Grimes & Company Inc. Increases Stock Position in Occidental Petroleum Co.

Grimes & Company Inc. increased its shareholdings in Occidental Petroleum Co. (NYSE:OXY) by 7.7% during the third quarter, based on the latest 13F filing with the Securities and Exchange Commission. This move brings their total ownership to 4,133 shares of the oil and gas producer's stock, following the acquisition of an additional 296 shares during the quarter. The value of Grimes & Company Inc.’s investment in Occidental Petroleum reached approximately $213,000 at the close of the recent reporting period.

Several other institutional investors and hedge funds have also made adjustments to their positions in Occidental Petroleum. CapWealth Advisors LLC raised its stake by 2.7% during the first quarter, now holding 6,105 shares valued at $397,000 after purchasing an additional 162 shares. Similarly, Meeder Advisory Services Inc. boosted its position by 2.0%, owning 8,503 shares worth $553,000 after a buy of 164 shares last quarter. Earnest Partners LLC increased their equity in Occidental Petroleum by 2.6%, resulting in ownership of 6,850 shares valued at $445,000 after adding 173 shares during the same period. Furthermore, Proficio Capital Partners LLC expanded its holdings by 0.8%, bringing their total to 20,911 shares worth $1,359,000 after an additional purchase of 175 shares. Lastly, Commerzbank Aktiengesellschaft FI increased its stake in Occidental Petroleum by 2.0% in the second quarter, owning 9,088 shares valued at $573,000 after acquiring 175 more shares. Overall, institutional investors and hedge funds own 88.70% of the company’s stock.

Insider Transactions at Occidental Petroleum

In related news, a substantial insider transaction occurred when major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the company on August 14th. The shares were sold at an average price of $35.75, resulting in a total of $697,125,000. Following this sale, the insider retained ownership of 165,681,578 shares, valued at approximately $5.92 billion. This sale indicated a 0.00% change in their proportionate ownership. Details of the sale have been disclosed in a regulatory filing.

Analyst Price Targets for Occidental Petroleum

Brokerages have recently updated their evaluations for Occidental Petroleum. Wolfe Research initiated coverage on July 18th, assigning an “outperform” rating with a price target of $81.00. BMO Capital Markets adjusted their price target for Occidental from $70.00 to $65.00 while maintaining a “market perform” rating. Mizuho also updated their target from $76.00 to $72.00 and assigned a “neutral” rating. The Goldman Sachs Group initiated coverage as well, setting a neutral rating with a target price of $55.00. Barclays revised their target down from $67.00 to $58.00, giving it an “equal weight” rating. Overall, two analysts have rated the stock as a sell, eleven have rated it as hold, five as buy, and one as a strong buy. According to MarketBeat data, Occidental Petroleum currently has a consensus rating of “Hold” with a target price of $65.72.

Performance of Occidental Petroleum Stock

As of the last trading session, Occidental Petroleum shares opened at $51.57. The company's stock has a 50-day moving average of $53.59 and a 200-day moving average of $59.40. With a market capitalization of $46.70 billion, Occidental exhibits a PE ratio of 12.70 and has a beta of 1.57. The company shows a debt-to-equity ratio of 0.77, alongside a quick ratio of 0.75 and a current ratio of 1.04. Over the past year, Occidental Petroleum's stock has fluctuated, recording a low of $49.75 and a high of $71.18.

In terms of earnings, Occidental Petroleum last reported results on August 7th, revealing an earnings per share (EPS) of $1.03, which exceeded analysts’ expectations of $0.77 by $0.26. The company had a net margin of 16.62% and a return on equity of 17.91%. Revenues for the quarter amounted to $6.88 billion, slightly below analysts’ forecasts of $6.93 billion. Compared to the same period last year, the business saw a year-over-year revenue increase of 2.2%.

About Occidental Petroleum

Occidental Petroleum Corporation is involved in acquiring, exploring, and developing oil and gas properties, focusing on the United States, the Middle East, and North Africa. The company operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment engages in the exploration, development, and production of oil, natural gas liquids, and natural gas.

Grimes, Occidental, Investment