Berkshire Hathaway Inc purchased a new position in Occidental Petroleum Corporation (NYSE:OXY - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 264,941,431 shares of the oil and gas producer's stock, valued at approximately $12,868,205,000. Occidental Petroleum makes up 4.3% of Berkshire Hathaway Inc's investment portfolio, making the stock its 7th biggest position. Berkshire Hathaway Inc owned approximately 26.50% of Occidental Petroleum as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Axiom Investment Management LLC acquired a new position in shares of Occidental Petroleum in the first quarter worth about $25,000. Hara Capital LLC acquired a new stake in shares of Occidental Petroleum during the second quarter valued at approximately $25,000. GKV Capital Management Co. Inc. acquired a new stake in shares of Occidental Petroleum during the first quarter valued at approximately $26,000. Portus Wealth Advisors LLC purchased a new stake in shares of Occidental Petroleum in the 1st quarter valued at approximately $29,000. Finally, Caitlin John LLC acquired a new position in Occidental Petroleum in the 4th quarter worth approximately $29,000. Institutional investors and hedge funds own 88.70% of the company's stock.
Wall Street Analyst Weigh In
Several equities analysts have weighed in on OXY shares. The Goldman Sachs Group lowered their price objective on shares of Occidental Petroleum from $64.00 to $60.00 and set a "neutral" rating on the stock in a research report on Tuesday, June 30th. Morgan Stanley reduced their target price on Occidental Petroleum from $74.00 to $68.00 and set an "equal weight" rating for the company in a report on Friday, June 26th. Susquehanna raised their target price on Occidental Petroleum from $67.00 to $70.00 and gave the stock a "positive" rating in a research report on Tuesday, August 11th. Stephens lowered their price target on Occidental Petroleum from $73.00 to $69.00 and set an "overweight" rating on the stock in a report on Tuesday, July 14th. Finally, Wells Fargo & Company increased their price objective on Occidental Petroleum from $72.00 to $79.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. Ten research analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $64.83.
Get Our Latest Analysis on Occidental Petroleum
Occidental Petroleum Stock Up 0.5%
Occidental Petroleum stock opened at $58.69 on Thursday. Occidental Petroleum Corporation has a twelve month low of $38.80 and a twelve month high of $67.45. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.13 and a current ratio of 1.41. The firm has a market cap of $58.67 billion, a PE ratio of 9.09, a P/E/G ratio of 0.93 and a beta of 0.15. The firm's 50 day moving average price is $54.88 and its two-hundred day moving average price is $55.84.
Occidental Petroleum (NYSE:OXY - Get Free Report) last issued its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.83 by $0.57. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The company had revenue of $8.06 billion during the quarter, compared to analyst estimates of $7.07 billion. During the same quarter last year, the business posted $0.39 EPS. The company's revenue for the quarter was up 53.4% on a year-over-year basis. On average, research analysts predict that Occidental Petroleum Corporation will post 6.09 EPS for the current fiscal year.
Occidental Petroleum Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, September 10th will be issued a dividend of $0.28 per share. This is a positive change from Occidental Petroleum's previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Thursday, September 10th. Occidental Petroleum's dividend payout ratio is 16.10%.
Insider Transactions at Occidental Petroleum
In other news, CEO Richard A. Jackson bought 4,770 shares of the stock in a transaction on Tuesday, June 23rd. The shares were purchased at an average price of $52.38 per share, for a total transaction of $249,852.60. Following the completion of the purchase, the chief executive officer directly owned 444,098 shares of the company's stock, valued at $23,261,853.24. This trade represents a 1.09% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.50% of the company's stock.
About Occidental Petroleum
(
Free Report)
Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.
Occidental's operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.
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