State Treasurer State of Michigan lessened its stake in Occidental Petroleum Co. (NYSE:OXY) by 0.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 215,956 shares of the oil and gas producer’s stock after selling 200 shares during the quarter. State Treasurer State of Michigan’s holdings in Occidental Petroleum were worth $14,296,000 as of its most recent filing with the SEC.
Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc grew its position in shares of Occidental Petroleum by 2.2% during the 3rd quarter. Vanguard Group Inc now owns 62,477,713 shares of the oil and gas producer’s stock valued at $5,133,793,000 after buying an additional 1,370,841 shares during the last quarter. Macquarie Group Ltd. grew its position in Occidental Petroleum by 7.9% in the 4th quarter. Macquarie Group Ltd. now owns 10,146,677 shares of the oil and gas producer’s stock worth $622,804,000 after purchasing an additional 744,802 shares during the last quarter. Northern Trust Corp grew its position in Occidental Petroleum by 2.6% in the 4th quarter. Northern Trust Corp now owns 9,890,631 shares of the oil and gas producer’s stock worth $607,087,000 after purchasing an additional 246,720 shares during the last quarter. Geode Capital Management LLC grew its position in Occidental Petroleum by 3.6% in the 4th quarter. Geode Capital Management LLC now owns 9,152,375 shares of the oil and gas producer’s stock worth $560,842,000 after purchasing an additional 316,507 shares during the last quarter. Finally, Norges Bank bought a new position in Occidental Petroleum in the 4th quarter worth about $475,929,000. Institutional investors and hedge funds own 84.17% of the company’s stock.
Several research analysts have commented on OXY shares. Mizuho restated a “buy” rating and issued a $82.00 target price on shares of Occidental Petroleum in a research report on Wednesday, February 13th. Morgan Stanley set a $72.00 target price on shares of Occidental Petroleum and gave the stock a “buy” rating in a research report on Thursday, February 14th. Barclays cut shares of Occidental Petroleum from an “overweight” rating to an “underweight” rating and decreased their price objective for the company from $77.00 to $70.00 in a report on Friday, February 15th. Citigroup cut shares of Occidental Petroleum from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $80.00 to $72.00 in a report on Tuesday, February 19th. Finally, ValuEngine upgraded shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Wednesday, February 20th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $77.66.
Occidental Petroleum (NYSE:OXY) last released its earnings results on Sunday, May 5th. The oil and gas producer reported $0.84 EPS for the quarter, beating the consensus estimate of $0.72 by $0.12. Occidental Petroleum had a net margin of 21.17% and a return on equity of 17.70%. The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. During the same period in the prior year, the business earned $0.92 earnings per share. The business’s quarterly revenue was up 6.9% on a year-over-year basis. As a group, sell-side analysts expect that Occidental Petroleum Co. will post 3.92 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, June 10th will be paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 5.70%. The ex-dividend date is Friday, June 7th. Occidental Petroleum’s dividend payout ratio is presently 62.28%.
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Occidental Petroleum Profile
Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States and internationally. The company operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.
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