Cornerstone Wealth Group LLC Takes $257,000 Position in Occidental Petroleum Co. (NYSE:OXY)

Cornerstone Wealth Group LLC purchased a new position in shares of Occidental Petroleum Co. (NYSE:OXY) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 5,198 shares of the oil and gas producer’s stock, valued at approximately $257,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. KBC Group NV boosted its stake in shares of Occidental Petroleum by 528.6% during the 4th quarter. KBC Group NV now owns 329,414 shares of the oil and gas producer’s stock valued at $16,276,000 after buying an additional 277,006 shares during the period. Union Bancaire Privee UBP SA acquired a new stake in Occidental Petroleum during the fourth quarter valued at $179,000. PFG Investments LLC grew its stake in Occidental Petroleum by 9.6% in the fourth quarter. PFG Investments LLC now owns 22,107 shares of the oil and gas producer’s stock valued at $1,092,000 after purchasing an additional 1,944 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its position in Occidental Petroleum by 10.7% in the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 8,356 shares of the oil and gas producer’s stock worth $413,000 after purchasing an additional 809 shares during the last quarter. Finally, Jamison Private Wealth Management Inc. raised its stake in shares of Occidental Petroleum by 21.2% during the 4th quarter. Jamison Private Wealth Management Inc. now owns 7,714 shares of the oil and gas producer’s stock worth $381,000 after purchasing an additional 1,347 shares in the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Mizuho lowered their price target on Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating for the company in a research note on Monday, December 16th. Bank of America initiated coverage on shares of Occidental Petroleum in a research note on Thursday, October 17th. They set a “neutral” rating and a $57.00 price target on the stock. Wolfe Research lifted their price objective on shares of Occidental Petroleum from $73.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Scotiabank lowered their target price on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Finally, TD Cowen reduced their price target on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a research report on Tuesday, November 12th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Occidental Petroleum currently has a consensus rating of “Hold” and a consensus price target of $62.19.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc acquired 3,614,015 shares of the firm’s stock in a transaction that occurred on Thursday, December 19th. The stock was acquired at an average cost of $45.60 per share, with a total value of $164,799,084.00. Following the completion of the purchase, the insider now directly owns 264,178,414 shares in the company, valued at approximately $12,046,535,678.40. This trade represents a 1.39 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.31% of the stock is currently owned by insiders.

Occidental Petroleum Trading Up 0.5 %

Shares of OXY opened at $49.55 on Tuesday. The stock’s fifty day simple moving average is $49.69 and its 200-day simple moving average is $53.01. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $46.50 billion, a PE ratio of 12.90 and a beta of 1.57. Occidental Petroleum Co. has a 12-month low of $45.17 and a 12-month high of $71.18.

Occidental Petroleum Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.78%. The ex-dividend date was Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio is 22.92%.

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.