Avalon Capital Management Takes Position in Occidental Petroleum Co. (NYSE:OXY)

Avalon Capital Management bought a new stake in Occidental Petroleum Co. (NYSE:OXYFree Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 4,879 shares of the oil and gas producer’s stock, valued at approximately $317,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in OXY. Fox Hill Wealth Management raised its stake in Occidental Petroleum by 3.0% during the first quarter. Fox Hill Wealth Management now owns 9,896 shares of the oil and gas producer’s stock valued at $643,000 after buying an additional 290 shares during the last quarter. Investment Research & Advisory Group Inc. increased its holdings in shares of Occidental Petroleum by 75.2% in the 1st quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 167 shares in the last quarter. Grimes & Company Inc. bought a new stake in shares of Occidental Petroleum in the 1st quarter worth $204,000. Sendero Wealth Management LLC increased its holdings in shares of Occidental Petroleum by 50.5% in the 1st quarter. Sendero Wealth Management LLC now owns 10,688 shares of the oil and gas producer’s stock worth $695,000 after purchasing an additional 3,585 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC bought a new stake in shares of Occidental Petroleum in the 1st quarter worth $274,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Insider Activity

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 765,899 shares of the business’s stock in a transaction dated Wednesday, June 12th. The shares were purchased at an average price of $60.28 per share, with a total value of $46,168,391.72. Following the completion of the purchase, the insider now owns 252,333,913 shares in the company, valued at approximately $15,210,688,275.64. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders have acquired 4,656,747 shares of company stock valued at $278,664,028. 0.31% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have commented on the company. Susquehanna lifted their target price on Occidental Petroleum from $70.00 to $81.00 and gave the stock a “positive” rating in a report on Monday, April 22nd. Citigroup cut their price objective on Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating for the company in a report on Friday, May 24th. Morgan Stanley lifted their target price on Occidental Petroleum from $66.00 to $72.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Barclays began coverage on Occidental Petroleum in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $73.00 target price on the stock. Finally, HSBC initiated coverage on Occidental Petroleum in a research report on Monday, April 8th. They set a “hold” rating and a $65.00 target price on the stock. Eleven investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $71.56.

View Our Latest Analysis on Occidental Petroleum

Occidental Petroleum Trading Up 0.5 %

NYSE OXY traded up $0.34 during trading hours on Friday, hitting $63.03. 8,396,987 shares of the company were exchanged, compared to its average volume of 7,723,286. The stock has a 50-day moving average price of $62.94 and a 200 day moving average price of $61.74. The company has a quick ratio of 0.71, a current ratio of 0.95 and a debt-to-equity ratio of 0.82. Occidental Petroleum Co. has a 52 week low of $55.12 and a 52 week high of $71.18. The stock has a market cap of $55.88 billion, a PE ratio of 17.22 and a beta of 1.59.

Occidental Petroleum (NYSE:OXYGet Free Report) last released its earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.01. The firm had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $6.70 billion. Occidental Petroleum had a return on equity of 17.50% and a net margin of 15.62%. The company’s quarterly revenue was down 17.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.09 earnings per share. Analysts forecast that Occidental Petroleum Co. will post 3.88 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Monday, June 10th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Monday, June 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.40%. Occidental Petroleum’s dividend payout ratio is 24.04%.

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, 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.

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Institutional Ownership by Quarter for Occidental Petroleum (NYSE:OXY)

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