Procyon Advisors LLC Invests $2.57 Million in Occidental Petroleum Co. (NYSE:OXY)

Procyon Advisors LLC purchased a new position in shares of Occidental Petroleum Co. (NYSE:OXY) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 52,044 shares of the oil and gas producer’s stock, valued at approximately $2,571,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Gateway Advisory LLC grew its stake in Occidental Petroleum by 3.9% in the second quarter. Gateway Advisory LLC now owns 4,847 shares of the oil and gas producer’s stock valued at $306,000 after acquiring an additional 184 shares during the period. Segment Wealth Management LLC raised its holdings in Occidental Petroleum by 5.2% during the 3rd quarter. Segment Wealth Management LLC now owns 3,973 shares of the oil and gas producer’s stock worth $205,000 after buying an additional 196 shares during the period. Wealth Alliance Advisory Group LLC lifted its stake in Occidental Petroleum by 2.2% in the third quarter. Wealth Alliance Advisory Group LLC now owns 9,191 shares of the oil and gas producer’s stock valued at $474,000 after buying an additional 200 shares in the last quarter. Leavell Investment Management Inc. boosted its holdings in shares of Occidental Petroleum by 3.3% in the third quarter. Leavell Investment Management Inc. now owns 6,241 shares of the oil and gas producer’s stock valued at $323,000 after buying an additional 200 shares during the period. Finally, Empire Financial Management Company LLC increased its position in shares of Occidental Petroleum by 4.1% during the third quarter. Empire Financial Management Company LLC now owns 6,383 shares of the oil and gas producer’s stock worth $329,000 after acquiring an additional 250 shares in the last quarter. Institutional investors own 88.70% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Wells Fargo & Company cut their target price on Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating on the stock in a research note on Monday, December 9th. UBS Group decreased their price objective on shares of Occidental Petroleum from $58.00 to $51.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. Wolfe Research raised their target price on shares of Occidental Petroleum from $73.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Citigroup lowered their price target on Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 26th. Finally, Mizuho cut their price objective on Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating for the company in a research report on Monday, December 16th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Occidental Petroleum presently has an average rating of “Hold” and a consensus target price of $62.19.

Insider Buying and Selling at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 3,614,015 shares of the stock in a transaction dated Thursday, December 19th. The shares were bought at an average cost of $45.60 per share, for a total transaction of $164,799,084.00. Following the purchase, the insider now directly owns 264,178,414 shares of the company’s stock, valued at approximately $12,046,535,678.40. This trade represents a 1.39 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.48% of the stock is currently owned by company insiders.

Occidental Petroleum Price Performance

Shares of OXY opened at $52.28 on Friday. The business’s 50 day moving average price is $49.65 and its two-hundred day moving average price is $53.61. Occidental Petroleum Co. has a 52-week low of $45.17 and a 52-week high of $71.18. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.76 and a current ratio of 1.00. The firm has a market cap of $49.05 billion, a PE ratio of 13.61 and a beta of 1.57.

Occidental Petroleum Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.68%. The ex-dividend date was Tuesday, December 10th. Occidental Petroleum’s payout ratio is currently 22.92%.

Occidental Petroleum Company Profile

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, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.