The Manufacturers Life Insurance Company Sells 44,937 Shares of Occidental Petroleum Corporation $OXY

The Manufacturers Life Insurance Company decreased its stake in shares of Occidental Petroleum Corporation (NYSE:OXY) by 9.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 444,932 shares of the oil and gas producer’s stock after selling 44,937 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Occidental Petroleum were worth $28,921,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. National Pension Service raised its holdings in Occidental Petroleum by 13.0% in the fourth 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 during the last quarter. Vanguard Group Inc. lifted its stake 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 worth $3,696,716,000 after buying an additional 699,137 shares in the last quarter. Hosking Partners LLP grew its holdings in shares of Occidental Petroleum by 4.9% during the fourth quarter. Hosking Partners LLP now owns 577,368 shares of the oil and gas producer’s stock valued at $23,741,000 after buying an additional 27,030 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Occidental Petroleum by 22.9% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 120,385 shares of the oil and gas producer’s stock valued at $4,950,000 after acquiring an additional 22,439 shares in the last quarter. Finally, Swiss National Bank raised its holdings in Occidental Petroleum by 7.2% in the 1st quarter. Swiss National Bank now owns 2,168,414 shares of the oil and gas producer’s stock worth $140,947,000 after acquiring an additional 145,100 shares during the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on OXY. JPMorgan Chase & Co. lowered their price objective on Occidental Petroleum from $64.00 to $63.00 in a research report on Thursday, May 7th. Stephens reduced their target price on Occidental Petroleum from $73.00 to $69.00 and set an “overweight” rating for the company in a report on Tuesday, July 14th. Weiss Ratings cut Occidental Petroleum from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. Evercore raised Occidental Petroleum from an “in-line” rating to an “outperform” rating and set a $65.00 price target on the stock in a report on Wednesday, July 8th. Finally, Capital One Financial lifted their price objective on Occidental Petroleum from $67.00 to $70.00 in a report on Wednesday, May 27th. Ten investment analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $64.17.

Insider Activity at Occidental Petroleum

In other news, CEO Richard A. Jackson acquired 4,770 shares of Occidental Petroleum stock in a transaction that occurred on Tuesday, June 23rd. The stock was bought at an average price of $52.38 per share, for a total transaction of $249,852.60. Following the completion of the transaction, the chief executive officer owned 444,098 shares in the company, valued at $23,261,853.24. The trade was a 1.09% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.50% of the stock is owned by insiders.

Occidental Petroleum Stock Up 1.9%

Shares of Occidental Petroleum stock opened at $57.03 on Friday. Occidental Petroleum Corporation has a twelve month low of $38.80 and a twelve month high of $67.45. The company has a quick ratio of 1.01, a current ratio of 1.21 and a debt-to-equity ratio of 0.49. The company’s 50 day moving average is $54.43 and its 200 day moving average is $53.97. The company has a market cap of $56.73 billion, a price-to-earnings ratio of 14.37, a price-to-earnings-growth ratio of 0.81 and a beta of 0.15.

Occidental Petroleum (NYSE:OXY) last announced its 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 net margin of 19.98% and a return on equity of 9.65%. The company’s quarterly revenue was down 8.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.14 EPS. Research analysts anticipate that Occidental Petroleum Corporation will post 5.43 EPS for the current year.

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.