Strategic Blueprint LLC Decreases Position in Occidental Petroleum Co. (NYSE:OXY)

Posted by Defense World Staff on Jul 21st, 2023

Strategic Blueprint LLC lessened its holdings in shares of Occidental Petroleum Co. (NYSE:OXY – Free Report) by 22.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,311 shares of the oil and gas producer’s stock after selling 980 shares during the period. Strategic Blueprint LLC’s holdings in Occidental Petroleum were worth $207,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in OXY. Argent Trust Co acquired a new stake in Occidental Petroleum in the 4th quarter worth about $296,000. Merit Financial Group LLC acquired a new stake in Occidental Petroleum in the 1st quarter worth about $217,000. Carnegie Capital Asset Management LLC boosted its holdings in Occidental Petroleum by 7.4% in the 4th quarter. Carnegie Capital Asset Management LLC now owns 29,430 shares of the oil and gas producer’s stock worth $1,854,000 after buying an additional 2,020 shares during the last quarter. Point72 Asset Management L.P. boosted its holdings in Occidental Petroleum by 96.7% in the 4th quarter. Point72 Asset Management L.P. now owns 3,094,009 shares of the oil and gas producer’s stock worth $194,892,000 after buying an additional 1,521,409 shares during the last quarter. Finally, Avidian Wealth Solutions LLC boosted its holdings in Occidental Petroleum by 26.8% in the 4th quarter. Avidian Wealth Solutions LLC now owns 19,414 shares of the oil and gas producer’s stock worth $1,223,000 after buying an additional 4,100 shares during the last quarter. Hedge funds and other institutional investors own 78.31% of the company’s stock.

Insider Buying and Selling

In other news, major shareholder Berkshire Hathaway Inc bought 638,301 shares of the stock in a transaction that occurred on Monday, June 26th. The stock was purchased at an average price of $57.01 per share, for a total transaction of $36,389,540.01. Following the completion of the purchase, the insider now owns 222,629,243 shares in the company, valued at approximately $12,692,093,143.43. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last quarter, insiders bought 6,469,323 shares of company stock worth $376,269,362. Corporate insiders own 0.35% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on OXY. 51job reissued a “maintains” rating on shares of Occidental Petroleum in a research note on Tuesday, June 13th. The Goldman Sachs Group raised their target price on shares of Occidental Petroleum from $68.00 to $77.00 and gave the stock a “buy” rating in a research note on Friday, April 21st. Wells Fargo & Company raised their target price on shares of Occidental Petroleum from $64.00 to $65.00 in a research note on Friday, April 7th. Citigroup lifted their price target on shares of Occidental Petroleum from $63.00 to $66.00 and gave the company a “neutral” rating in a research report on Tuesday, April 11th. Finally, StockNews.com lowered shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a research report on Thursday, May 11th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $70.19.

Occidental Petroleum Stock Performance

NYSE:OXY opened at $60.46 on Friday. The company has a fifty day simple moving average of $58.81 and a two-hundred day simple moving average of $60.94. The company has a market cap of $53.91 billion, a price-to-earnings ratio of 6.93, a price-to-earnings-growth ratio of 0.56 and a beta of 1.75. The company has a quick ratio of 0.78, a current ratio of 1.09 and a debt-to-equity ratio of 0.96. Occidental Petroleum Co. has a 52 week low of $55.51 and a 52 week high of $77.13.

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

Occidental Petroleum Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Friday, June 9th were paid a dividend of $0.18 per share. The ex-dividend date was Thursday, June 8th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.19%. Occidental Petroleum’s payout ratio is currently 8.25%.

About Occidental Petroleum

(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.