Jacobi Capital Management LLC Sells 1,350 Shares of Occidental Petroleum Co. (NYSE:OXY)

Jacobi Capital Management LLC reduced its stake in Occidental Petroleum Co. (NYSE:OXY) by 12.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,376 shares of the oil and gas producer’s stock after selling 1,350 shares during the quarter. Jacobi Capital Management LLC’s holdings in Occidental Petroleum were worth $609,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. SeaCrest Wealth Management LLC lifted its position in Occidental Petroleum by 8.9% in the 4th quarter. SeaCrest Wealth Management LLC now owns 5,825 shares of the oil and gas producer’s stock valued at $343,000 after acquiring an additional 474 shares in the last quarter. Cullen Investment Group LTD. acquired a new stake in Occidental Petroleum in the 4th quarter valued at $1,006,000. Koshinski Asset Management Inc. increased its stake in Occidental Petroleum by 53.9% in the 4th quarter. Koshinski Asset Management Inc. now owns 48,179 shares of the oil and gas producer’s stock valued at $2,877,000 after buying an additional 16,871 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in Occidental Petroleum by 1,279.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 231,899 shares of the oil and gas producer’s stock valued at $13,847,000 after buying an additional 215,091 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in Occidental Petroleum by 139.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 78,529 shares of the oil and gas producer’s stock valued at $5,104,000 after buying an additional 45,722 shares during the last quarter. 88.70% of the stock is owned by institutional investors.

Insider Transactions at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc purchased 1,386,844 shares of the business’s stock in a transaction dated Friday, June 7th. The stock was bought at an average price of $59.67 per share, with a total value of $82,752,981.48. Following the acquisition, the insider now owns 250,583,605 shares in the company, valued at approximately $14,952,323,710.35. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last 90 days, insiders bought 4,656,747 shares of company stock valued at $278,664,028. Company insiders own 0.31% of the company’s stock.

Occidental Petroleum Stock Performance

NYSE OXY traded down $1.05 during trading on Tuesday, reaching $60.16. The company’s stock had a trading volume of 3,184,024 shares, compared to its average volume of 7,875,272. The company has a current ratio of 0.95, a quick ratio of 0.71 and a debt-to-equity ratio of 0.82. The firm has a market capitalization of $53.34 billion, a price-to-earnings ratio of 16.45 and a beta of 1.61. Occidental Petroleum Co. has a 12 month low of $55.12 and a 12 month high of $71.18. The firm has a 50 day moving average price of $61.81 and a 200 day moving average price of $62.00.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings data on Tuesday, May 7th. The oil and gas producer reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.01. The firm had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $6.70 billion. Occidental Petroleum had a net margin of 15.62% and a return on equity of 17.50%. The business’s revenue for the quarter was down 17.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.09 EPS. As a group, equities analysts anticipate that Occidental Petroleum Co. will post 3.82 EPS for the current fiscal year.

Occidental Petroleum Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Monday, June 10th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date of this dividend was Monday, June 10th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 24.04%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on OXY shares. Citigroup lowered their price target on shares of Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating on the stock in a research note on Friday, May 24th. Scotiabank lowered their price target on shares of Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. Barclays initiated coverage on shares of Occidental Petroleum in a research note on Wednesday, April 10th. They set an “equal weight” rating and a $73.00 price objective on the stock. Morgan Stanley boosted their price objective on shares of Occidental Petroleum from $66.00 to $72.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Finally, Mizuho boosted their price objective on shares of Occidental Petroleum from $70.00 to $71.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. Ten research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Occidental Petroleum has a consensus rating of “Hold” and an average price target of $72.31.

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.