Berkshire Hathaway, Inc. recently announced the acquisition of new stake in Occidental Petroleum Corp. (NYSE:OXY). The institutional investor has increased its shareholding in the Energy company by 1.75% to 228.05 million shares with purchase of 3.92 million shares. This fresh investment now brings its stake to 25.78% valued currently at $14.1 billion. In addition, Fidelity Management & Research Co raised its holdings by 0.12 million to 19.17 million shares.
With over 15.25 million Occidental Petroleum Corp. (OXY) shares trading Monday and a closing price of $57.06 on the day, the dollar volume was approximately $869.99 million. The shares have shown a negative half year performance of -3.60% and its price on 12/11/23 gained nearly 1.04%. Currently, there are 899.86M common shares owned by the public and among those 878.15M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 24 analysts who have offered their price forecasts for OXY have a consensus price objective of $69.80. The analysts have set the share’s price value over the next 12 months at a high of $84.00 and a low of $60.00. The average price target is 18.25% above its recent price level and an upside to the estimated low will see the stock gain 4.9% over that period. But an upside of 32.07% will see the stock hit the forecast high price target while median target price for the stock is $68.50.
Insiders at the company have transacted a total of 81 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 62 of these insider trades were purchases, accounting for 34,324,404 shares. Insider sales of the common stock occurred on 19 occasions, with total insider shares sold totaling 225,932 shares.
The top 3 mutual fund holders in Occidental Petroleum Corp. are Dodge & Cox Stock Fund, Vanguard Total Stock Market ETF, and SPDR Series – Energy Select Secto. Dodge & Cox Stock Fund owns 60.6 million shares of the company’s stock, all valued at over $3.75 billion. The company bought an additional 0.32 million shares recently to bring their total holdings to about 6.85% of the shares outstanding. Vanguard Total Stock Market ETF bought 0.1 million shares to see its total holdings expand to 20.76 million shares valued at over $1.28 billion and representing 2.35% of the shares outstanding. SPDR Series – Energy Select Secto sold -0.11 million shares to bring its total holdings to over 18.81 million shares at a value of $1.16 billion. SPDR Series – Energy Select Secto now owns shares totaling to 2.13% of the shares outstanding.
Shares of Occidental Petroleum Corp. (NYSE: OXY) opened at $56.37, down -$0.1 from a prior closing price of $56.47. The company’s stock has a 5-day price change of -1.38% and -14.11% over the past three months. OXY shares are trading -9.41% year to date (YTD), with the 12-month market performance down to -10.44% lower. It has a 12-month low price of $55.51 and touched a high of $67.93 over the same period. OXY has an average intraday trading volume of 9.42 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -4.25%, -7.35%, and -6.90% respectively.
Institutional ownership of Occidental Petroleum Corp. (NYSE: OXY) shares accounts for 79.71% of the company’s 899.86M shares outstanding. Mutual fund holders own 35.72%, while other institutional holders and individual stakeholders account for 47.30% and 32.20% respectively.
It has a market capitalization of $50.23B and a beta (3y monthly) value of 1.65. The stock’s trailing 12-month PE ratio is 12.50, while the earnings-per-share (ttm) stands at $4.56. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.65% over the week and 1.58% over the month.
Analysts forecast that Occidental Petroleum Corp. (OXY) will achieve an EPS of $1.09 for the current quarter, $1.23 for the next quarter and $4.84 for 2024. The lowest estimate earnings-per-share for the quarter is $0.73 while analysts give the company a high EPS estimate of $1.53. Comparatively, EPS for the current quarter was $1.61 a year ago. Earnings per share for the fiscal year are expected to decrease by -56.48%, and 20.52% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 24 brokerage firm advisors rate Occidental Petroleum Corp. (OXY) as a “Moderate Buy” at a consensus score of 2.38. Specifically, 8 Wall Street analysts polled rate the stock as a buy, while 14 of the 24 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the OXY, a number of firms have released research notes about the stock. Morgan Stanley stated their Overweight rating for the stock in a research note on Dec-12-23, with the firm’s price target at $68.
