Institute for Wealth Management LLC. Decreases Stock Holdings in Occidental Petroleum Co. (NYSE:OXY)

Institute for Wealth Management LLC. cut its holdings in Occidental Petroleum Co. (NYSE:OXY) by 9.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 22,790 shares of the oil and gas producer’s stock after selling 2,306 shares during the period. Institute for Wealth Management LLC.’s holdings in Occidental Petroleum were worth $1,126,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in OXY. Fortitude Family Office LLC lifted its stake in shares of Occidental Petroleum by 160.0% in the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock valued at $25,000 after purchasing an additional 304 shares during the last quarter. Mizuho Securities Co. Ltd. bought a new position in Occidental Petroleum during the third quarter valued at $32,000. Transamerica Financial Advisors Inc. purchased a new stake in shares of Occidental Petroleum in the third quarter valued at $50,000. Westside Investment Management Inc. lifted its holdings in shares of Occidental Petroleum by 224.0% in the 4th quarter. Westside Investment Management Inc. now owns 1,555 shares of the oil and gas producer’s stock worth $77,000 after acquiring an additional 1,075 shares during the last quarter. Finally, Exchange Traded Concepts LLC purchased a new position in shares of Occidental Petroleum during the 3rd quarter worth about $87,000. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Occidental Petroleum Stock Performance

Shares of OXY opened at $48.87 on Friday. The stock has a 50-day moving average of $49.59 and a two-hundred day moving average of $52.81. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.76 and a current ratio of 1.00. The stock has a market cap of $45.86 billion, a P/E ratio of 12.73 and a beta of 1.57. Occidental Petroleum Co. has a one year low of $45.17 and a one year high of $71.18.

Occidental Petroleum Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th were issued a $0.22 dividend. The ex-dividend date of this dividend was Tuesday, December 10th. This represents a $0.88 annualized dividend and a yield of 1.80%. Occidental Petroleum’s dividend payout ratio (DPR) is presently 22.92%.

Wall Street Analysts Forecast Growth

OXY has been the subject of several recent analyst reports. Stephens boosted their target price on Occidental Petroleum from $70.00 to $71.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. BMO Capital Markets cut their price objective on Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating on the stock in a research report on Friday, October 4th. Wells Fargo & Company decreased their target price on Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating for the company in a research report on Monday, December 9th. Piper Sandler reduced their price target on shares of Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. Finally, Barclays lowered their price objective on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $61.71.

Insiders Place Their Bets

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc purchased 3,614,015 shares of Occidental Petroleum stock in a transaction that occurred on Thursday, December 19th. The stock was bought at an average price of $45.60 per share, with a total value of $164,799,084.00. Following the acquisition, the insider now owns 264,178,414 shares of the company’s stock, valued at $12,046,535,678.40. This trade represents a 1.39 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.31% of the stock is currently owned by insiders.

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.