Principal Financial Group Inc. Raises Stock Holdings in Occidental Petroleum Corporation (NYSE:OXY)

Principal Financial Group Inc. grew its position in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 4.2% in the first quarter, according to its most recent filing with the SEC. The fund owned 801,603 shares of the oil and gas producer's stock after acquiring an additional 32,117 shares during the period. Principal Financial Group Inc. owned 0.09% of Occidental Petroleum worth $39,567,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Oregon Public Employees Retirement Fund increased its stake in shares of Occidental Petroleum by 2.0% in the first quarter. Oregon Public Employees Retirement Fund now owns 59,064 shares of the oil and gas producer's stock valued at $2,915,000 after buying an additional 1,130 shares during the period. Teacher Retirement System of Texas increased its position in Occidental Petroleum by 262.5% in the 1st quarter. Teacher Retirement System of Texas now owns 135,541 shares of the oil and gas producer's stock valued at $6,690,000 after acquiring an additional 98,148 shares during the period. Miller Howard Investments Inc. NY raised its stake in shares of Occidental Petroleum by 6.8% during the first quarter. Miller Howard Investments Inc. NY now owns 84,065 shares of the oil and gas producer's stock valued at $4,149,000 after acquiring an additional 5,333 shares during the last quarter. Aaron Wealth Advisors LLC lifted its holdings in shares of Occidental Petroleum by 4.9% during the first quarter. Aaron Wealth Advisors LLC now owns 6,663 shares of the oil and gas producer's stock worth $329,000 after purchasing an additional 310 shares during the period. Finally, DAVENPORT & Co LLC grew its stake in shares of Occidental Petroleum by 12.8% in the first quarter. DAVENPORT & Co LLC now owns 25,989 shares of the oil and gas producer's stock worth $1,283,000 after purchasing an additional 2,950 shares during the last quarter. Institutional investors and hedge funds own 88.70% of the company's stock.

Occidental Petroleum Stock Performance

Occidental Petroleum stock traded down $0.43 during midday trading on Monday, reaching $43.37. The stock had a trading volume of 12,445,997 shares, compared to its average volume of 11,812,692. The company has a quick ratio of 0.79, a current ratio of 1.01 and a debt-to-equity ratio of 0.90. The firm has a market capitalization of $42.68 billion, a PE ratio of 17.63 and a beta of 0.84. Occidental Petroleum Corporation has a 12 month low of $34.79 and a 12 month high of $64.76. The firm's 50-day moving average price is $42.54 and its 200 day moving average price is $45.36.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its quarterly 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 return on equity of 16.60% and a net margin of 11.20%. The firm had revenue of $6.80 billion during the quarter, compared to analyst estimates of $6.97 billion. During the same period last year, the company earned $0.63 earnings per share. The business's revenue for the quarter was up 13.9% on a year-over-year basis. As a group, research analysts predict that Occidental Petroleum Corporation will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

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 dividend of $0.24 per share. The ex-dividend date of this dividend is Tuesday, June 10th. This represents a $0.96 annualized dividend and a yield of 2.21%. Occidental Petroleum's dividend payout ratio is currently 39.02%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Wells Fargo & Company upped their price target on Occidental Petroleum from $42.00 to $47.00 and gave the company an "equal weight" rating in a research report on Thursday, June 26th. UBS Group reduced their target price on Occidental Petroleum from $44.00 to $38.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Susquehanna dropped their price target on shares of Occidental Petroleum from $59.00 to $55.00 and set a "positive" rating on the stock in a research report on Tuesday, April 22nd. Stephens decreased their price objective on shares of Occidental Petroleum from $60.00 to $58.00 and set an "overweight" rating for the company in a research report on Tuesday, April 15th. Finally, Piper Sandler cut their price target on shares of Occidental Petroleum from $50.00 to $48.00 and set a "neutral" rating on the stock 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 company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $53.38.

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.