Cullinan Associates Inc. Sells 242 Shares of Occidental Petroleum Co. (NYSE:OXY)

Posted by Defense World Staff on Mar 21st, 2023

Cullinan Associates Inc. decreased its stake in shares of Occidental Petroleum Co. (NYSE:OXY – Get Rating) by 4.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,172 shares of the oil and gas producer’s stock after selling 242 shares during the period. Cullinan Associates Inc.’s holdings in Occidental Petroleum were worth $326,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Amundi lifted its position in Occidental Petroleum by 40.0% during the second quarter. Amundi now owns 5,384,566 shares of the oil and gas producer’s stock valued at $308,156,000 after purchasing an additional 1,537,686 shares during the period. Charles Schwab Investment Management Inc. raised its position in Occidental Petroleum by 2.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 5,035,799 shares of the oil and gas producer’s stock worth $285,732,000 after acquiring an additional 118,928 shares during the period. Nuveen Asset Management LLC raised its position in Occidental Petroleum by 32.8% in the third quarter. Nuveen Asset Management LLC now owns 3,494,359 shares of the oil and gas producer’s stock worth $214,728,000 after acquiring an additional 862,354 shares during the period. First Trust Advisors LP raised its position in Occidental Petroleum by 87.9% in the first quarter. First Trust Advisors LP now owns 3,276,078 shares of the oil and gas producer’s stock worth $185,885,000 after acquiring an additional 1,532,100 shares during the period. Finally, Alliancebernstein L.P. raised its position in Occidental Petroleum by 117.2% in the third quarter. Alliancebernstein L.P. now owns 2,424,556 shares of the oil and gas producer’s stock worth $148,989,000 after acquiring an additional 1,308,043 shares during the period. Institutional investors own 78.45% of the company’s stock.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc purchased 1,678,017 shares of the company’s stock in a transaction that occurred on Monday, March 6th. The stock was purchased at an average cost of $61.56 per share, with a total value of $103,298,726.52. Following the purchase, the insider now owns 198,392,755 shares in the company, valued at $12,213,057,997.80. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders acquired 8,705,002 shares of company stock valued at $519,305,954 in the last three months. Corporate insiders own 0.31% of the company’s stock.

Occidental Petroleum Stock Performance

Shares of NYSE:OXY opened at $58.98 on Tuesday. Occidental Petroleum Co. has a 52 week low of $51.53 and a 52 week high of $77.13. The stock has a market capitalization of $53.09 billion, a P/E ratio of 4.76, a PEG ratio of 0.43 and a beta of 1.77. The firm has a fifty day simple moving average of $62.43 and a two-hundred day simple moving average of $65.24. The company has a quick ratio of 0.88, a current ratio of 1.15 and a debt-to-equity ratio of 0.97.

Occidental Petroleum (NYSE:OXY – Get Rating) last issued its quarterly earnings data on Monday, February 27th. The oil and gas producer reported $1.61 EPS for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.22). Occidental Petroleum had a return on equity of 52.68% and a net margin of 35.87%. The business had revenue of $8.22 billion during the quarter, compared to analysts’ expectations of $8.21 billion. During the same period in the previous year, the business earned $1.48 earnings per share. The business’s quarterly revenue was up 97.6% on a year-over-year basis. On average, analysts expect that Occidental Petroleum Co. will post 6.19 earnings per share for the current fiscal year.

Occidental Petroleum Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 17th. Shareholders of record on Friday, March 10th will be paid a $0.18 dividend. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.13. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date is Thursday, March 9th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 5.82%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on OXY shares. Morgan Stanley decreased their price target on shares of Occidental Petroleum from $74.00 to $71.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 24th. Raymond James decreased their price target on shares of Occidental Petroleum from $90.00 to $80.00 and set a “strong-buy” rating on the stock in a research report on Thursday, January 26th. The Goldman Sachs Group upgraded shares of Occidental Petroleum from a “neutral” rating to a “buy” rating and set a $81.00 price objective on the stock in a research report on Tuesday, February 14th. Wells Fargo & Company decreased their price objective on shares of Occidental Petroleum from $67.00 to $63.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 1st. Finally, Barclays raised their price objective on shares of Occidental Petroleum from $70.00 to $78.00 in a research report on Friday. Two analysts have rated the stock with a sell rating, ten have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $76.17.

Occidental Petroleum Profile

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Occidental Petroleum Corp. engages in the exploration and production of oil and natural gas. It operates through the following segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops and produces oil and condensate, natural gas liquids and natural gas.

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Institutional Ownership by Quarter for Occidental Petroleum (NYSE:OXY)

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