Avior Wealth Management LLC has reduced its stake in Occidental Petroleum Corporation (NYSE: OXY) by 27.9% in the first quarter, based on their recent Form 13F filing with the SEC. As a result, the firm now holds 43,408 shares of the oil and gas producer, valued at approximately $2.18 million after selling 16,836 shares during the quarter.
Other institutional investors have also been active regarding their positions in Occidental Petroleum. For instance, Vanguard Group Inc. increased its holdings by 18.1% in the fourth quarter, acquiring an additional 10,434,098 shares, and now owns 68,123,704 shares valued at around $3.37 billion. Similarly, Berkshire Hathaway Inc. raised its stake by 3.5% to a total of 264,178,414 shares worth $13.05 billion. Other notable transactions include a substantial increase in holdings by Worldquant Millennium Advisors LLC by 1,075.3%, and significant boosts by Marshall Wace LLP and Invesco Ltd. collecting more shares as well. Overall, institutional investors own approximately 88.7% of Occidental Petroleum’s stock.
Recent analyst reports have generated mixed outlooks for Occidental Petroleum. Mizuho cut its target price from $60 to $58, maintaining a “neutral” rating, while Scotiabank downgraded its rating to “sector perform” with a price target of $40. Conversely, Citigroup increased its target from $42 to $44, reflecting a “neutral” rating. Currently, the average analyst rating stands at “Hold,” with a target price of about $53.14.
Shares of Occidental Petroleum experienced a slight uptick, closing up 0.7% on a recent trading day at $45.68, with over 23 million shares exchanged. The company’s solid financial performance has contributed to its stability, reporting earnings of $0.87 per share, surpassing expectations of $0.74. Its revenue reached $6.80 billion for the quarter, reflecting a 13.9% increase compared to the previous year. Furthermore, the company recently announced a quarterly dividend of $0.24 per share, equating to a yield of 2.10%, showcasing its commitment to returning value to shareholders.
Overall, despite facing some challenges reflected in stock analyst ratings, Occidental Petroleum’s recent performance demonstrates resilience, bolstered by strategic institutional investments and ongoing profits, which bodes well for its future prospects.