Clear Creek Financial Management LLC Buys New Holdings in Occidental Petroleum Co. (NYSE:OXY)

Clear Creek Financial Management LLC purchased a new stake in shares of Occidental Petroleum Co. (NYSE:OXY) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 3,302 shares of the oil and gas producer’s stock, valued at approximately $208,000.

Several other large investors also recently added to or reduced their stakes in the business. Investment Research & Advisory Group Inc. lifted 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 acquiring an additional 167 shares during the last quarter. LifeSteps Financial Inc. acquired a new position in Occidental Petroleum during the first quarter valued at $34,000. Able Wealth Management LLC purchased a new position in shares of Occidental Petroleum during the 4th quarter valued at approximately $38,000. New Covenant Trust Company N.A. acquired a new stake in shares of Occidental Petroleum during the 1st quarter valued at about $44,000. Finally, LRI Investments LLC acquired a new stake in Occidental Petroleum in the 1st quarter valued at $44,000. 88.70% of the stock is currently owned by institutional investors.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc acquired 1,386,844 shares of Occidental Petroleum stock in a transaction that occurred on Friday, June 7th. The shares were acquired at an average price of $59.67 per share, with a total value of $82,752,981.48. Following the purchase, the insider now directly owns 250,583,605 shares of the company’s stock, valued at $14,952,323,710.35. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the company’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the sale, the insider now owns 165,681,578 shares in the company, valued at $5,923,116,413.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Berkshire Hathaway Inc purchased 1,386,844 shares of Occidental Petroleum stock in a transaction that occurred on Friday, June 7th. The shares were acquired at an average price of $59.67 per share, with a total value of $82,752,981.48. Following the acquisition, the insider now directly owns 250,583,605 shares of the company’s stock, valued at approximately $14,952,323,710.35. The disclosure for this purchase can be found here. Insiders purchased a total of 4,656,747 shares of company stock valued at $278,664,028 in the last ninety days. 0.31% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Wolfe Research assumed coverage on Occidental Petroleum in a report on Thursday, July 18th. They issued an “outperform” rating and a $81.00 price target for the company. Truist Financial dropped their price objective on shares of Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating on the stock in a research report on Monday, August 12th. Scotiabank cut their price target on Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. Mizuho raised their price objective on shares of Occidental Petroleum from $70.00 to $71.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. Finally, Stephens restated an “overweight” rating and issued a $76.00 price target on shares of Occidental Petroleum in a research report on Thursday, August 8th. Ten equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $71.69.

Occidental Petroleum Price Performance

NYSE OXY traded up $1.14 during trading hours on Friday, reaching $57.24. 12,116,798 shares of the company’s stock were exchanged, compared to its average volume of 8,275,702. The firm has a fifty day moving average of $60.22 and a 200-day moving average of $62.10. The company has a current ratio of 1.04, a quick ratio of 0.75 and a debt-to-equity ratio of 0.77. Occidental Petroleum Co. has a one year low of $55.04 and a one year high of $71.18. The stock has a market cap of $50.75 billion, a PE ratio of 15.64 and a beta of 1.61.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.26. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The firm had revenue of $6.88 billion during the quarter, compared to analyst estimates of $6.93 billion. During the same quarter in the previous year, the business earned $0.68 EPS. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. On average, equities research analysts predict that Occidental Petroleum Co. will post 3.7 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, September 10th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $0.88 annualized dividend and a dividend yield of 1.54%. Occidental Petroleum’s payout ratio is currently 24.04%.

Occidental Petroleum 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.