Occidental Petroleum Corporation $OXY is Aldebaran Capital LLC's 6th Largest Position

Key Points

• Aldebaran Capital reduced its Occidental Petroleum position by 17.4% in the second quarter, selling 27,986 shares; OXY remains its sixth-largest holding at 4.9% of the portfolio. Institutional investors collectively own 88.7% of the company, including a newly disclosed multibillion-dollar stake from Berkshire Hathaway.
• Occidental reported strong quarterly results, with EPS of $2.40 versus the $1.83 consensus and revenue up 53.4% year over year to $8.06 billion. The company also raised its quarterly dividend from $0.26 to $0.28 per share.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $64.83, compared with the stock’s reported price of $59.12. CEO Richard Jackson purchased 4,770 shares, while insider ownership remains modest at 0.5%.

Aldebaran Capital LLC cut its position in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 17.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 133,304 shares of the oil and gas producer's stock after selling 27,986 shares during the period. Occidental Petroleum accounts for 4.9% of Aldebaran Capital LLC's holdings, making the stock its 6th biggest position. Aldebaran Capital LLC's holdings in Occidental Petroleum were worth $6,475,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Berkshire Hathaway Inc acquired a new stake in shares of Occidental Petroleum in the second quarter valued at about $12,868,205,000. State Street Corp lifted its position in shares of Occidental Petroleum by 2.1% in the fourth quarter. State Street Corp now owns 39,539,743 shares of the oil and gas producer's stock valued at $1,635,263,000 after acquiring an additional 828,848 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Occidental Petroleum by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 18,846,231 shares of the oil and gas producer's stock valued at $771,949,000 after acquiring an additional 167,518 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Occidental Petroleum by 84.8% in the second quarter. Bank of New York Mellon Corp now owns 10,643,916 shares of the oil and gas producer's stock worth $516,975,000 after acquiring an additional 4,882,834 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Occidental Petroleum by 21.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer's stock worth $436,008,000 after purchasing an additional 1,883,721 shares in the last quarter. Institutional investors and hedge funds own 88.70% of the company's stock.

Insider Buying and Selling

In related news, CEO Richard A. Jackson acquired 4,770 shares of the firm's stock in a transaction dated Tuesday, June 23rd. The shares were purchased at an average cost of $52.38 per share, for a total transaction of $249,852.60. Following the acquisition, the chief executive officer owned 444,098 shares in the company, valued at $23,261,853.24. The trade was a 1.09% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.50% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on OXY shares. The Goldman Sachs Group dropped their target price on shares of Occidental Petroleum from $64.00 to $60.00 and set a "neutral" rating for the company in a report on Tuesday, June 30th. Truist Financial boosted their price target on shares of Occidental Petroleum from $57.00 to $63.00 and gave the stock a "hold" rating in a research report on Monday, August 10th. Capital One Financial increased their price objective on shares of Occidental Petroleum from $67.00 to $70.00 in a report on Wednesday, May 27th. Zacks Research lowered shares of Occidental Petroleum from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 22nd. Finally, Raymond James Financial boosted their target price on Occidental Petroleum from $64.00 to $75.00 and gave the stock an "outperform" rating in a report on Monday, May 4th. Ten equities research analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $64.83.

Occidental Petroleum Stock Performance

Occidental Petroleum stock opened at $59.12 on Monday. The firm has a 50 day simple moving average of $55.18 and a 200-day simple moving average of $56.01. The stock has a market cap of $59.10 billion, a price-to-earnings ratio of 9.15, a price-to-earnings-growth ratio of 0.94 and a beta of 0.15. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.13. Occidental Petroleum Corporation has a 1-year low of $38.80 and a 1-year high of $67.45.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 EPS for the quarter, beating the consensus estimate of $1.83 by $0.57. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The firm had revenue of $8.06 billion for the quarter, compared to analyst estimates of $7.07 billion. During the same quarter in the previous year, the company earned $0.39 EPS. The business's revenue for the quarter was up 53.4% compared to the same quarter last year. On average, analysts expect that Occidental Petroleum Corporation will post 6.09 EPS for the current year.

Occidental Petroleum Increases Dividend

The business 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 $0.28 dividend. This is an increase from Occidental Petroleum's previous quarterly dividend of $0.26. The ex-dividend date is Thursday, September 10th. This represents a $1.12 annualized dividend and a yield of 1.9%. Occidental Petroleum's payout ratio is presently 16.10%.

Occidental Petroleum Company Profile

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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