Concorde Financial Corp Reduces Position in Occidental Petroleum Co. (NYSE:OXY)

Concorde Financial Corp decreased its position in shares of Occidental Petroleum Co. (NYSE:OXY) by 1.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 108,897 shares of the oil and gas producer’s stock after selling 1,874 shares during the quarter. Occidental Petroleum makes up about 3.2% of Concorde Financial Corp’s holdings, making the stock its 12th largest position. Concorde Financial Corp’s holdings in Occidental Petroleum were worth $5,406,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of OXY. Berkshire Hathaway Inc grew its holdings in Occidental Petroleum by 3.5% during the fourth quarter. Berkshire Hathaway Inc now owns 264,178,414 shares of the oil and gas producer’s stock worth $13,053,055,000 after acquiring an additional 8,896,890 shares during the period. Vanguard Group Inc. increased its holdings in shares of Occidental Petroleum by 18.1% during the 4th quarter. Vanguard Group Inc. now owns 68,123,704 shares of the oil and gas producer’s stock worth $3,365,992,000 after buying an additional 10,434,098 shares during the last quarter. Geode Capital Management LLC increased its stake in Occidental Petroleum by 2.9% during the fourth quarter. Geode Capital Management LLC now owns 14,245,357 shares of the oil and gas producer’s stock worth $701,816,000 after acquiring an additional 398,467 shares during the last quarter. Northern Trust Corp raised its position in Occidental Petroleum by 7.5% in the fourth quarter. Northern Trust Corp now owns 7,065,061 shares of the oil and gas producer’s stock valued at $349,085,000 after purchasing an additional 491,797 shares during the period. Finally, Invesco Ltd. increased its stake in Occidental Petroleum by 25.2% during the 4th quarter. Invesco Ltd. now owns 6,357,689 shares of the oil and gas producer’s stock worth $314,133,000 after buying an additional 1,278,389 shares during the period. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Piper Sandler cut their price objective on shares of Occidental Petroleum from $50.00 to $48.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 22nd. JPMorgan Chase & Co. dropped their target price on shares of Occidental Petroleum from $59.00 to $52.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. UBS Group decreased their price target on shares of Occidental Petroleum from $44.00 to $38.00 and set a “neutral” rating for the company in a report on Wednesday, April 16th. Roth Capital set a $54.00 price target on shares of Occidental Petroleum in a research note on Thursday, January 23rd. Finally, Barclays lowered their target price on shares of Occidental Petroleum from $58.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 23rd. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $54.19.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc bought 763,017 shares of the stock in a transaction dated Friday, February 7th. The stock was acquired at an average price of $46.82 per share, for a total transaction of $35,724,455.94. Following the completion of the purchase, the insider now owns 264,941,431 shares in the company, valued at $12,404,557,799.42. This represents a 0.29 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.49% of the stock is currently owned by company insiders.

Occidental Petroleum Trading Up 1.4 %

Shares of NYSE:OXY opened at $39.37 on Wednesday. Occidental Petroleum Co. has a 52 week low of $34.79 and a 52 week high of $65.45. 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 company has a market cap of $37.00 billion, a PE ratio of 16.14 and a beta of 0.81. The company’s 50 day moving average is $43.34 and its two-hundred day moving average is $47.45.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Tuesday, February 18th. The oil and gas producer reported $0.80 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $7.14 billion. Equities analysts predict that Occidental Petroleum Co. will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, June 10th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.44%. The ex-dividend date of this dividend is Tuesday, June 10th. Occidental Petroleum’s dividend payout ratio (DPR) is 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.