Mirae Asset Global Investments Co. Ltd. Trims Stock Position in Occidental Petroleum Co. (NYSE:OXY)

Mirae Asset Global Investments Co. Ltd. lessened its holdings in shares of Occidental Petroleum Co. (NYSE:OXY) by 3.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 96,042 shares of the oil and gas producer’s stock after selling 3,616 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Occidental Petroleum were worth $5,735,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Oppenheimer & Co. Inc. increased its holdings in Occidental Petroleum by 8.6% in the third quarter. Oppenheimer & Co. Inc. now owns 156,279 shares of the oil and gas producer’s stock valued at $10,139,000 after buying an additional 12,349 shares in the last quarter. SeaCrest Wealth Management LLC increased its holdings in Occidental Petroleum by 8.9% in the fourth quarter. SeaCrest Wealth Management LLC now owns 5,825 shares of the oil and gas producer’s stock valued at $343,000 after buying an additional 474 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC purchased a new position in Occidental Petroleum in the third quarter valued at $29,665,000. Calamos Wealth Management LLC purchased a new position in Occidental Petroleum in the third quarter valued at $5,758,000. Finally, Assenagon Asset Management S.A. increased its holdings in Occidental Petroleum by 1,279.7% in the fourth quarter. Assenagon Asset Management S.A. now owns 231,899 shares of the oil and gas producer’s stock valued at $13,847,000 after buying an additional 215,091 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on OXY shares. StockNews.com raised shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Friday, March 15th. HSBC began coverage on shares of Occidental Petroleum in a research report on Monday, April 8th. They issued a “hold” rating and a $65.00 target price on the stock. Morgan Stanley lifted their target price on shares of Occidental Petroleum from $66.00 to $72.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Barclays began coverage on shares of Occidental Petroleum in a research report on Wednesday, April 10th. They issued an “equal weight” rating and a $73.00 target price on the stock. Finally, Truist Financial lifted their target price on shares of Occidental Petroleum from $77.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, April 5th. Nine equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $72.06.

Occidental Petroleum Stock Performance

NYSE:OXY opened at $69.01 on Monday. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.92 and a quick ratio of 0.69. The firm has a market capitalization of $61.17 billion, a price-to-earnings ratio of 17.65 and a beta of 1.64. The company’s 50-day moving average is $62.47 and its two-hundred day moving average is $61.03. Occidental Petroleum Co. has a 1-year low of $55.12 and a 1-year high of $71.18.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Thursday, February 15th. The oil and gas producer reported $0.74 earnings per share for the quarter, meeting the consensus estimate of $0.74. The company had revenue of $7.53 billion for the quarter, compared to analyst estimates of $6.93 billion. Occidental Petroleum had a net margin of 16.24% and a return on equity of 20.63%. Occidental Petroleum’s revenue was down 9.6% on a year-over-year basis. During the same period in the previous year, the business posted $1.61 EPS. Analysts forecast that Occidental Petroleum Co. will post 3.84 EPS for the current year.

Occidental Petroleum Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, March 8th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.28%. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.18. The ex-dividend date is Thursday, March 7th. Occidental Petroleum’s payout ratio is presently 22.51%.

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.