The Manufacturers Life Insurance Company Trims Stake in Occidental Petroleum Corporation $OXY

The Manufacturers Life Insurance Company cut its holdings in Occidental Petroleum Corporation (NYSE:OXY) by 9.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 444,932 shares of the oil and gas producer’s stock after selling 44,937 shares during the period. The Manufacturers Life Insurance Company’s holdings in Occidental Petroleum were worth $28,921,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. Dimensional Fund Advisors LP increased its stake in shares of Occidental Petroleum by 21.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer’s stock worth $436,008,000 after purchasing an additional 1,883,721 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Occidental Petroleum by 44.6% during the first quarter. Bank of New York Mellon Corp now owns 5,761,082 shares of the oil and gas producer’s stock valued at $374,470,000 after purchasing an additional 1,776,922 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Occidental Petroleum by 54.3% during 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 period. Wellington Management Group LLP increased its position in Occidental Petroleum by 1,029.9% in the third quarter. Wellington Management Group LLP now owns 1,493,747 shares of the oil and gas producer’s stock worth $70,580,000 after buying an additional 1,361,541 shares in the last quarter. Finally, Sei Investments Co. raised its stake in shares of Occidental Petroleum by 247.0% in the first quarter. Sei Investments Co. now owns 1,734,052 shares of the oil and gas producer’s stock worth $112,719,000 after buying an additional 1,234,350 shares during the period. Institutional investors own 88.70% of the company’s stock.

Analyst Upgrades and Downgrades

OXY has been the subject of a number of recent research reports. Wolfe Research boosted their price objective on Occidental Petroleum from $67.00 to $70.00 and gave the company an “outperform” rating in a research note on Monday, April 6th. Truist Financial dropped their price target on shares of Occidental Petroleum from $65.00 to $57.00 and set a “hold” rating for the company in a research report on Friday, May 8th. Mizuho raised their price objective on shares of Occidental Petroleum from $72.00 to $75.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Stephens lowered their target price on shares of Occidental Petroleum from $73.00 to $69.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 14th. Finally, Susquehanna upped their target price on shares of Occidental Petroleum from $60.00 to $67.00 and gave the stock a “positive” rating in a report on Tuesday, April 21st. Ten investment analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $64.17.

Insider Activity at Occidental Petroleum

In other news, CEO Richard A. Jackson purchased 4,770 shares of the company’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was bought at an average cost of $52.38 per share, with a total value of $249,852.60. Following the completion of the purchase, the chief executive officer owned 444,098 shares in the company, valued at approximately $23,261,853.24. This represents a 1.09% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.50% of the company’s stock.

Occidental Petroleum Trading Up 1.9%

OXY stock opened at $57.03 on Friday. Occidental Petroleum Corporation has a 1-year low of $38.80 and a 1-year high of $67.45. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.21 and a quick ratio of 1.01. The company has a market capitalization of $56.73 billion, a price-to-earnings ratio of 14.37, a PEG ratio of 0.81 and a beta of 0.15. The business has a 50 day simple moving average of $54.43 and a two-hundred day simple moving average of $53.97.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.46. The firm had revenue of $5.11 billion for the quarter, compared to analysts’ expectations of $5.44 billion. Occidental Petroleum had a net margin of 19.98% and a return on equity of 9.65%. The company’s revenue for the quarter was down 8.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.14 earnings per share. Research analysts anticipate that Occidental Petroleum Corporation will post 5.43 EPS for the current fiscal year.

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.