Geode Capital Management LLC Has $701.82 Million Stock Holdings in Occidental Petroleum Co. (NYSE:OXY)

Geode Capital Management LLC grew its stake in Occidental Petroleum Co. (NYSE:OXY) by 2.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 14,245,357 shares of the oil and gas producer’s stock after purchasing an additional 398,467 shares during the quarter. Geode Capital Management LLC owned about 1.52% of Occidental Petroleum worth $701,816,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in OXY. Vanguard Group Inc. lifted its stake in Occidental Petroleum by 18.1% in the fourth quarter. Vanguard Group Inc. now owns 68,123,704 shares of the oil and gas producer’s stock valued at $3,365,992,000 after buying an additional 10,434,098 shares during the period. Scharf Investments LLC boosted its stake in Occidental Petroleum by 48.7% during the 4th quarter. Scharf Investments LLC now owns 2,461,033 shares of the oil and gas producer’s stock worth $121,600,000 after acquiring an additional 805,525 shares during the last quarter. Anson Funds Management LP grew its holdings in Occidental Petroleum by 3,645.8% during the third quarter. Anson Funds Management LP now owns 765,486 shares of the oil and gas producer’s stock valued at $39,453,000 after purchasing an additional 745,050 shares during the period. Cooke & Bieler LP increased its stake in Occidental Petroleum by 14.6% in the fourth quarter. Cooke & Bieler LP now owns 2,958,596 shares of the oil and gas producer’s stock valued at $146,184,000 after purchasing an additional 377,952 shares in the last quarter. Finally, TB Alternative Assets Ltd. acquired a new stake in Occidental Petroleum in the fourth quarter worth $16,260,000. 88.70% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

OXY has been the subject of a number of recent analyst reports. The Goldman Sachs Group cut shares of Occidental Petroleum from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $54.00 to $45.00 in a research report on Friday, January 31st. Truist Financial increased their price target on Occidental Petroleum from $56.00 to $58.00 and gave the stock a “hold” rating in a report on Monday, January 13th. Piper Sandler dropped their price target on Occidental Petroleum from $51.00 to $50.00 and set a “neutral” rating on the stock in a research report on Thursday, March 6th. Stephens reiterated an “overweight” rating and issued a $71.00 price objective on shares of Occidental Petroleum in a research report on Wednesday, February 19th. Finally, Raymond James downgraded shares of Occidental Petroleum from a “strong-buy” rating to an “outperform” rating and dropped their target price for the stock from $81.00 to $64.00 in a report on Monday, March 10th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $59.82.

Insider Activity

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc purchased 763,017 shares of the business’s stock in a transaction on Friday, February 7th. The stock was acquired at an average price of $46.82 per share, with a total value of $35,724,455.94. Following the acquisition, the insider now directly owns 264,941,431 shares of the company’s stock, valued at $12,404,557,799.42. This trade represents a 0.29 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.31% of the stock is owned by insiders.

Occidental Petroleum Price Performance

NYSE:OXY opened at $49.34 on Thursday. Occidental Petroleum Co. has a 52-week low of $44.70 and a 52-week high of $71.19. The company has a market cap of $46.37 billion, a P/E ratio of 20.22 and a beta of 1.51. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.76 and a current ratio of 0.95. The stock’s 50-day simple moving average is $48.18 and its 200 day simple moving average is $49.84.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data on Tuesday, February 18th. The oil and gas producer reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.13. The company had revenue of $6.84 billion for the quarter, compared to analysts’ expectations of $7.14 billion. Occidental Petroleum had a return on equity of 16.33% and a net margin of 11.37%. As a group, sell-side analysts forecast that Occidental Petroleum Co. will post 3.58 EPS for the current fiscal year.

Occidental Petroleum Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 10th will be paid a $0.24 dividend. The ex-dividend date is Monday, March 10th. This represents a $0.96 dividend on an annualized basis and a yield of 1.95%. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.22. Occidental Petroleum’s dividend payout ratio (DPR) is currently 39.34%.

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.