Berkshire Hathaway Inc Acquires 763,017 Shares of Occidental Petroleum Co. (NYSE:OXY) Stock

Occidental Petroleum Co. (NYSE:OXY) major shareholder Berkshire Hathaway Inc purchased 763,017 shares of Occidental Petroleum stock in a transaction on Friday, February 7th. The shares were acquired at an average cost of $46.82 per share, for a total transaction of $35,724,455.94. Following the purchase, the insider now owns 264,941,431 shares in the company, valued at approximately $12,404,557,799.42. This trade represents a 0.29 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Thursday, December 19th, Berkshire Hathaway Inc bought 3,614,015 shares of Occidental Petroleum stock. The stock was acquired at an average price of $45.60 per share, with a total value of $164,799,084.00.
• On Tuesday, December 17th, Berkshire Hathaway Inc purchased 2,477,362 shares of Occidental Petroleum stock. The stock was acquired at an average cost of $46.25 per share, for a total transaction of $114,577,992.50.

Occidental Petroleum Trading Down 1.6 %

NYSE OXY opened at $47.83 on Thursday. The company’s fifty day simple moving average is $49.03 and its 200-day simple moving average is $51.85. The stock has a market cap of $44.88 billion, a P/E ratio of 12.46 and a beta of 1.55. Occidental Petroleum Co. has a 52 week low of $45.17 and a 52 week high of $71.18. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 0.96.

Analyst Ratings Changes

Several research analysts have recently weighed in on OXY shares. Wolfe Research increased their price objective on shares of Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Mizuho cut their price target on shares of Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating on the stock in a research note on Monday, December 16th. StockNews.com cut shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a research note on Thursday, February 6th. Stephens increased their target price on Occidental Petroleum from $70.00 to $71.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and set a $56.00 price target on shares of Occidental Petroleum in a research report on Friday, November 8th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $61.71.

Hedge Funds Weigh In On Occidental Petroleum

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Segment Wealth Management LLC boosted its holdings in shares of Occidental Petroleum by 5.2% during the third quarter. Segment Wealth Management LLC now owns 3,973 shares of the oil and gas producer’s stock valued at $205,000 after acquiring an additional 196 shares during the period. Wealth Alliance Advisory Group LLC boosted its stake in Occidental Petroleum by 2.2% during the 3rd quarter. Wealth Alliance Advisory Group LLC now owns 9,191 shares of the oil and gas producer’s stock valued at $474,000 after purchasing an additional 200 shares during the period. Leavell Investment Management Inc. grew its position in Occidental Petroleum by 3.3% in the 3rd quarter. Leavell Investment Management Inc. now owns 6,241 shares of the oil and gas producer’s stock worth $323,000 after purchasing an additional 200 shares during the last quarter. Howard Capital Management Inc. increased its stake in shares of Occidental Petroleum by 5.4% in the fourth quarter. Howard Capital Management Inc. now owns 4,234 shares of the oil and gas producer’s stock valued at $209,000 after purchasing an additional 216 shares during the period. Finally, Deseret Mutual Benefit Administrators raised its holdings in shares of Occidental Petroleum by 27.1% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,164 shares of the oil and gas producer’s stock valued at $58,000 after buying an additional 248 shares during the last quarter. 88.70% of the stock is owned by hedge funds and other 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.