iA Global Asset Management Inc. Invests $1.73 Million in Occidental Petroleum Corporation $OXY

iA Global Asset Management Inc. purchased a new stake in Occidental Petroleum Corporation (NYSE:OXY) in the first quarter, according to its most recent filing with the SEC. The fund purchased 26,680 shares of the oil and gas producer’s stock, valued at approximately $1,734,000.

Several other large investors have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its stake in Occidental Petroleum by 21.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer’s stock valued at $436,008,000 after purchasing an additional 1,883,721 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Occidental Petroleum by 54.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,959,638 shares of the oil and gas producer’s stock valued at $162,820,000 after buying an additional 1,393,638 shares during the period. Wellington Management Group LLP grew its position in shares of Occidental Petroleum by 1,029.9% during the 3rd quarter. Wellington Management Group LLP now owns 1,493,747 shares of the oil and gas producer’s stock valued at $70,580,000 after buying an additional 1,361,541 shares during the last quarter. Invesco Ltd. grew its position in shares of Occidental Petroleum by 18.9% during the 4th quarter. Invesco Ltd. now owns 6,730,847 shares of the oil and gas producer’s stock valued at $276,772,000 after buying an additional 1,071,948 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake in Occidental Petroleum by 134.3% during the third quarter. AQR Capital Management LLC now owns 1,815,821 shares of the oil and gas producer’s stock worth $85,798,000 after acquiring an additional 1,040,941 shares during the period. 88.70% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Occidental Petroleum news, CEO Richard A. Jackson purchased 4,770 shares of Occidental Petroleum stock in a transaction 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 transaction, the chief executive officer owned 444,098 shares of the company’s stock, valued at $23,261,853.24. The trade was a 1.09% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.50% of the stock is owned by insiders.

Occidental Petroleum Price Performance

NYSE OXY opened at $48.84 on Friday. The company has a 50-day moving average price of $55.82 and a two-hundred day moving average price of $52.06. Occidental Petroleum Corporation has a 52 week low of $38.80 and a 52 week high of $67.45. The stock has a market cap of $48.58 billion, a price-to-earnings ratio of 12.30 and a beta of 0.15. The company has a current ratio of 1.21, a quick ratio of 1.01 and a debt-to-equity ratio of 0.49.

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 company had revenue of $5.11 billion for the quarter, compared to analysts’ expectations of $5.44 billion. Occidental Petroleum had a return on equity of 9.65% and a net margin of 19.98%.The business’s revenue for the quarter was down 8.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.14 earnings per share. Analysts forecast that Occidental Petroleum Corporation will post 5.99 EPS for the current year.

Occidental Petroleum Announces Dividend

The firm also recently announced 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 annualized dividend and a yield of 2.1%. Occidental Petroleum’s payout ratio is presently 26.20%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Roth Mkm lifted their target price on Occidental Petroleum from $45.00 to $55.00 and gave the company a “neutral” rating in a research note on Wednesday, April 15th. Jefferies Financial Group increased their price target on Occidental Petroleum from $47.00 to $58.00 and gave the stock a “hold” rating in a research report on Monday, April 13th. Piper Sandler raised Occidental Petroleum from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $54.00 to $66.00 in a report on Thursday, March 12th. Citigroup reduced their price objective on Occidental Petroleum from $67.00 to $62.00 and set a “neutral” rating for the company in a research report on Friday, April 17th. Finally, The Goldman Sachs Group lowered their price objective on Occidental Petroleum from $64.00 to $60.00 and set a “neutral” rating for the company in a research note on Tuesday. Nine analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $63.30.

About Occidental Petroleum

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.