iA Global Asset Management Inc. Buys New Position in Occidental Petroleum Corporation $OXY

iA Global Asset Management Inc. bought a new stake in shares of Occidental Petroleum Corporation (NYSE:OXY) during the 1st quarter, HoldingsChannel.com reports. The institutional investor bought 26,680 shares of the oil and gas producer’s stock, valued at approximately $1,734,000.

A number of other institutional investors also recently made changes to their positions in OXY. Lighthouse Investment Partners LLC acquired a new stake in Occidental Petroleum in the third quarter worth approximately $22,345,000. Mirabella Financial Services LLP increased its position in shares of Occidental Petroleum by 154.7% during the 3rd quarter. Mirabella Financial Services LLP now owns 29,566 shares of the oil and gas producer’s stock valued at $1,394,000 after purchasing an additional 17,958 shares during the period. National Pension Service raised its stake in shares of Occidental Petroleum by 13.0% in the 4th quarter. National Pension Service now owns 1,084,356 shares of the oil and gas producer’s stock worth $44,589,000 after buying an additional 124,879 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Occidental Petroleum by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 89,900,677 shares of the oil and gas producer’s stock valued at $3,696,716,000 after buying an additional 699,137 shares during the period. Finally, Cooperman Leon G acquired a new stake in shares of Occidental Petroleum in the third quarter valued at $15,947,000. 88.70% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Occidental Petroleum

In other news, CEO Richard A. Jackson purchased 4,770 shares of the business’s stock in a transaction dated Tuesday, June 23rd. The shares were acquired at an average price of $52.38 per share, for a total transaction of $249,852.60. Following the completion of the acquisition, the chief executive officer directly owned 444,098 shares of the company’s stock, valued at $23,261,853.24. The trade was a 1.09% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.50% of the stock is currently owned by company insiders.

Occidental Petroleum Stock Up 1.9%

Shares of Occidental Petroleum stock opened at $48.84 on Friday. The stock’s fifty day moving average is $55.82 and its 200-day moving average is $52.06. The firm has a market capitalization of $48.58 billion, a PE ratio of 12.30 and a beta of 0.15. The company has a quick ratio of 1.01, a current ratio of 1.21 and a debt-to-equity ratio of 0.49. Occidental Petroleum Corporation has a 12-month low of $38.80 and a 12-month high of $67.45.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.46. The business had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.44 billion. Occidental Petroleum had a return on equity of 9.65% and a net margin of 19.98%.Occidental Petroleum’s revenue for the quarter was down 8.3% on a year-over-year basis. During the same quarter last year, the company posted $0.14 EPS. Equities analysts anticipate that Occidental Petroleum Corporation will post 5.99 earnings per share for the current year.

Occidental Petroleum Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Wednesday, June 10th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, June 10th. This represents a $1.04 dividend on an annualized basis and a yield of 2.1%. Occidental Petroleum’s dividend payout ratio is currently 26.20%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on OXY. Morgan Stanley lowered their target price on Occidental Petroleum from $74.00 to $68.00 and set an “equal weight” rating on the stock in a report on Friday, June 26th. Mizuho upped their price target on shares of Occidental Petroleum from $72.00 to $75.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Jefferies Financial Group raised their price objective on shares of Occidental Petroleum from $47.00 to $58.00 and gave the company a “hold” rating in a research report on Monday, April 13th. JPMorgan Chase & Co. lowered their price objective on shares of Occidental Petroleum from $64.00 to $63.00 in a research note on Thursday, May 7th. Finally, BMO Capital Markets boosted their target price on shares of Occidental Petroleum from $60.00 to $65.00 and gave the stock a “market perform” rating in a report on Tuesday, April 7th. Nine equities research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $63.30.

Occidental Petroleum Profile

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental’s operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.