183,579 Shares of Occidental Petroleum Corporation $OXY Bought by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments opened a position in Occidental Petroleum, purchasing 183,579 shares valued at about $10.2 million. Institutional investors collectively own 88.7% of the company’s stock.
• Occidental reported quarterly EPS of $2.40, beating the $1.83 consensus estimate, while revenue of $8.06 billion exceeded forecasts and rose 53.4% year over year.
• Analysts’ consensus rating is Hold, with an average price target of $67.88. The company announced a quarterly dividend of $0.28 per share, equivalent to a 2.0% annualized yield.

Mirae Asset Global Investments Co. Ltd. acquired a new position in Occidental Petroleum Corporation (NYSE:OXY - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 183,579 shares of the oil and gas producer's stock, valued at approximately $10,156,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. ProShare Advisors LLC grew its position in Occidental Petroleum by 5.5% in the third quarter. ProShare Advisors LLC now owns 149,333 shares of the oil and gas producer's stock worth $8,261,000 after buying an additional 7,847 shares during the last quarter. Vise Technologies Inc. increased its holdings in shares of Occidental Petroleum by 51.2% in the third quarter. Vise Technologies Inc. now owns 30,743 shares of the oil and gas producer's stock valued at $1,701,000 after buying an additional 10,413 shares in the last quarter. Americana Partners LLC lifted its position in shares of Occidental Petroleum by 69.3% during the 3rd quarter. Americana Partners LLC now owns 16,158 shares of the oil and gas producer's stock valued at $894,000 after acquiring an additional 6,616 shares during the last quarter. Aprio Wealth Management LLC lifted its position in shares of Occidental Petroleum by 15.1% during the 3rd quarter. Aprio Wealth Management LLC now owns 5,200 shares of the oil and gas producer's stock valued at $288,000 after acquiring an additional 683 shares during the last quarter. Finally, State of Wyoming bought a new stake in shares of Occidental Petroleum during the 3rd quarter worth $206,000. 88.70% of the stock is currently owned by institutional investors.

Occidental Petroleum Stock Down 5.2%

NYSE:OXY opened at $57.28 on Thursday. The firm has a market capitalization of $57.26 billion, a price-to-earnings ratio of 13.70, a PEG ratio of 0.70 and a beta of 0.16. Occidental Petroleum Corporation has a 1-year low of $38.80 and a 1-year 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 business's fifty day moving average price is $60.15 and its 200 day moving average price is $56.15.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.83 by $0.57. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%. The firm had revenue of $8.06 billion during the quarter, compared to the consensus estimate of $7.07 billion. During the same period in the prior year, the business earned $0.39 EPS. The business's revenue for the quarter was up 53.4% on a year-over-year basis. On average, sell-side analysts forecast that Occidental Petroleum Corporation will post 6.81 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Thursday, December 10th will be issued a $0.28 dividend. The ex-dividend date is Thursday, December 10th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.0%. Occidental Petroleum's dividend payout ratio is currently 17.34%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Seaport Research Partners started coverage on Occidental Petroleum in a research note on Thursday, September 3rd. They issued a "buy" rating and a $73.00 price target on the stock. BMO Capital Markets reaffirmed a "market perform" rating and set a $68.00 price objective on shares of Occidental Petroleum in a research note on Wednesday, October 14th. Citigroup decreased their target price on shares of Occidental Petroleum from $62.00 to $60.00 and set a "neutral" rating for the company in a report on Friday, July 17th. Stifel Nicolaus assumed coverage on shares of Occidental Petroleum in a research report on Thursday, September 10th. They issued a "hold" rating and a $68.00 target price on the stock. Finally, Wells Fargo & Company boosted their price target on shares of Occidental Petroleum from $79.00 to $82.00 and gave the company an "overweight" rating in a report on Monday, September 14th. Twelve analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company. According to data from MarketBeat, Occidental Petroleum has a consensus rating of "Hold" and a consensus price target of $67.88.

Occidental Petroleum Profile

Occidental Petroleum Corporation is an energy company engaged in oil and natural gas exploration, development and production. Its operations are focused primarily on the United States, including the Permian and DJ basins, as well as selected international regions in the Middle East and North Africa.

The company's OxyChem subsidiary manufactures and markets chlor-alkali chemicals, vinyls and other chemical products used in water treatment, construction, healthcare, packaging and industrial applications.

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