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

Grimes & Company Inc. has increased its holdings in Occidental Petroleum Co. (NYSE:OXY) by 7.7% during the third quarter, as revealed in its latest 13F filing with the Securities and Exchange Commission. The firm now possesses 4,133 shares of the oil and gas giant, having acquired an additional 296 shares in the recent quarter. By the end of this reporting period, Grimes & Company Inc.’s investment in Occidental Petroleum was valued at $213,000.

In addition to Grimes & Company Inc., several other institutional investors and hedge funds have recently adjusted their positions in Occidental Petroleum. For example, CapWealth Advisors LLC raised its investment by 2.7% in the first quarter, now owning 6,105 shares worth $397,000 after adding 162 shares. Similarly, Meeder Advisory Services Inc. increased its stake by 2.0%, owning 8,503 shares valued at $553,000 after acquiring another 164 shares. Earnest Partners LLC also lifted its position in Occidental Petroleum by 2.6%, owning 6,850 shares worth $445,000 after an additional purchase of 173 shares. Proficio Capital Partners LLC saw a smaller increase of 0.8%, now holding 20,911 shares valued at $1.36 million after buying an extra 175 shares in the last quarter. Furthermore, Commerzbank Aktiengesellschaft FI increased its stake by 2.0%, owning 9,088 shares valued at $573,000 after acquiring 175 shares. Institutional investors and hedge funds now hold about 88.70% of Occidental’s stock.

Insider Transactions

In related news, a significant shareholder, Petroleum Corp /De/ Occidental sold 19.5 million shares of the company on August 14th. This transaction, executed at an average price of $35.75, amounted to approximately $697 million. Following this sale, the insider retains 165,681,578 shares, equivalent to a value of around $5.92 billion, indicating no significant change in percentage ownership post-transaction. Such sales can be found in legal filings accessible through the SEC. Corporate insiders currently own about 0.31% of the company.

Analyst Ratings and Price Targets

Various brokerages have recently provided insights on Occidental Petroleum. Wolfe Research initiated coverage on July 18th, setting an “outperform” rating with a price target of $81.00. Conversely, BMO Capital Markets lowered its price target from $70.00 to $65.00, maintaining a “market perform” rating. Mizuho also reduced its target price from $76.00 to $72.00, adopting a “neutral” stance on the stock. Meanwhile, The Goldman Sachs Group initiated coverage on October 2nd with a $55.00 target price and a “neutral” rating. Barclays also adjusted its target downwards from $67.00 to $58.00, rating the stock as “equal weight.” Notably, two analysts have issued sell ratings, eleven have rated the stock as hold, five as buy, and one as a strong buy. Consequently, the consensus rating for Occidental Petroleum stands at “Hold,” with a consensus price target of $65.72, as per MarketBeat data.

Current Stock Performance

Currently, shares of Occidental Petroleum (NYSE:OXY) opened at $51.57. The company’s fifty-day moving average is $53.59, while the 200-day moving average is $59.40. With a market capitalization of $46.70 billion, the firm has a price-to-earnings (PE) ratio of 12.70 and a beta of 1.57. Occidental has a debt-to-equity ratio of 0.77 and current ratios of 0.75 and 1.04. Its stock performance shows a 12-month low of $49.75 and a high of $71.18. On August 7th, Occidental Petroleum released its earnings report, showing earnings per share (EPS) of $1.03 for the quarter. This figure surpassed analysts’ expectations of $0.77, reflecting a net margin of 16.62% and a return on equity of 17.91%. Quarterly revenue reached $6.88 billion, modestly lower than the expected $6.93 billion but representing a 2.2% year-over-year increase. Analysts predict Occidental will post an EPS of 3.31 for the current fiscal year.

Company Overview

Occidental Petroleum Corporation, through its subsidiaries, is involved in the exploration, acquisition, and development of oil and gas properties, primarily in the United States, Middle East, and North Africa. The company operates across three segments: Oil and Gas, Chemical, and Midstream and Marketing. Its Oil and Gas sector focuses on exploring, developing, and producing oil, natural gas liquids, and natural gas.

Grimes, Occidental, Investment