MFG Wealth Management Inc. Purchases New Stake in Occidental Petroleum Corporation (NYSE:OXY)

MFG Wealth Management Inc. acquired a new position in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 28,452 shares of the oil and gas producer's stock, valued at approximately $1,404,000.

Several other large investors have also recently added to or reduced their stakes in OXY. Altshuler Shaham Ltd bought a new position in Occidental Petroleum in the 4th quarter worth approximately $26,000. VSM Wealth Advisory LLC acquired a new position in Occidental Petroleum during the 4th quarter worth $27,000. Whipplewood Advisors LLC bought a new position in shares of Occidental Petroleum in the fourth quarter worth $27,000. Bernard Wealth Management Corp. acquired a new position in shares of Occidental Petroleum during the fourth quarter valued at $32,000. Finally, Grove Bank & Trust increased its holdings in shares of Occidental Petroleum by 129.2% during the first quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer's stock valued at $36,000 after purchasing an additional 407 shares during the period. 88.70% of the stock is owned by institutional investors and hedge funds.

Occidental Petroleum Trading Up 1.7%

Shares of NYSE OXY traded up $0.73 during mid-day trading on Thursday, hitting $43.15. 11,931,719 shares of the company traded hands, compared to its average volume of 11,656,352. The business has a 50 day moving average of $42.08 and a two-hundred day moving average of $45.58. The stock has a market capitalization of $42.47 billion, a price-to-earnings ratio of 17.54 and a beta of 0.87. Occidental Petroleum Corporation has a 1 year low of $34.79 and a 1 year high of $64.76. The company has a quick ratio of 0.79, a current ratio of 1.01 and a debt-to-equity ratio of 0.90.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The oil and gas producer reported $0.87 EPS for the quarter, beating analysts' consensus estimates of $0.74 by $0.13. The company had revenue of $6.80 billion during the quarter, compared to analyst estimates of $6.97 billion. Occidental Petroleum had a net margin of 11.20% and a return on equity of 16.60%. The business's quarterly revenue was up 13.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.63 earnings per share. On average, sell-side analysts anticipate that Occidental Petroleum Corporation will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, June 10th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend is Tuesday, June 10th. Occidental Petroleum's dividend payout ratio is 39.02%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on OXY shares. TD Cowen lowered shares of Occidental Petroleum from a "buy" rating to a "hold" rating and decreased their target price for the company from $68.00 to $45.00 in a research report on Tuesday, April 8th. Scotiabank lowered shares of Occidental Petroleum from a "sector outperform" rating to a "sector perform" rating and set a $40.00 price target for the company. in a research note on Friday, April 11th. JPMorgan Chase & Co. decreased their price objective on shares of Occidental Petroleum from $52.00 to $47.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Raymond James Financial cut Occidental Petroleum from a "strong-buy" rating to an "outperform" rating and dropped their target price for the stock from $81.00 to $64.00 in a report on Monday, March 10th. Finally, Piper Sandler cut their target price on Occidental Petroleum from $50.00 to $48.00 and set a "neutral" rating for the company in a research report on Tuesday, April 22nd. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $53.38.

About Occidental Petroleum

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.