Berkshire Hathaway Inc Purchases 3,614,015 Shares of Occidental Petroleum Co. (NYSE:OXY) Stock

Occidental Petroleum Co. (NYSE:OXY) major shareholder Berkshire Hathaway Inc bought 3,614,015 shares of the firm’s stock in a transaction on Thursday, December 19th. The shares were purchased at an average cost of $45.60 per share, with a total value of $164,799,084.00. Following the transaction, 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 position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Berkshire Hathaway Inc also recently made the following trade(s):

• On Tuesday, December 17th, Berkshire Hathaway Inc acquired 2,477,362 shares of Occidental Petroleum stock. The shares were purchased at an average price of $46.25 per share, with a total value of $114,577,992.50.

Occidental Petroleum Stock Down 1.4 %

Shares of OXY stock traded down $0.66 on Thursday, hitting $45.36. The stock had a trading volume of 18,576,896 shares, compared to its average volume of 9,524,194. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.00 and a quick ratio of 0.76. The business has a 50 day moving average of $50.18 and a 200 day moving average of $55.13. Occidental Petroleum Co. has a 12-month low of $45.17 and a 12-month high of $71.18. The stock has a market cap of $42.56 billion, a price-to-earnings ratio of 11.81 and a beta of 1.57.

Occidental Petroleum Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be given a dividend of $0.22 per share. The ex-dividend date is Tuesday, December 10th. This represents a $0.88 annualized dividend and a dividend yield of 1.94%. Occidental Petroleum’s dividend payout ratio is currently 22.92%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $56.00 price target on shares of Occidental Petroleum in a report on Friday, November 8th. 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 note on Monday, December 9th. Citigroup dropped their price target on Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 26th. Truist Financial lowered their price objective on shares of Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a research note on Monday, September 30th. Finally, Piper Sandler cut their target price 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. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $62.10.

Hedge Funds Weigh In On Occidental Petroleum

Institutional investors have recently modified their holdings of the business. Geode Capital Management LLC grew its position in shares of Occidental Petroleum by 3.3% during the 3rd quarter. Geode Capital Management LLC now owns 13,846,890 shares of the oil and gas producer’s stock valued at $710,886,000 after acquiring an additional 444,850 shares during the period. H&H International Investment LLC raised its position in shares of Occidental Petroleum by 497.7% in the third quarter. H&H International Investment LLC now owns 9,223,700 shares of the oil and gas producer’s stock valued at $475,389,000 after purchasing an additional 7,680,598 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Occidental Petroleum by 2.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,007,770 shares of the oil and gas producer’s stock valued at $206,560,000 after acquiring an additional 98,703 shares during the period. American Century Companies Inc. raised its stake in shares of Occidental Petroleum by 16.8% during the 2nd quarter. American Century Companies Inc. now owns 3,707,555 shares of the oil and gas producer’s stock valued at $233,687,000 after purchasing an additional 532,318 shares during the period. Finally, Swiss National Bank lifted its holdings in Occidental Petroleum by 0.3% during the 3rd quarter. Swiss National Bank now owns 1,973,614 shares of the oil and gas producer’s stock worth $101,720,000 after purchasing an additional 5,200 shares in the last quarter. 88.70% of the stock is owned by institutional investors.

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.