Grimes & Company Inc. Increases Stake in Occidental Petroleum Co. (NYSE:OXY)

Grimes & Company Inc. has announced an increase in its investment in Occidental Petroleum Co. (NYSE:OXY) by 7.7% during the third quarter, based on its latest 13F filing with the Securities and Exchange Commission. The firm now holds 4,133 shares of the oil and gas company after acquiring an additional 296 shares during this period. The value of Grimes & Company Inc.’s holdings in Occidental Petroleum is approximately $213,000 as of the latest reporting date.

In addition to Grimes & Company Inc., several other institutional investors and hedge funds have updated their holdings in Occidental Petroleum. For instance, CapWealth Advisors LLC raised its position by 2.7% during the first quarter, bringing their total to 6,105 shares worth $397,000 after adding 162 shares. Similarly, Meeder Advisory Services Inc. increased its position by 2.0%, owning 8,503 shares valued at $553,000 after buying 164 more shares. Earnest Partners LLC boosted their stake by 2.6% to hold 6,850 shares worth $445,000 after the acquisition of 173 additional shares. Proficio Capital Partners LLC also expanded its holdings by 0.8%, acquiring 175 more shares for a total of 20,911 shares valued at $1,359,000. Additionally, Commerzbank Aktiengesellschaft FI increased its stake in the company by 2.0% during the second quarter, now holding 9,088 shares valued at $573,000. Overall, institutional investors and hedge funds own 88.7% of Occidental Petroleum’s stock.

Insider Transactions at Occidental Petroleum

In other developments, a significant insider transaction occurred when major stakeholder Petroleum Corp/De/Occidental sold 19.5 million shares of the company on August 14. The shares were sold at an average price of $35.75, resulting in a total transaction amount of $697,125,000. After this sale, the insider retains ownership of 165,681,578 shares, valued at over $5.9 billion. This transaction reflects a minor percentage change in their holding. The details of this sale were disclosed in a filing with the SEC.

Recent Analysts’ Ratings and Price Targets

Various analysts have recently provided updates regarding Occidental Petroleum. Wolfe Research began coverage by assigning an “outperform” rating with a target price of $81.00. However, BMO Capital Markets has since lowered their target from $70.00 to $65.00, indicating a “market perform” rating. Mizuho adjusted their price objective from $76.00 to $72.00 while maintaining a “neutral” rating. Goldman Sachs also initiated coverage, setting a target price of $55.00 with a “neutral” stance. Barclays reduced their price target to $58.00 from $67.00 and assigned an “equal weight” rating to the stock. Overall, analyst opinions show a mix of ratings with two sell ratings, 11 holds, five buys, and one strong buy rating, leading to a consensus rating of “Hold” and a price target of $65.72.

Current Stock Performance of Occidental Petroleum

As of the latest trading session, shares of Occidental Petroleum (NYSE:OXY) opened at $51.57. The company’s fifty-day moving average stands at $53.59, while the 200-day moving average is $59.40. Occidental Petroleum has a market capitalization of $46.70 billion and a price-to-earnings ratio of 12.70. Its debt-to-equity ratio is recorded at 0.77, with a quick ratio of 0.75 and a current ratio of 1.04. Over the past year, the stock has reached a low of $49.75 and a high of $71.18.

In the most recent earnings report released on August 7, Occidental Petroleum reported earnings of $1.03 per share, exceeding the analysts’ expectation of $0.77 by $0.26. The company achieved a net margin of 16.62% with a return on equity of 17.91%. The quarterly revenue was reported at $6.88 billion, slightly below the expected $6.93 billion, but demonstrated a year-on-year increase of 2.2%.

About Occidental Petroleum

Occidental Petroleum Corporation, along with its subsidiaries, focuses on the acquisition, exploration, and development of oil and gas properties primarily in the United States, as well as in the Middle East and North Africa. The company operates through three main segments: Oil and Gas, Chemical, and Midstream and Marketing. More specifically, the Oil and Gas segment is responsible for exploring, developing, and producing oil, condensate, natural gas liquids (NGLs), and natural gas.

Grimes, Occidental, Investment