Mirae Asset Global Investments Co. Ltd. Makes New Investment in Occidental Petroleum Corporation $OXY

Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Occidental Petroleum Corporation (NYSE:OXY) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor purchased 183,579 shares of the oil and gas producer’s stock, valued at approximately $10,156,000.

A number of other hedge funds have also modified their holdings of OXY. Evergreen Capital Management LLC raised its holdings in shares of Occidental Petroleum by 2.7% during the third quarter. Evergreen Capital Management LLC now owns 5,929 shares of the oil and gas producer’s stock worth $330,000 after acquiring an additional 155 shares in the last quarter. Whittier Trust Co. of Nevada Inc. grew its stake in Occidental Petroleum by 12.5% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 1,765 shares of the oil and gas producer’s stock valued at $111,000 after purchasing an additional 196 shares in the last quarter. Venture Visionary Partners LLC grew its stake in Occidental Petroleum by 2.2% in the third quarter. Venture Visionary Partners LLC now owns 9,639 shares of the oil and gas producer’s stock valued at $533,000 after purchasing an additional 203 shares in the last quarter. Elevation Wealth Partners LLC increased its position in Occidental Petroleum by 15.8% in the 2nd quarter. Elevation Wealth Partners LLC now owns 1,615 shares of the oil and gas producer’s stock worth $78,000 after purchasing an additional 220 shares during the last quarter. Finally, HBK Sorce Advisory LLC raised its stake in shares of Occidental Petroleum by 2.8% during the 2nd quarter. HBK Sorce Advisory LLC now owns 8,210 shares of the oil and gas producer’s stock worth $442,000 after purchasing an additional 220 shares in the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently issued reports on OXY. Piper Sandler initiated coverage on Occidental Petroleum in a report on Tuesday, October 27th. They set a “neutral” rating and a $69.00 price target for the company. Wall Street Zen raised shares of Occidental Petroleum from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 10th. Evercore upgraded shares of Occidental Petroleum from an “in-line” rating to an “outperform” rating and set a $65.00 target price for the company in a research note on Wednesday, July 8th. Citigroup decreased their target price on shares of Occidental Petroleum from $62.00 to $60.00 and set a “neutral” rating for the company in a research report on Friday, July 17th. Finally, Stifel Nicolaus started coverage on shares of Occidental Petroleum in a research note on Thursday, September 10th. They set a “hold” rating and a $68.00 price target on the stock. Twelve equities research analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $67.88.

Occidental Petroleum Stock Performance

OXY opened at $57.28 on Thursday. The company has a market cap of $57.26 billion, a PE ratio of 13.70, a price-to-earnings-growth ratio of 0.70 and a beta of 0.16. The stock has a 50-day moving average of $60.15 and a 200-day moving average of $56.15. Occidental Petroleum Corporation has a 52-week low of $38.80 and a 52-week high of $67.45. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.13 and a current ratio of 1.41.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.83 by $0.57. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%. The business had revenue of $8.06 billion for the quarter, compared to the consensus estimate of $7.07 billion. During the same period last year, the business earned $0.39 EPS. The firm’s revenue was up 53.4% compared to the same quarter last year. As a group, equities research analysts forecast that Occidental Petroleum Corporation will post 6.81 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Thursday, December 10th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Thursday, December 10th. This represents a $1.12 dividend on an annualized basis and a yield of 2.0%. Occidental Petroleum’s dividend payout ratio is presently 17.34%.

Occidental Petroleum Company Profile

Occidental Petroleum Corporation is an energy company engaged in oil and natural gas exploration, development and production. Its operations are focused primarily on the United States, including the Permian and DJ basins, as well as selected international regions in the Middle East and North Africa.

The company’s OxyChem subsidiary manufactures and markets chlor-alkali chemicals, vinyls and other chemical products used in water treatment, construction, healthcare, packaging and industrial applications.