Sequoia Financial Advisors LLC Has $1.31 Million Holdings in Occidental Petroleum Co. (NYSE:OXY)

Posted by Defense World Staff on Jul 11th, 2023

Sequoia Financial Advisors LLC grew its position in Occidental Petroleum Co. (NYSE:OXY – Free Report) by 16.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,916 shares of the oil and gas producer’s stock after purchasing an additional 2,913 shares during the period. Sequoia Financial Advisors LLC’s holdings in Occidental Petroleum were worth $1,306,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of OXY. Orion Capital Management LLC acquired a new position in shares of Occidental Petroleum during the 4th quarter valued at about $26,000. Wolff Wiese Magana LLC increased its holdings in shares of Occidental Petroleum by 5,000.0% during the 1st quarter. Wolff Wiese Magana LLC now owns 510 shares of the oil and gas producer’s stock valued at $32,000 after acquiring an additional 500 shares during the last quarter. Hanseatic Management Services Inc. acquired a new position in shares of Occidental Petroleum during the 4th quarter valued at about $33,000. Resurgent Financial Advisors LLC acquired a new position in shares of Occidental Petroleum during the 4th quarter valued at about $35,000. Finally, Financial Freedom LLC acquired a new position in shares of Occidental Petroleum during the 4th quarter valued at about $38,000. 78.31% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently commented on OXY. Citigroup increased their price objective on Occidental Petroleum from $63.00 to $66.00 and gave the company a “neutral” rating in a report on Tuesday, April 11th. The Goldman Sachs Group increased their target price on Occidental Petroleum from $68.00 to $77.00 and gave the company a “buy” rating in a research note on Friday, April 21st. Morgan Stanley increased their target price on Occidental Petroleum from $62.00 to $63.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 19th. Mizuho decreased their target price on Occidental Petroleum from $79.00 to $67.00 in a research note on Friday, May 19th. Finally, TD Cowen upgraded Occidental Petroleum from a “market perform” rating to an “outperform” rating and increased their target price for the company from $63.00 to $70.00 in a research note on Tuesday, March 28th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $70.24.

Insider Activity at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc purchased 993,494 shares of the company’s stock in a transaction that occurred on Monday, May 15th. The stock was purchased at an average cost of $58.46 per share, with a total value of $58,079,659.24. Following the acquisition, the insider now directly owns 213,872,911 shares of the company’s stock, valued at approximately $12,503,010,377.06. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders acquired 6,469,323 shares of company stock valued at $376,269,362 in the last three months. Corporate insiders own 0.35% of the company’s stock.

Occidental Petroleum Trading Up 0.2 %

Shares of OXY opened at $58.70 on Tuesday. Occidental Petroleum Co. has a 1 year low of $55.51 and a 1 year high of $77.13. The company has a current ratio of 1.09, a quick ratio of 0.78 and a debt-to-equity ratio of 0.96. The stock has a 50 day simple moving average of $58.58 and a 200-day simple moving average of $61.07. The stock has a market cap of $52.35 billion, a PE ratio of 6.72, a PEG ratio of 0.55 and a beta of 1.75.

Occidental Petroleum (NYSE:OXY – Get Free Report) last issued its earnings results on Tuesday, May 9th. The oil and gas producer reported $1.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.21). Occidental Petroleum had a return on equity of 45.10% and a net margin of 27.06%. The company had revenue of $7.23 billion during the quarter, compared to analyst estimates of $7.37 billion. During the same period in the previous year, the company posted $2.12 earnings per share. The company’s quarterly revenue was down 15.3% on a year-over-year basis. On average, sell-side analysts predict that Occidental Petroleum Co. will post 4.84 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Stockholders of record on Friday, June 9th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Thursday, June 8th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.23%. Occidental Petroleum’s payout ratio is presently 8.25%.

Occidental Petroleum Company Profile

(Free Report)

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, North Africa, and Latin America. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing.