Cornerstone Wealth Group LLC Invests $257,000 in Occidental Petroleum Co. (NYSE:OXY)

Cornerstone Wealth Group LLC acquired a new stake in Occidental Petroleum Co. (NYSE:OXY) in the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 5,198 shares of the oil and gas producer’s stock, valued at approximately $257,000.

Other hedge funds have also added to or reduced their stakes in the company. Fortitude Family Office LLC raised its position in shares of Occidental Petroleum by 160.0% during the third quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 304 shares during the period. Mizuho Securities Co. Ltd. bought a new stake in Occidental Petroleum during the 3rd quarter worth approximately $32,000. Transamerica Financial Advisors Inc. bought a new position in Occidental Petroleum in the third quarter valued at approximately $50,000. Westside Investment Management Inc. lifted its stake in Occidental Petroleum by 224.0% in the fourth quarter. Westside Investment Management Inc. now owns 1,555 shares of the oil and gas producer’s stock valued at $77,000 after buying an additional 1,075 shares in the last quarter. Finally, Exchange Traded Concepts LLC acquired a new position in shares of Occidental Petroleum in the third quarter valued at approximately $87,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

Occidental Petroleum Stock Performance

NYSE OXY opened at $49.55 on Tuesday. The stock has a market cap of $46.50 billion, a PE ratio of 12.90 and a beta of 1.57. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.76 and a current ratio of 1.00. Occidental Petroleum Co. has a 52-week low of $45.17 and a 52-week high of $71.18. The firm has a 50-day moving average of $49.69 and a 200-day moving average of $53.01.

Occidental Petroleum Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Tuesday, December 10th. This represents a $0.88 annualized dividend and a yield of 1.78%. Occidental Petroleum’s payout ratio is currently 22.92%.

Insider Activity at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc purchased 3,614,015 shares of the firm’s stock in a transaction that occurred on Thursday, December 19th. The shares were bought at an average price of $45.60 per share, for a total transaction of $164,799,084.00. Following the completion of the transaction, the insider now owns 264,178,414 shares of the company’s stock, valued at approximately $12,046,535,678.40. This trade represents a 1.39 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. 0.31% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Stephens boosted their price objective on shares of Occidental Petroleum from $70.00 to $71.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $56.00 price target on shares of Occidental Petroleum in a report on Friday, November 8th. Mizuho dropped their target price on Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating on the stock in a research report on Monday, December 16th. Bank of America initiated coverage on Occidental Petroleum in a research report on Thursday, October 17th. They set a “neutral” rating and a $57.00 price target for the company. Finally, Barclays cut their price objective on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Occidental Petroleum presently has a consensus rating of “Hold” and a consensus price target of $62.19.

Occidental Petroleum Company Profile

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.