Mackenzie Financial Corp Increases Position in Occidental Petroleum Corporation (NYSE:OXY)

Key Points

• Mackenzie Financial Corp has increased its position in Occidental Petroleum by 22.4%, owning 61,376 shares valued at $3,030,000.
• Occidental Petroleum reported earnings of $0.87 per share for the recent quarter, exceeding analyst estimates of $0.74.
• The company announced a quarterly dividend of $0.24 per share, yielding 2.2%, with the ex-dividend date on September 10th.

Mackenzie Financial Corp increased its stake in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 22.4% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 61,376 shares of the oil and gas producer's stock after purchasing an additional 11,218 shares during the period. Mackenzie Financial Corp's holdings in Occidental Petroleum were worth $3,030,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Altshuler Shaham Ltd purchased a new stake in Occidental Petroleum in the 4th quarter worth approximately $26,000. Bernard Wealth Management Corp. purchased a new position in shares of Occidental Petroleum in the fourth quarter valued at about $32,000. Grove Bank & Trust lifted its position in shares of Occidental Petroleum by 129.2% in the first quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer's stock worth $36,000 after buying an additional 407 shares in the last quarter. American National Bank & Trust purchased a new stake in shares of Occidental Petroleum in the first quarter worth about $39,000. Finally, Quarry LP raised its position in Occidental Petroleum by 615.2% during the fourth quarter. Quarry LP now owns 987 shares of the oil and gas producer's stock valued at $49,000 after purchasing an additional 849 shares during the period. 88.70% of the stock is currently owned by institutional investors.

Occidental Petroleum Stock Up 0.5%

Shares of OXY stock traded up $0.23 on Tuesday, reaching $43.09. 7,973,345 shares of the stock were exchanged, compared to its average volume of 12,062,612. The company has a current ratio of 1.01, a quick ratio of 0.79 and a debt-to-equity ratio of 0.90. The business's 50 day moving average price is $43.76 and its 200 day moving average price is $44.50. The company has a market capitalization of $42.41 billion, a price-to-earnings ratio of 17.52 and a beta of 0.91. Occidental Petroleum Corporation has a twelve month low of $34.78 and a twelve month high of $59.31.

Occidental Petroleum (NYSE:OXY - Get Free Report) last issued its earnings results on Wednesday, May 7th. The oil and gas producer reported $0.87 EPS for the quarter, topping analysts' consensus estimates of $0.74 by $0.13. Occidental Petroleum had a net margin of 11.20% and a return on equity of 16.60%. The firm had revenue of $6.80 billion during the quarter, compared to the consensus estimate of $6.97 billion. During the same quarter in the previous year, the firm posted $0.63 earnings per share. The company's revenue was up 13.9% compared to the same quarter last year. As a group, sell-side analysts expect that Occidental Petroleum Corporation will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, September 10th will be given a $0.24 dividend. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $0.96 dividend on an annualized basis and a yield of 2.2%. Occidental Petroleum's payout ratio is 39.02%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on OXY shares. Barclays increased their price objective on Occidental Petroleum from $46.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 8th. Citigroup raised their target price on Occidental Petroleum from $42.00 to $44.00 and gave the stock a "neutral" rating in a research note on Monday, May 19th. Scotiabank raised their target price on Occidental Petroleum from $40.00 to $45.00 and gave the company a "sector perform" rating in a research report on Friday, July 11th. UBS Group dropped their target price on Occidental Petroleum from $44.00 to $38.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 16th. Finally, Wells Fargo & Company lowered their price objective 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. Three analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $53.71.

Occidental Petroleum Company 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.