IPG Investment Advisors LLC Purchases Shares of 56,895 Occidental Petroleum Co. (NYSE:OXY)

IPG Investment Advisors LLC acquired a new position in Occidental Petroleum Co. (NYSE:OXY) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 56,895 shares of the oil and gas producer’s stock, valued at approximately $2,821,000.

A number of other hedge funds have also made changes to their positions in the business. Cerity Partners LLC raised its position in Occidental Petroleum by 27.7% in the third quarter. Cerity Partners LLC now owns 70,580 shares of the oil and gas producer’s stock valued at $3,638,000 after purchasing an additional 15,316 shares during the period. Glenmede Trust Co. NA grew its stake in shares of Occidental Petroleum by 14.8% in the third quarter. Glenmede Trust Co. NA now owns 66,570 shares of the oil and gas producer’s stock valued at $3,431,000 after buying an additional 8,563 shares in the last quarter. Public Sector Pension Investment Board raised its holdings in shares of Occidental Petroleum by 1.4% during the 3rd quarter. Public Sector Pension Investment Board now owns 117,389 shares of the oil and gas producer’s stock valued at $6,050,000 after buying an additional 1,672 shares during the period. Vinva Investment Management Ltd acquired a new position in Occidental Petroleum during the 3rd quarter worth approximately $570,000. Finally, Rockefeller Capital Management L.P. boosted its holdings in Occidental Petroleum by 57.3% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 532,454 shares of the oil and gas producer’s stock worth $27,448,000 after acquiring an additional 193,876 shares during the period. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Piper Sandler reduced their target price on shares of Occidental Petroleum from $51.00 to $50.00 and set a “neutral” rating on the stock in a research report on Thursday, March 6th. Citigroup cut their price objective on shares of Occidental Petroleum from $56.00 to $51.00 and set a “neutral” rating on the stock in a report on Monday, March 17th. Raymond James downgraded Occidental Petroleum from a “strong-buy” rating to an “outperform” rating and lowered their target price for the company from $81.00 to $64.00 in a research note on Monday, March 10th. Stephens reiterated an “overweight” rating and issued a $71.00 price target on shares of Occidental Petroleum in a research note on Wednesday, February 19th. Finally, Wells Fargo & Company restated an “equal weight” rating on shares of Occidental Petroleum in a research note on Friday, February 21st. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Occidental Petroleum currently has a consensus rating of “Hold” and an average price target of $59.82.

Occidental Petroleum Stock Down 1.3 %

NYSE:OXY opened at $48.84 on Friday. The firm has a market capitalization of $45.90 billion, a PE ratio of 20.02 and a beta of 1.51. Occidental Petroleum Co. has a 52 week low of $44.70 and a 52 week high of $71.19. The company has a current ratio of 0.95, a quick ratio of 0.76 and a debt-to-equity ratio of 0.95. The stock has a 50 day moving average of $48.28 and a 200-day moving average of $49.87.

Occidental Petroleum (NYSE:OXY) last issued its earnings results on Tuesday, February 18th. The oil and gas producer reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.13. Occidental Petroleum had a return on equity of 16.33% and a net margin of 11.37%. The firm had revenue of $6.84 billion for the quarter, compared to analyst estimates of $7.14 billion. Analysts predict that Occidental Petroleum Co. will post 3.58 EPS for the current year.

Occidental Petroleum Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 10th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.97%. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.22. The ex-dividend date is Monday, March 10th. Occidental Petroleum’s payout ratio is presently 39.34%.

Insider Buying and Selling at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 763,017 shares of the stock in a transaction that occurred on Friday, February 7th. The shares were purchased at an average cost of $46.82 per share, for a total transaction of $35,724,455.94. Following the transaction, the insider now directly owns 264,941,431 shares in the company, valued at $12,404,557,799.42. The trade was a 0.29 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.31% of the stock is owned by company insiders.

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.