Petroleum from $56.00 to $51.00 and set a "neutral" rating on the stock in a research report on Monday. Finally, Stephens reiterated an "overweight" rating and issued a $71.00 target price on shares of Occidental Petroleum in a research note on Wednesday, February 19th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, Occidental Petroleum presently has a consensus rating of "Hold" and a consensus target price of $60.45.

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Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc acquired 763,017 shares of the business's stock in a transaction that occurred on Friday, February 7th. The stock was bought at an average cost of $46.82 per share, for a total transaction of $35,724,455.94. Following the purchase, the insider now owns 264,941,431 shares in the company, valued at $12,404,557,799.42. The trade was a 0.29 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.31% of the company's stock.

Occidental Petroleum Stock Performance

Shares of NYSE OXY traded up $0.15 during midday trading on Friday, hitting $48.11. 23,294,817 shares of the company's stock traded hands, compared to its average volume of 9,959,363. The firm has a fifty day moving average of $48.68 and a 200 day moving average of $50.11. Occidental Petroleum Co. has a 1 year low of $44.70 and a 1 year high of $71.19. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.76 and a current ratio of 0.95. 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 released its quarterly earnings results on Tuesday, February 18th. The oil and gas producer reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.13. Occidental Petroleum had a net margin of 11.37% and a return on equity of 16.33%. The business had revenue of $6.84 billion for the quarter, compared to the consensus estimate of $7.14 billion. On average, analysts forecast that Occidental Petroleum Co. will post 3.58 earnings per share for the current year.

Occidental Petroleum Increases Dividend

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

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.