Mirae Asset Global Investments Co. Ltd. Cuts Position in Occidental Petroleum Co. (NYSE:OXY)

Mirae Asset Global Investments Co. Ltd. reduced its holdings in shares of Occidental Petroleum Co. (NYSE:OXY) by 3.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 96,042 shares of the oil and gas producer’s stock after selling 3,616 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Occidental Petroleum were worth $5,735,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Occidental Petroleum during the 3rd quarter valued at about $26,000. Orion Capital Management LLC purchased a new position in Occidental Petroleum during the 3rd quarter valued at about $27,000. TLW Wealth Management LLC purchased a new position in Occidental Petroleum during the 4th quarter valued at about $28,000. BKM Wealth Management LLC purchased a new position in Occidental Petroleum during the 4th quarter valued at about $35,000. Finally, Resurgent Financial Advisors LLC purchased a new position in Occidental Petroleum during the 4th quarter valued at about $35,000. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Occidental Petroleum Price Performance

OXY opened at $69.01 on Monday. The company’s 50 day simple moving average is $62.47 and its 200 day simple moving average is $61.03. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.69 and a current ratio of 0.92. Occidental Petroleum Co. has a 1 year low of $55.12 and a 1 year high of $71.18. The stock has a market capitalization of $61.17 billion, a PE ratio of 17.65 and a beta of 1.64.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Thursday, February 15th. The oil and gas producer reported $0.74 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.74. The firm had revenue of $7.53 billion for the quarter, compared to analysts’ expectations of $6.93 billion. Occidental Petroleum had a net margin of 16.24% and a return on equity of 20.63%. Occidental Petroleum’s revenue was down 9.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.61 earnings per share. As a group, sell-side analysts expect that Occidental Petroleum Co. will post 3.84 EPS for the current year.

Occidental Petroleum Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, March 8th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Thursday, March 7th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.28%. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.18. Occidental Petroleum’s dividend payout ratio (DPR) is currently 22.51%.

Wall Street Analyst Weigh In

Several research firms have weighed in on OXY. Stephens restated an “overweight” rating and set a $74.00 target price on shares of Occidental Petroleum in a report on Thursday, February 15th. Barclays started coverage on shares of Occidental Petroleum in a research note on Wednesday, April 10th. They set an “equal weight” rating and a $73.00 price target on the stock. Mizuho raised their price target on shares of Occidental Petroleum from $69.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday. Wells Fargo & Company raised their price target on shares of Occidental Petroleum from $62.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Thursday. Finally, Truist Financial raised their price target on shares of Occidental Petroleum from $77.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, April 5th. Nine investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $72.06.

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.