Occidental Petroleum Corporation $OXY Shares Acquired by Canada Pension Plan Investment Board

Key Points

• The Canada Pension Plan Investment Board significantly increased its holdings in **Occidental Petroleum**, acquiring over 701,000 additional shares for a total investment valued at **$38.38 million**.

Canada Pension Plan Investment Board grew its position in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 926.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 777,564 shares of the oil and gas producer's stock after purchasing an additional 701,846 shares during the period. Canada Pension Plan Investment Board owned approximately 0.08% of Occidental Petroleum worth $38,381,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. OVERSEA CHINESE BANKING Corp Ltd purchased a new position in Occidental Petroleum in the first quarter worth $1,274,000. Kestra Private Wealth Services LLC raised its stake in shares of Occidental Petroleum by 5.6% during the first quarter. Kestra Private Wealth Services LLC now owns 17,086 shares of the oil and gas producer's stock valued at $843,000 after acquiring an additional 906 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Occidental Petroleum by 9.7% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,596,699 shares of the oil and gas producer's stock valued at $78,813,000 after acquiring an additional 140,528 shares during the last quarter. swisspartners Advisors Ltd bought a new position in shares of Occidental Petroleum during the first quarter valued at about $6,006,000. Finally, Blackhawk Capital Partners LLC. bought a new stake in Occidental Petroleum during the 1st quarter valued at approximately $344,000. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Occidental Petroleum Trading Down 3.6%

Shares of NYSE:OXY traded down $1.72 during trading hours on Wednesday, hitting $46.33. 9,452,062 shares of the company's stock traded hands, compared to its average volume of 8,922,745. The business has a fifty day moving average price of $44.56 and a 200-day moving average price of $44.05. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.05 and a quick ratio of 0.83. Occidental Petroleum Corporation has a 1 year low of $34.78 and a 1 year high of $56.49. The firm has a market capitalization of $45.61 billion, a P/E ratio of 27.42 and a beta of 1.04.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. The firm had revenue of $6.41 billion during the quarter, compared to the consensus estimate of $6.29 billion. During the same quarter in the previous year, the firm posted $1.03 earnings per share. The company's revenue was down 6.1% on a year-over-year basis. Equities analysts expect that Occidental Petroleum Corporation will post 3.58 earnings per share for the current year.

Occidental Petroleum Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, September 10th will be issued a dividend of $0.24 per share. The ex-dividend date is Wednesday, September 10th. This represents a $0.96 dividend on an annualized basis and a yield of 2.1%. Occidental Petroleum's dividend payout ratio is currently 56.80%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Piper Sandler increased their target price on Occidental Petroleum from $48.00 to $50.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Wells Fargo & Company lowered their price target on Occidental Petroleum from $47.00 to $46.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 15th. Citigroup raised their price target on Occidental Petroleum from $42.00 to $44.00 and gave the stock a "neutral" rating in a research note on Monday, May 19th. Mizuho dropped their price target on Occidental Petroleum from $60.00 to $58.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 13th. Finally, JPMorgan Chase & Co. raised their target price on Occidental Petroleum from $47.00 to $48.00 and gave the stock a "neutral" rating in a report on Tuesday, July 15th. Four investment analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $54.65.

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, 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.