The Manufacturers Life Insurance Company Cuts Stake in Occidental Petroleum Corporation $OXY

Key Points

• The Manufacturers Life Insurance Company reduced its stake in Occidental Petroleum Corporation by 1.9%, owning approximately 515,343 shares valued at $25,437,000 as of its most recent SEC filing.
• Vanguard Group significantly increased its stake by 17.8%, now holding over 80 million shares worth nearly $4 billion, while other institutional investors also made notable changes to their holdings.
• Occidental Petroleum reported a quarterly EPS of $0.39, slightly beating analysts' estimates, and announced a quarterly dividend of $0.24, reflecting a 2.0% yield.

The Manufacturers Life Insurance Company cut its stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 1.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 515,343 shares of the oil and gas producer's stock after selling 9,808 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.05% of Occidental Petroleum worth $25,437,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in shares of Occidental Petroleum by 17.8% during the 1st quarter. Vanguard Group Inc. now owns 80,230,989 shares of the oil and gas producer's stock valued at $3,960,202,000 after buying an additional 12,107,285 shares during the period. Nuveen LLC acquired a new position in Occidental Petroleum in the first quarter valued at $99,853,000. Worldquant Millennium Advisors LLC increased its stake in Occidental Petroleum by 1,075.3% during the fourth quarter. Worldquant Millennium Advisors LLC now owns 1,930,776 shares of the oil and gas producer's stock worth $95,400,000 after acquiring an additional 1,766,491 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Occidental Petroleum by 9.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,128,136 shares of the oil and gas producer's stock worth $401,162,000 after purchasing an additional 710,220 shares during the period. Finally, Canada Pension Plan Investment Board lifted its stake in shares of Occidental Petroleum by 926.9% in the 1st quarter. Canada Pension Plan Investment Board now owns 777,564 shares of the oil and gas producer's stock valued at $38,381,000 after purchasing an additional 701,846 shares in the last quarter. Institutional investors and hedge funds own 88.70% of the company's stock.

Occidental Petroleum Stock Performance

Shares of OXY opened at $47.65 on Tuesday. The firm has a market cap of $46.91 billion, a price-to-earnings ratio of 28.19 and a beta of 1.04. The business's 50 day moving average is $44.37 and its two-hundred day moving average is $44.00. The company has a quick ratio of 0.83, a current ratio of 1.05 and a debt-to-equity ratio of 0.84. Occidental Petroleum Corporation has a 52-week low of $34.78 and a 52-week high of $57.57.

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

Occidental Petroleum Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, September 10th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Wednesday, September 10th. Occidental Petroleum's payout ratio is currently 56.80%.

Analysts Set New Price Targets

OXY has been the subject of a number of research analyst reports. Scotiabank increased their target price on shares of Occidental Petroleum from $40.00 to $45.00 and gave the stock a "sector perform" rating in a research report on Friday, July 11th. Wall Street Zen lowered shares of Occidental Petroleum from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Melius Research assumed coverage on shares of Occidental Petroleum in a report on Wednesday, August 20th. They set a "hold" rating and a $64.00 target price on the stock. Citigroup increased their price target on Occidental Petroleum from $42.00 to $44.00 and gave the company a "neutral" rating in a report on Monday, May 19th. Finally, Melius initiated coverage on Occidental Petroleum in a research note on Wednesday, August 20th. They set a "hold" rating and a $64.00 price objective on the stock. Four equities research analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $54.65.

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.

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