Meyer Handelman Co. Has $1.61 Million Holdings in Occidental Petroleum Co. (NYSE:OXY)

Meyer Handelman Co. trimmed its holdings in Occidental Petroleum Co. (NYSE:OXY) by 1.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 25,460 shares of the oil and gas producer’s stock after selling 500 shares during the period. Meyer Handelman Co.’s holdings in Occidental Petroleum were worth $1,605,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in OXY. Bleakley Financial Group LLC boosted its holdings in shares of Occidental Petroleum by 10.4% during the 4th quarter. Bleakley Financial Group LLC now owns 9,151 shares of the oil and gas producer’s stock worth $546,000 after buying an additional 861 shares during the period. Cerity Partners LLC boosted its holdings in shares of Occidental Petroleum by 42.3% during the fourth quarter. Cerity Partners LLC now owns 34,958 shares of the oil and gas producer’s stock worth $2,087,000 after acquiring an additional 10,387 shares during the period. YHB Investment Advisors Inc. bought a new position in shares of Occidental Petroleum during the fourth quarter worth approximately $237,000. Simplicity Solutions LLC increased its stake in shares of Occidental Petroleum by 10.4% during the fourth quarter. Simplicity Solutions LLC now owns 9,151 shares of the oil and gas producer’s stock worth $546,000 after purchasing an additional 861 shares during the period. Finally, Louisiana State Employees Retirement System acquired a new stake in Occidental Petroleum during the 4th quarter worth approximately $2,382,000. 88.70% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on OXY shares. Wells Fargo & Company lowered their price objective on Occidental Petroleum from $68.00 to $65.00 and set an “equal weight” rating on the stock in a research report on Friday, August 9th. 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 report on Friday, May 24th. Stephens reissued an “overweight” rating and issued a $76.00 price objective on shares of Occidental Petroleum in a report on Thursday, August 8th. Wolfe Research assumed coverage on shares of Occidental Petroleum in a research report on Thursday, July 18th. They issued an “outperform” rating and a $81.00 price target for the company. Finally, Truist Financial cut their price target on Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating for the company in a research note on Monday. Ten equities 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 stock. Based on data from MarketBeat, Occidental Petroleum presently has a consensus rating of “Hold” and an average target price of $71.94.

Insider Buying and Selling

In other news, major shareholder Berkshire Hathaway Inc bought 334,461 shares of the company’s stock in a transaction on Monday, June 17th. The stock was purchased at an average cost of $59.75 per share, for a total transaction of $19,984,044.75. Following the completion of the transaction, the insider now owns 255,281,524 shares of the company’s stock, valued at $15,253,071,059. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders have bought 4,656,747 shares of company stock worth $278,664,028 in the last 90 days. Insiders own 0.31% of the company’s stock.

Occidental Petroleum Stock Performance

Occidental Petroleum stock opened at $57.56 on Wednesday. The stock has a market cap of $51.03 billion, a PE ratio of 15.70 and a beta of 1.61. 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 12-month low of $55.04 and a 12-month high of $71.18. The business’s 50-day moving average price is $60.73 and its two-hundred day moving average price is $62.17.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.26. Occidental Petroleum had a net margin of 15.62% and a return on equity of 17.50%. The company had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.93 billion. During the same period in the previous year, the firm posted $0.68 EPS. The firm’s revenue was up 2.2% on a year-over-year basis. As a group, analysts expect that Occidental Petroleum Co. will post 3.6 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, September 10th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.53%. The ex-dividend date is Tuesday, September 10th. Occidental Petroleum’s dividend payout ratio (DPR) is 24.04%.

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.