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% in the third quarter, as reported in their latest 13F filing with the Securities and Exchange Commission. The firm now holds 4,133 shares of Occidental Petroleum, having purchased an additional 296 shares during the quarter. At the end of this reporting period, Grimes & Company Inc.'s holdings were valued at approximately $213,000.

Other institutional investors and hedge funds have also been active in buying and selling Occidental Petroleum shares. For example, CapWealth Advisors LLC raised its stake by 2.7% in the first quarter, owning 6,105 shares worth $397,000 after acquiring 162 more shares. Similarly, Meeder Advisory Services Inc. increased its position by 2.0% to hold 8,503 shares valued at $553,000 after acquiring 164 additional shares. Earnest Partners LLC also lifted its stake by 2.6%, while Proficio Capital Partners LLC saw a 0.8% growth, totaling 20,911 shares worth $1.36 million. In contrast, Commerzbank Aktiengesellschaft FI boosted its position by 2.0% to hold 9,088 shares valued at $573,000. Overall, institutional investors and hedge funds control approximately 88.7% of the company’s stock.

Insider Trading Activity

In related news, a major shareholder, Petroleum Corp/De/Occidental, sold 19,500,000 shares of the company on August 14th. This transaction was completed at an average price of $35.75 per share, totaling around $697 million. Following this sale, the insider continues to own 165,681,578 shares, valued at about $5.92 billion. This transaction represents no change in their overall ownership percentage. The details were disclosed in an official filing with the SEC.

Analyst Price Targets

Several analysts have recently updated their price targets for Occidental Petroleum. Wolfe Research initiated coverage, assigning an “outperform” rating with a target of $81.00. BMO Capital Markets reduced their price target from $70.00 to $65.00 while maintaining a “market perform” rating. Mizuho also lowered its target from $76.00 to $72.00, giving a “neutral” rating. Goldman Sachs began coverage with a “neutral” rating and a target of $55.00. Additionally, Barclays decreased their target from $67.00 to $58.00, labeling the stock as “equal weight.” The overall consensus includes two sell ratings, eleven hold ratings, five buy ratings, and one strong buy rating, leading to a general “Hold” rating with a consensus price target of $65.72.

Occidental Petroleum's Stock Performance

As of Friday, 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 at $59.40. Occidental Petroleum has a market cap of $46.70 billion, with a PE ratio of 12.70 and a beta of 1.57. The stock has seen a twelve-month low of $49.75 and a high of $71.18.

Recent earnings were reported on August 7th, where Occidental posted an earnings per share (EPS) of $1.03, surpassing analysts’ expectations of $0.77. The company achieved a net margin of 16.62% and a return on equity of 17.91%. They reported revenues of $6.88 billion, slightly below estimates, although revenue increased by 2.2% year-over-year. Analysts predict an EPS of 3.31 for the current fiscal year.

About Occidental Petroleum

Occidental Petroleum Corporation, through its subsidiaries, focuses on acquiring, exploring, and developing oil and gas properties in areas such as the United States, the Middle East, and North Africa. The company operates in three segments: Oil and Gas, Chemical, and Midstream and Marketing. Its Oil and Gas segment is dedicated to exploring, developing, and producing oil, natural gas liquids (NGLs), and natural gas.

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