State of Michigan Retirement System Raises Position in Occidental Petroleum Corporation $OXY

State of Michigan Retirement System boosted its stake in Occidental Petroleum Corporation (NYSE:OXY) by 11.4% during the second quarter, HoldingsChannel reports. The institutional investor owned 204,039 shares of the oil and gas producer’s stock after buying an additional 20,800 shares during the quarter. State of Michigan Retirement System’s holdings in Occidental Petroleum were worth $8,572,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of OXY. University of Texas Texas AM Investment Management Co. purchased a new position in Occidental Petroleum in the 2nd quarter valued at about $27,000. Hantz Financial Services Inc. lifted its stake in Occidental Petroleum by 1,193.9% in the 2nd quarter. Hantz Financial Services Inc. now owns 854 shares of the oil and gas producer’s stock valued at $36,000 after buying an additional 788 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Occidental Petroleum in the 1st quarter valued at about $39,000. MeadowBrook Investment Advisors LLC lifted its stake in Occidental Petroleum by 371.7% in the 2nd quarter. MeadowBrook Investment Advisors LLC now owns 1,000 shares of the oil and gas producer’s stock valued at $42,000 after buying an additional 788 shares in the last quarter. Finally, Spectrum Wealth Counsel LLC lifted its stake in Occidental Petroleum by 5,000.0% in the 1st quarter. Spectrum Wealth Counsel LLC now owns 1,020 shares of the oil and gas producer’s stock valued at $50,000 after buying an additional 1,000 shares in the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Melius assumed coverage on Occidental Petroleum in a report on Wednesday, August 20th. They set a “hold” rating and a $64.00 target price on the stock. Susquehanna dropped their price target on Occidental Petroleum from $55.00 to $54.00 and set a “positive” rating for the company in a research report on Monday, October 20th. UBS Group dropped their price target on Occidental Petroleum from $46.00 to $45.00 and set a “neutral” rating for the company in a research report on Friday, October 3rd. Wall Street Zen lowered Occidental Petroleum from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Occidental Petroleum in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, fifteen have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Occidental Petroleum has a consensus rating of “Hold” and an average price target of $52.26.

Occidental Petroleum Trading Down 0.6%

OXY opened at $40.94 on Tuesday. Occidental Petroleum Corporation has a one year low of $34.78 and a one year high of $53.20. The stock has a market capitalization of $40.30 billion, a PE ratio of 24.23 and a beta of 0.95. The business’s 50 day moving average price is $44.76 and its 200 day moving average price is $43.66. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.83 and a current ratio of 1.05.

Occidental Petroleum (NYSE:OXY) last released 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. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%.The firm had revenue of $6.41 billion for the quarter, compared to analysts’ expectations of $6.29 billion. During the same period in the prior year, the firm posted $1.03 earnings per share. The firm’s quarterly revenue was down 6.1% on a year-over-year basis. As a group, equities research analysts expect that Occidental Petroleum Corporation will post 3.58 EPS for the current year.

About Occidental Petroleum

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.