Mirae Asset Global Investments Co. Ltd. Acquires 3,138 Shares of Occidental Petroleum Co. (NYSE:OXY)

Mirae Asset Global Investments Co. Ltd. raised its holdings in Occidental Petroleum Co. (NYSE:OXY) by 8.6% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 39,729 shares of the oil and gas producer’s stock after buying an additional 3,138 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Occidental Petroleum were worth $2,027,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. New Covenant Trust Company N.A. bought a new position in Occidental Petroleum during the first quarter worth $44,000. LRI Investments LLC acquired a new stake in shares of Occidental Petroleum in the 1st quarter valued at about $44,000. Exchange Traded Concepts LLC bought a new stake in Occidental Petroleum in the 3rd quarter valued at about $87,000. Strategic Investment Solutions Inc. IL acquired a new position in Occidental Petroleum during the 2nd quarter worth approximately $110,000. Finally, Tobam boosted its holdings in Occidental Petroleum by 28.8% in the third quarter. Tobam now owns 1,904 shares of the oil and gas producer’s stock worth $98,000 after acquiring an additional 426 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors.

Occidental Petroleum Stock Performance

Shares of OXY stock opened at $50.18 on Thursday. Occidental Petroleum Co. has a 52 week low of $49.75 and a 52 week high of $71.18. The firm’s 50-day simple moving average is $53.09 and its two-hundred day simple moving average is $58.83. The firm has a market cap of $45.44 billion, a price-to-earnings ratio of 12.36 and a beta of 1.57. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.75 and a current ratio of 1.04.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, beating the consensus estimate of $0.77 by $0.26. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The business had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.93 billion. During the same quarter in the prior year, the business earned $0.68 earnings per share. Occidental Petroleum’s revenue for the quarter was up 2.2% on a year-over-year basis. As a group, equities analysts forecast that Occidental Petroleum Co. will post 3.31 earnings per share for the current year.

Insider Transactions at Occidental Petroleum

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the business’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total value of $697,125,000.00. Following the sale, the insider now directly owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.48% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently commented on OXY shares. Truist Financial decreased their price objective on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a report on Monday, September 30th. Susquehanna decreased their price target on shares of Occidental Petroleum from $78.00 to $77.00 and set a “positive” rating for the company in a research note on Friday, October 18th. Barclays dropped their price objective on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Stephens restated an “overweight” rating and issued a $76.00 target price on shares of Occidental Petroleum in a report on Thursday, August 8th. Finally, Wolfe Research assumed coverage on Occidental Petroleum in a research note on Thursday, July 18th. They set an “outperform” rating and a $81.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $65.72.

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.