The Manufacturers Life Insurance Company purchased a new position in shares of Occidental Petroleum Corporation (NYSE:OXY – Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 450,490 shares of the oil and gas producer’s stock, valued at approximately $21,880,000.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. National Pension Service increased its stake in Occidental Petroleum by 13.0% during the fourth quarter. National Pension Service now owns 1,084,356 shares of the oil and gas producer’s stock worth $44,589,000 after purchasing an additional 124,879 shares during the period. Hosking Partners LLP increased its stake in Occidental Petroleum by 4.9% during the 4th quarter. Hosking Partners LLP now owns 577,368 shares of the oil and gas producer’s stock worth $23,741,000 after buying an additional 27,030 shares during the period. Swiss National Bank lifted its holdings in Occidental Petroleum by 7.2% during the 1st quarter. Swiss National Bank now owns 2,168,414 shares of the oil and gas producer’s stock worth $140,947,000 after buying an additional 145,100 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Occidental Petroleum by 4.1% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,685,169 shares of the oil and gas producer’s stock worth $109,536,000 after buying an additional 66,438 shares in the last quarter. Finally, Bank of Nova Scotia purchased a new position in Occidental Petroleum in the 2nd quarter valued at approximately $4,209,000. Institutional investors and hedge funds own 88.70% of the company’s stock.
Occidental Petroleum Stock Up 1.0%
OXY stock opened at $59.21 on Friday. The company’s 50 day moving average is $55.03 and its two-hundred day moving average is $55.93. Occidental Petroleum Corporation has a twelve month low of $38.80 and a twelve month high of $67.45. The company has a current ratio of 1.41, a quick ratio of 1.13 and a debt-to-equity ratio of 0.40. The stock has a market cap of $59.19 billion, a P/E ratio of 9.17, a PEG ratio of 0.93 and a beta of 0.15.
Occidental Petroleum Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, September 10th will be given a $0.28 dividend. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.26. The ex-dividend date is Thursday, September 10th. This represents a $1.12 annualized dividend and a yield of 1.9%. Occidental Petroleum’s payout ratio is currently 16.10%.
Analysts Set New Price Targets
A number of research firms have recently weighed in on OXY. Wall Street Zen raised Occidental Petroleum from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Morgan Stanley cut their price target on Occidental Petroleum from $74.00 to $68.00 and set an “equal weight” rating on the stock in a report on Friday, June 26th. Truist Financial increased their price target on Occidental Petroleum from $57.00 to $63.00 and gave the company a “hold” rating in a research report on Monday, August 10th. Evercore raised Occidental Petroleum from an “in-line” rating to an “outperform” rating and set a $65.00 price objective for the company in a research report on Wednesday, July 8th. Finally, Wells Fargo & Company upped their target price on shares of Occidental Petroleum from $72.00 to $79.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Ten research analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $64.83.
Read Our Latest Research Report on Occidental Petroleum
Insider Transactions at Occidental Petroleum
In related news, CEO Richard A. Jackson bought 4,770 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The shares were acquired at an average price of $52.38 per share, with a total value of $249,852.60. Following the completion of the acquisition, the chief executive officer owned 444,098 shares in the company, valued at approximately $23,261,853.24. This trade represents a 1.09% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.50% of the company’s stock.
Occidental Petroleum Profile
Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.
Occidental’s operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.
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