TCTC Holdings LLC Has $20.95 Million Stock Position in Occidental Petroleum Co. (NYSE:OXY)

TCTC Holdings LLC cut its stake in Occidental Petroleum Co. (NYSE:OXY) by 0.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 424,094 shares of the oil and gas producer’s stock after selling 3,813 shares during the period. TCTC Holdings LLC’s holdings in Occidental Petroleum were worth $20,954,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of OXY. Whipplewood Advisors LLC acquired a new position in shares of Occidental Petroleum in the 4th quarter worth approximately $27,000. Atala Financial Inc acquired a new position in shares of Occidental Petroleum in the 4th quarter worth approximately $40,000. Transamerica Financial Advisors Inc. acquired a new position in shares of Occidental Petroleum in the 3rd quarter worth approximately $50,000. Deseret Mutual Benefit Administrators raised its holdings in shares of Occidental Petroleum by 27.1% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,164 shares of the oil and gas producer’s stock worth $58,000 after buying an additional 248 shares in the last quarter. Finally, New Wave Wealth Advisors LLC acquired a new position in shares of Occidental Petroleum in the 4th quarter worth approximately $59,000. 88.70% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 763,017 shares of Occidental Petroleum stock in a transaction on Friday, February 7th. The shares were purchased at an average cost of $46.82 per share, for a total transaction of $35,724,455.94. Following the completion of the acquisition, the insider now owns 264,941,431 shares in the company, valued at approximately $12,404,557,799.42. The trade was a 0.29 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Over the last ninety days, insiders have acquired 6,854,394 shares of company stock worth $315,101,532. Corporate insiders own 0.48% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on OXY. Raymond James cut 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. Roth Capital set a $54.00 price target on Occidental Petroleum in a report on Thursday, January 23rd. Piper Sandler dropped their price target on Occidental Petroleum from $51.00 to $50.00 and set a “neutral” rating for the company in a report on Thursday, March 6th. Citigroup dropped their price target on Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating for the company in a report on Tuesday, November 26th. Finally, Mizuho dropped their price target on Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating for the company in a report on Monday, December 16th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Occidental Petroleum has an average rating of “Hold” and a consensus target price of $60.68.

Occidental Petroleum Stock Up 2.5 %

NYSE:OXY opened at $46.58 on Monday. Occidental Petroleum Co. has a 12-month low of $44.70 and a 12-month high of $71.18. The company has a quick ratio of 0.76, a current ratio of 0.95 and a debt-to-equity ratio of 0.95. The firm has a market capitalization of $43.71 billion, a P/E ratio of 19.09 and a beta of 1.51. The stock’s fifty day simple moving average is $48.95 and its 200-day simple moving average is $50.27.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings results on Tuesday, February 18th. The oil and gas producer reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.13. The business had revenue of $6.84 billion for the quarter, compared to analyst estimates of $7.14 billion. Occidental Petroleum had a return on equity of 16.33% and a net margin of 11.37%. Equities research analysts expect that Occidental Petroleum Co. will post 3.58 earnings per share for the current year.

Occidental Petroleum Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 10th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, March 10th. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 2.06%. Occidental Petroleum’s payout ratio 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.