Meyer Handelman Co. Sells 2,400 Shares of Occidental Petroleum Co. (NYSE:OXY)

Posted by Defense World Staff on Apr 15th, 2023

Meyer Handelman Co. decreased its position in shares of Occidental Petroleum Co. (NYSE:OXY – Get Rating) by 5.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 44,432 shares of the oil and gas producer’s stock after selling 2,400 shares during the period. Meyer Handelman Co.’s holdings in Occidental Petroleum were worth $2,799,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of OXY. Charles Schwab Investment Management Inc. raised its position in shares of Occidental Petroleum by 2.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 5,035,799 shares of the oil and gas producer’s stock valued at $285,732,000 after buying an additional 118,928 shares during the last quarter. Nuveen Asset Management LLC raised its position in shares of Occidental Petroleum by 32.8% during the third quarter. Nuveen Asset Management LLC now owns 3,494,359 shares of the oil and gas producer’s stock valued at $214,728,000 after buying an additional 862,354 shares during the last quarter. First Trust Advisors LP raised its position in shares of Occidental Petroleum by 87.9% during the first quarter. First Trust Advisors LP now owns 3,276,078 shares of the oil and gas producer’s stock valued at $185,885,000 after buying an additional 1,532,100 shares during the last quarter. Alliancebernstein L.P. increased its stake 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 valued at $148,989,000 after acquiring an additional 1,308,043 shares during the period. Finally, California Public Employees Retirement System increased its stake in Occidental Petroleum by 16.5% in the third quarter. California Public Employees Retirement System now owns 1,879,723 shares of the oil and gas producer’s stock valued at $115,509,000 after acquiring an additional 265,658 shares during the period. Institutional investors and hedge funds own 78.45% of the company’s stock.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc bought 1,518,001 shares of the company’s stock in a transaction dated Wednesday, March 15th. The stock was bought at an average cost of $56.70 per share, for a total transaction of $86,070,656.70. Following the transaction, the insider now owns 208,040,405 shares of the company’s stock, valued at $11,795,890,963.50. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders acquired 12,371,716 shares of company stock worth $735,557,715 in the last quarter. 0.31% of the stock is currently owned by corporate insiders.

Occidental Petroleum Stock Performance

Shares of OXY opened at $64.48 on Friday. The firm has a 50-day moving average of $61.55 and a 200-day moving average of $64.95. Occidental Petroleum Co. has a one year low of $51.53 and a one year high of $77.13. The company has a market cap of $57.91 billion, a PE ratio of 5.21, a price-to-earnings-growth ratio of 0.51 and a beta of 1.78. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.15 and a quick ratio of 0.88.

Occidental Petroleum (NYSE:OXY – Get Rating) last posted its earnings results on Monday, February 27th. The oil and gas producer reported $1.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.22). The company had revenue of $8.22 billion for the quarter, compared to analyst estimates of $8.21 billion. Occidental Petroleum had a return on equity of 52.68% and a net margin of 35.87%. The business’s quarterly revenue was up 97.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.48 EPS. As a group, equities analysts forecast that Occidental Petroleum Co. will post 5.84 earnings per share for the current 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. The ex-dividend date is Thursday, March 9th. This represents a $0.72 annualized dividend and a yield of 1.12%. Occidental Petroleum’s payout ratio is 5.82%.

Wall Street Analyst Weigh In

Several analysts have weighed in on OXY shares. Citigroup upped their price objective on shares of Occidental Petroleum from $63.00 to $66.00 and gave the stock a “neutral” rating in a research note on Tuesday. Roth Capital reissued a “neutral” rating on shares of Occidental Petroleum in a research note on Monday, February 27th. Evercore ISI cut shares of Occidental Petroleum from an “in-line” rating to an “underperform” rating and decreased their price target for the company from $74.00 to $60.00 in a research note on Wednesday, February 22nd. Morgan Stanley cut their price objective on shares of Occidental Petroleum from $71.00 to $62.00 and set an “equal weight” rating on the stock in a report on Monday, March 27th. Finally, TD Cowen upgraded shares of Occidental Petroleum from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $63.00 to $70.00 in a report on Tuesday, March 28th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Occidental Petroleum currently has a consensus rating of “Hold” and a consensus target price of $72.94.

Occidental Petroleum Company 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.