Palumbo Wealth Management LLC Purchases 4,742 Shares of Occidental Petroleum Co. (NYSE:OXY)

Palumbo Wealth Management LLC lifted its stake in Occidental Petroleum Co. (NYSE:OXY) by 22.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 25,458 shares of the oil and gas producer’s stock after acquiring an additional 4,742 shares during the quarter. Palumbo Wealth Management LLC’s holdings in Occidental Petroleum were worth $1,312,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in OXY. Fortitude Family Office LLC boosted its holdings in shares of Occidental Petroleum by 160.0% in the third quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock worth $25,000 after buying an additional 304 shares during the last quarter. New Covenant Trust Company N.A. purchased a new position in Occidental Petroleum during the first quarter valued at approximately $44,000. LRI Investments LLC purchased a new position in Occidental Petroleum during the first quarter valued at approximately $44,000. Strategic Financial Concepts LLC purchased a new position in Occidental Petroleum during the second quarter valued at approximately $53,000. Finally, Exchange Traded Concepts LLC purchased a new position in Occidental Petroleum during the third quarter valued at approximately $87,000. 88.70% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total value of $697,125,000.00. Following the completion of the sale, the insider now directly owns 165,681,578 shares of the company’s stock, valued at $5,923,116,413.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.48% of the company’s stock.

Occidental Petroleum Trading Up 0.1 %

Occidental Petroleum stock traded up $0.05 during trading on Thursday, hitting $50.22. The company had a trading volume of 1,200,483 shares, compared to its average volume of 9,097,713. Occidental Petroleum Co. has a 1-year low of $49.75 and a 1-year high of $71.18. The company has a current ratio of 1.04, a quick ratio of 0.75 and a debt-to-equity ratio of 0.77. The company’s 50 day simple moving average is $53.09 and its 200-day simple moving average is $58.83. The stock has a market cap of $45.48 billion, a price-to-earnings ratio of 12.36 and a beta of 1.57.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, topping the consensus estimate of $0.77 by $0.26. The business had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.93 billion. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.68 earnings per share. As a group, analysts expect that Occidental Petroleum Co. will post 3.31 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on OXY shares. Stephens reissued an “overweight” rating and issued a $76.00 target price on shares of Occidental Petroleum in a report on Thursday, August 8th. Susquehanna reduced their price target on shares of Occidental Petroleum from $78.00 to $77.00 and set a “positive” rating on the stock in a research report on Friday, October 18th. Truist Financial reduced their price target on shares of Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a research report on Monday, September 30th. The Goldman Sachs Group assumed coverage on shares of Occidental Petroleum in a research report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price target on the stock. Finally, Scotiabank reduced their price target 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. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $65.72.

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.