Hi Line Capital Management LLC Trims Stock Holdings in Occidental Petroleum Co. (NYSE:OXY)

Hi Line Capital Management LLC reduced its stake in Occidental Petroleum Co. (NYSE:OXY) by 0.8% during the 4th quarter, Holdings Channel reports. The fund owned 62,411 shares of the oil and gas producer’s stock after selling 535 shares during the period. Occidental Petroleum comprises about 1.3% of Hi Line Capital Management LLC’s portfolio, making the stock its 25th biggest position. Hi Line Capital Management LLC’s holdings in Occidental Petroleum were worth $3,097,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Louisiana State Employees Retirement System increased its stake in Occidental Petroleum by 0.8% in the third quarter. Louisiana State Employees Retirement System now owns 37,900 shares of the oil and gas producer’s stock valued at $1,953,000 after purchasing an additional 300 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in Occidental Petroleum by 8.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 39,729 shares of the oil and gas producer’s stock valued at $2,027,000 after purchasing an additional 3,138 shares during the last quarter. PFG Investments LLC increased its stake in Occidental Petroleum by 13.7% during the third quarter. PFG Investments LLC now owns 20,163 shares of the oil and gas producer’s stock worth $1,039,000 after acquiring an additional 2,436 shares during the last quarter. Clear Harbor Asset Management LLC increased its stake in Occidental Petroleum by 138.4% during the third quarter. Clear Harbor Asset Management LLC now owns 41,030 shares of the oil and gas producer’s stock worth $2,115,000 after acquiring an additional 23,816 shares during the last quarter. Finally, Carret Asset Management LLC increased its stake in Occidental Petroleum by 52.0% during the third quarter. Carret Asset Management LLC now owns 8,581 shares of the oil and gas producer’s stock worth $442,000 after acquiring an additional 2,935 shares during the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc purchased 763,017 shares of the stock in a transaction dated Friday, February 7th. The shares were bought at an average cost of $46.82 per share, for a total transaction of $35,724,455.94. Following the transaction, the insider now owns 264,941,431 shares in the company, valued at $12,404,557,799.42. This trade represents a 0.29 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have acquired a total of 6,854,394 shares of company stock worth $315,101,532 in the last three months. 0.31% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have commented on OXY. Jefferies Financial Group upped their price target on Occidental Petroleum from $53.00 to $54.00 and gave the stock a “hold” rating in a research note on Tuesday, November 12th. Piper Sandler decreased their target price on Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating for the company in a research report on Thursday, December 19th. StockNews.com raised Occidental Petroleum from a “sell” rating to a “hold” rating in a research report on Wednesday, February 19th. Raymond James upped their target price on Occidental Petroleum from $77.00 to $78.00 and gave the stock a “strong-buy” rating in a research report on Thursday, November 21st. Finally, Citigroup reduced their price target on Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating for the company in a report on Tuesday, November 26th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $61.55.

Occidental Petroleum Stock Down 3.2 %

Shares of Occidental Petroleum stock opened at $50.42 on Monday. 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 business’s 50 day simple moving average is $49.20 and its 200-day simple moving average is $51.34. The stock has a market capitalization of $47.31 billion, a price-to-earnings ratio of 20.66 and a beta of 1.55. Occidental Petroleum Co. has a twelve month low of $45.17 and a twelve month high of $71.18.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Tuesday, February 18th. The oil and gas producer reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.13. Occidental Petroleum had a return on equity of 16.33% and a net margin of 11.37%. The business had revenue of $6.84 billion for the quarter, compared to analysts’ expectations of $7.14 billion. Equities research analysts forecast that Occidental Petroleum Co. will post 3.58 earnings per share for the current year.

Occidental Petroleum Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 10th will be given a $0.24 dividend. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 1.90%. The ex-dividend date is Monday, March 10th. Occidental Petroleum’s dividend payout ratio (DPR) is currently 39.34%.

About Occidental Petroleum

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.