DnB Asset Management AS has sold 37.3% of its holdings in Occidental Petroleum Co. during the second quarter of this year, according to a disclosure with the US Securities and Exchange Commission (SEC) [1]. The institutional investor now owns 121,720 shares of Occidental Petroleum, down from 194,150 shares previously. The value of DnB Asset Management AS’s stake in the oil and gas producer is now $7,157,000 [1].
Other large investors have also made changes to their positions in Occidental Petroleum. Ironwood Wealth Management LLC purchased a new position in the company during the first quarter worth approximately $334,000. Cibc World Market Inc. raised its position in the stock by 47.2% during the same period, and now owns 55,697 shares worth $3,160,000. Prudential PLC also acquired a new stake in the company, valued at approximately $1,124,000. Furthermore, Sequoia Financial Advisors LLC and Candriam Luxembourg S.C.A. also purchased new stakes in Occidental Petroleum during the first quarter [1].
Hedge funds and other institutional investors now hold 77.54% of Occidental Petroleum’s stock [1].
In other news, major shareholder Berkshire Hathaway Inc acquired 638,301 shares of Occidental Petroleum’s stock in a transaction on June 26th [1]. Following the acquisition, Berkshire Hathaway Inc now holds 222,629,243 shares in the company, valued at $12,692,093,143.43 [1].
Multiple research firms have issued reports on Occidental Petroleum. Morgan Stanley has increased its price target for the stock from $60.00 to $62.00 and rated it “equal weight.” StockNews.com initiated coverage on Occidental Petroleum with a “sell” rating. UBS Group has boosted its price target to $72.00 and rated the stock “neutral.” Roth Mkm reiterated a “neutral” rating with a $60.00 price target. Piper Sandler has also increased its price target to $62.00 [1].
Occidental Petroleum’s stock opened at $66.15 on Friday and has a market capitalization of $58.52 billion [1]. The stock has a beta of 1.77 and a debt-to-equity ratio of 0.96 [1].
Occidental Petroleum is engaged in the acquisition, exploration, and development of oil and gas properties in various parts of the world. The company operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing [1].
Sources:
[1] Disclosure with the US Securities and Exchange Commission (SEC)