Grimes & Company Inc. Increases Stake in Occidental Petroleum Co.

Grimes & Company Inc. has increased its investment in Occidental Petroleum Co. (NYSE:OXY) by 7.7% during the third quarter of the year, based on the latest 13F filing submitted to the Securities and Exchange Commission. As of the end of this recent reporting period, the fund owns a total of 4,133 shares of the oil and gas company's stock, having purchased an additional 296 shares over the course of the quarter. The total value of Grimes & Company Inc. holdings in Occidental Petroleum stands at $213,000.

Other institutional investors and hedge funds have also been active in the market, buying and selling shares of Occidental Petroleum recently. For example, CapWealth Advisors LLC raised its stake by 2.7% during the first quarter and now owns 6,105 shares worth $397,000 after acquiring 162 new shares. Similarly, Meeder Advisory Services Inc. increased its holdings by 2.0% during the same period, now owning 8,503 shares valued at $553,000 after purchasing an additional 164 shares. Earnest Partners LLC also lifted its position by 2.6%, resulting in ownership of 6,850 shares worth $445,000 after acquiring another 173 shares in the first quarter. Proficio Capital Partners LLC grew its investment by 0.8%, bringing its total to 20,911 shares valued at $1,359,000 after an additional purchase of 175 shares. Lastly, Commerzbank Aktiengesellschaft FI increased its stake by 2.0%, now owning 9,088 shares worth $573,000 after acquiring 175 further shares in the second quarter. Overall, institutional investors and hedge funds account for 88.70% of Occidental Petroleum's stock ownership.

Insider Trading Activity

In related news, on August 14th, a significant shareholder, Petroleum Corp /De/ Occidental, sold 19,500,000 shares of the company’s stock at an average price of $35.75, resulting in a total transaction value of approximately $697,125,000. Following this sale, the insider continues to hold 165,681,578 shares, valued at $5,923,116,413.50, indicating no change in their overall ownership percentage. This transaction was disclosed in a formal filing with the SEC, which is publicly available. Corporate insiders own 0.31% of the company's stock.

Analyst Recommendations

Several brokerages have recently provided their insights on Occidental Petroleum. Wolfe Research initiated coverage on the stock, assigning an “outperform” rating with a price target of $81.00. In contrast, BMO Capital Markets lowered their price target for the company from $70.00 to $65.00, assigning a “market perform” rating. Mizuho also revised their price expectations, decreasing the price objective from $76.00 to $72.00 and giving Occidental a “neutral” rating. Additionally, The Goldman Sachs Group began coverage with a “neutral” rating and a target price of $55.00. Lastly, Barclays reduced their price target from $67.00 to $58.00, assigning an “equal weight” rating. Overall, two analysts rate the stock as a sell, eleven recommend holding it, five have a buy rating, and one gives a strong buy rating, leading to a consensus rating of “Hold” with a consensus target price of $65.72.

Recent Stock Performance

As of Friday, shares of Occidental Petroleum (NYSE:OXY) opened at $51.57. The company has a fifty-day moving average of $53.59 and a 200-day moving average of $59.40. With a market capitalization of $46.70 billion, Occidental maintains a PE ratio of 12.70 and has a beta value of 1.57. The company's debt-to-equity ratio stands at 0.77, while its quick ratio is at 0.75, and the current ratio is at 1.04. The stock has witnessed a twelve-month low of $49.75 and a high of $71.18.

Occidental Petroleum reported its earnings results on August 7th, announcing earnings of $1.03 per share for the quarter, exceeding analysts' expectations of $0.77 by $0.26. The company achieved a net margin of 16.62% and a return on equity of 17.91%. Its revenue for the quarter totaled $6.88 billion, slightly below the analysts' forecast of $6.93 billion. Comparatively, during the same quarter of the previous year, Occidental Petroleum reported earnings of $0.68 per share, indicating a year-over-year revenue increase of 2.2%. Analysts predict that Occidental Petroleum will post an EPS of 3.31 for the current fiscal year.

Overview of Occidental Petroleum Corporation

Occidental Petroleum Corporation, including its subsidiaries, is engaged in the acquisition, exploration, and development of oil and gas properties, primarily in the United States, the Middle East, and North Africa. The company operates across three segments: Oil and Gas, Chemical, and Midstream and Marketing, focusing on exploring, developing, and producing oil, condensate, natural gas liquids (NGLs), and natural gas.

Grimes, Investments, Occidental