Peirce Capital Management LLC Invests $283,000 in Occidental Petroleum Co. (NYSE:OXY)

Peirce Capital Management LLC acquired a new stake in shares of Occidental Petroleum Co. (NYSE:OXY) during the fourth quarter, HoldingsChannel reports. The fund acquired 4,732 shares of the oil and gas producer’s stock, valued at approximately $283,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SVB Wealth LLC boosted its position in shares of Occidental Petroleum by 2.5% during the fourth quarter. SVB Wealth LLC now owns 12,575 shares of the oil and gas producer’s stock worth $751,000 after acquiring an additional 308 shares during the last quarter. Emfo LLC bought a new position in shares of Occidental Petroleum during the fourth quarter worth $358,000. Bourgeon Capital Management LLC boosted its position in shares of Occidental Petroleum by 33.0% during the fourth quarter. Bourgeon Capital Management LLC now owns 3,025 shares of the oil and gas producer’s stock worth $181,000 after acquiring an additional 750 shares during the last quarter. Mackenzie Financial Corp boosted its position in shares of Occidental Petroleum by 6.2% during the fourth quarter. Mackenzie Financial Corp now owns 33,615 shares of the oil and gas producer’s stock worth $2,007,000 after acquiring an additional 1,964 shares during the last quarter. Finally, Bison Wealth LLC bought a new position in Occidental Petroleum during the fourth quarter valued at $352,000. Institutional investors own 88.70% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Barclays began coverage on shares of Occidental Petroleum in a report on Wednesday, April 10th. They issued an “equal weight” rating and a $73.00 target price for the company. 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, April 11th. Scotiabank raised shares of Occidental Petroleum from a “sector perform” rating to a “sector outperform” rating and raised their price target for the stock from $63.00 to $90.00 in a research note on Thursday, April 11th. 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, April 11th. Finally, Truist Financial raised their target price on shares of Occidental Petroleum from $77.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, April 5th. Nine investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $72.06.

Occidental Petroleum Stock Performance

Shares of NYSE:OXY traded down $2.02 during trading on Tuesday, hitting $66.32. 5,658,899 shares of the stock traded hands, compared to its average volume of 8,745,822. The company has a quick ratio of 0.69, a current ratio of 0.92 and a debt-to-equity ratio of 0.84. The company has a market cap of $58.79 billion, a price-to-earnings ratio of 16.89 and a beta of 1.64. The company has a fifty day moving average price of $62.70 and a two-hundred day moving average price of $61.05. Occidental Petroleum Co. has a 52-week low of $55.12 and a 52-week high of $71.18.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings results on Thursday, February 15th. The oil and gas producer reported $0.74 EPS for the quarter, hitting the consensus estimate of $0.74. The company had revenue of $7.53 billion during the quarter, compared to analyst estimates of $6.93 billion. Occidental Petroleum had a net margin of 16.24% and a return on equity of 20.63%. The firm’s revenue was down 9.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.61 EPS. As a group, equities analysts predict that Occidental Petroleum Co. will post 3.84 EPS for the current year.

Occidental Petroleum Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 8th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.33%. The ex-dividend date was Thursday, March 7th. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.18. Occidental Petroleum’s payout ratio is presently 22.51%.

Occidental Petroleum Company Profile

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.