State of Michigan Retirement System Sells 1,200 Shares of Occidental Petroleum Co. (NYSE:OXY)

State of Michigan Retirement System decreased its stake in shares of Occidental Petroleum Co. (NYSE:OXYFree Report) by 0.7% in the fourth quarter, Holdings Channel.com reports. The fund owned 180,739 shares of the oil and gas producer’s stock after selling 1,200 shares during the period. State of Michigan Retirement System’s holdings in Occidental Petroleum were worth $10,792,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Oppenheimer & Co. Inc. boosted its position in shares of Occidental Petroleum by 8.6% during the third quarter. Oppenheimer & Co. Inc. now owns 156,279 shares of the oil and gas producer’s stock worth $10,139,000 after acquiring an additional 12,349 shares during the last quarter. SeaCrest Wealth Management LLC boosted its position in shares of Occidental Petroleum by 8.9% during the fourth quarter. SeaCrest Wealth Management LLC now owns 5,825 shares of the oil and gas producer’s stock worth $343,000 after acquiring an additional 474 shares during the last quarter. J.P. Morgan Private Wealth Advisors LLC bought a new position in shares of Occidental Petroleum during the third quarter worth $29,665,000. Calamos Wealth Management LLC bought a new position in shares of Occidental Petroleum during the third quarter worth $5,758,000. Finally, Assenagon Asset Management S.A. boosted its position in shares of Occidental Petroleum by 1,279.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 231,899 shares of the oil and gas producer’s stock worth $13,847,000 after acquiring an additional 215,091 shares during the last quarter. Institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Trading Up 1.3 %

OXY stock opened at $67.26 on Wednesday. The company has a market capitalization of $59.62 billion, a PE ratio of 17.20 and a beta of 1.64. Occidental Petroleum Co. has a 12 month low of $55.12 and a 12 month high of $68.18. The firm’s 50-day moving average is $60.53 and its 200 day moving average is $60.77. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.92 and a quick ratio of 0.69.

Occidental Petroleum (NYSE:OXYGet Free Report) last posted its earnings results on Thursday, February 15th. The oil and gas producer reported $0.74 EPS for the quarter, meeting analysts’ consensus estimates of $0.74. The business had revenue of $7.53 billion for the quarter, compared to the consensus estimate of $6.93 billion. Occidental Petroleum had a net margin of 16.24% and a return on equity of 20.63%. The company’s revenue for the quarter was down 9.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.61 EPS. On average, research analysts anticipate that Occidental Petroleum Co. will post 3.6 EPS for the current year.

Occidental Petroleum Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, March 8th will be given a dividend of $0.22 per share. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.18. The ex-dividend date is Thursday, March 7th. This represents a $0.88 dividend on an annualized basis and a yield of 1.31%. Occidental Petroleum’s dividend payout ratio (DPR) is 22.51%.

Wall Street Analyst Weigh In

OXY has been the subject of several research reports. Stephens reiterated an “overweight” rating and set a $74.00 price objective on shares of Occidental Petroleum in a research report on Thursday, February 15th. Truist Financial lowered their price objective on shares of Occidental Petroleum from $80.00 to $77.00 and set a “buy” rating for the company in a research report on Friday, February 16th. Wells Fargo & Company increased their price objective on shares of Occidental Petroleum from $59.00 to $62.00 and gave the company an “equal weight” rating in a research report on Friday, February 16th. Morgan Stanley raised their target price on shares of Occidental Petroleum from $66.00 to $72.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Finally, Mizuho raised their target price on shares of Occidental Petroleum from $63.00 to $69.00 and gave the stock a “neutral” rating in a report on Friday, March 22nd. Eight research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $70.20.

Get Our Latest Stock Report on Occidental Petroleum

Occidental Petroleum Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Occidental Petroleum (NYSE:OXY)

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