The Manufacturers Life Insurance Company Takes Position in Occidental Petroleum Corporation $OXY

The Manufacturers Life Insurance Company purchased a new position in shares of Occidental Petroleum Corporation (NYSE:OXY) in the 2nd quarter, Holdings Channel reports. The institutional investor purchased 450,490 shares of the oil and gas producer’s stock, valued at approximately $21,880,000.

A number of other large investors have also recently added to or reduced their stakes in OXY. Bank of New York Mellon Corp increased its holdings in Occidental Petroleum by 84.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 10,643,916 shares of the oil and gas producer’s stock valued at $516,975,000 after acquiring an additional 4,882,834 shares in the last quarter. Danske Bank A S purchased a new stake in shares of Occidental Petroleum in the second quarter valued at about $172,413,000. Dimensional Fund Advisors LP grew its position in shares of Occidental Petroleum by 21.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer’s stock valued at $436,008,000 after purchasing an additional 1,883,721 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Occidental Petroleum by 54.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,959,638 shares of the oil and gas producer’s stock valued at $162,820,000 after purchasing an additional 1,393,638 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in shares of Occidental Petroleum by 1,029.9% during the 3rd quarter. Wellington Management Group LLP now owns 1,493,747 shares of the oil and gas producer’s stock worth $70,580,000 after purchasing an additional 1,361,541 shares in the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Occidental Petroleum

In other Occidental Petroleum news, CEO Richard A. Jackson purchased 4,770 shares of the firm’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was purchased at an average cost of $52.38 per share, with a total value of $249,852.60. Following the transaction, 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 ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.50% of the company’s stock.

Occidental Petroleum Stock Performance

Occidental Petroleum stock opened at $59.21 on Friday. The company has a market cap of $59.19 billion, a price-to-earnings ratio of 9.17, a price-to-earnings-growth ratio of 0.93 and a beta of 0.15. Occidental Petroleum Corporation has a 12 month low of $38.80 and a 12 month high of $67.45. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.13. The stock’s 50-day moving average is $55.03 and its 200-day moving average is $55.93.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.83 by $0.57. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The firm had revenue of $8.06 billion during the quarter, compared to the consensus estimate of $7.07 billion. During the same quarter in the prior year, the company earned $0.39 EPS. The company’s revenue was up 53.4% on a year-over-year basis. Equities analysts anticipate that Occidental Petroleum Corporation will post 6.09 earnings per share for the current year.

Occidental Petroleum Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, September 10th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Thursday, September 10th. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.26. Occidental Petroleum’s dividend payout ratio (DPR) is presently 16.10%.

Wall Street Analyst Weigh In

OXY has been the topic of a number of analyst reports. Wells Fargo & Company increased their target price on Occidental Petroleum from $72.00 to $79.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Raymond James Financial boosted their price target on Occidental Petroleum from $64.00 to $75.00 and gave the stock an “outperform” rating in a report on Monday, May 4th. Weiss Ratings downgraded Occidental Petroleum from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday. Zacks Research lowered Occidental Petroleum from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 22nd. Finally, Susquehanna boosted their target price on shares of Occidental Petroleum from $67.00 to $70.00 and gave the company a “positive” rating in a research note on Tuesday, August 11th. Ten research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $64.83.

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.