M Holdings Securities Inc. Purchases 9,755 Shares of Occidental Petroleum Corporation $OXY

M Holdings Securities Inc. acquired a new stake in shares of Occidental Petroleum Corporation (NYSE:OXY) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 9,755 shares of the oil and gas producer’s stock, valued at approximately $588,000.

Other institutional investors have also added to or reduced their stakes in the company. Berkshire Hathaway Inc bought a new stake in shares of Occidental Petroleum during the 2nd quarter valued at about $12,868,205,000. State Street Corp increased its position in shares of Occidental Petroleum by 6.6% during the second quarter. State Street Corp now owns 46,141,269 shares of the oil and gas producer’s stock valued at $2,252,271,000 after buying an additional 2,870,472 shares during the period. Bank of New York Mellon Corp raised its stake in Occidental Petroleum by 84.8% in the second quarter. Bank of New York Mellon Corp now owns 10,643,916 shares of the oil and gas producer’s stock worth $516,975,000 after buying an additional 4,882,834 shares in the last quarter. Amundi raised its stake in Occidental Petroleum by 2.7% in the first quarter. Amundi now owns 2,979,380 shares of the oil and gas producer’s stock worth $193,660,000 after buying an additional 78,335 shares in the last quarter. Finally, Danske Bank A S purchased a new stake in Occidental Petroleum in the second quarter worth about $172,413,000. 88.70% of the stock is currently owned by institutional investors.

Occidental Petroleum Trading Up 1.9%

NYSE:OXY opened at $56.80 on Wednesday. Occidental Petroleum Corporation has a one year low of $38.80 and a one year high of $67.45. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.13. The company’s 50-day simple moving average is $59.91 and its 200 day simple moving average is $56.42. The firm has a market capitalization of $56.77 billion, a P/E ratio of 7.65, a PEG ratio of 0.64 and a beta of 0.16.

Occidental Petroleum (NYSE:OXY) last announced its earnings results on Monday, November 9th. The oil and gas producer reported $1.91 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.45. Occidental Petroleum had a net margin of 32.17% and a return on equity of 19.19%. The business had revenue of $6.77 billion during the quarter, compared to the consensus estimate of $6.82 billion. During the same quarter last year, the firm earned $0.64 earnings per share. The business’s revenue for the quarter was up 20.6% on a year-over-year basis. As a group, analysts forecast that Occidental Petroleum Corporation will post 6.83 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Thursday, December 10th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Thursday, December 10th. Occidental Petroleum’s payout ratio is currently 17.34%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on OXY shares. Susquehanna lifted their price objective on Occidental Petroleum from $70.00 to $77.00 and gave the company a “positive” rating in a research report on Tuesday, October 20th. Truist Financial upped their target price on Occidental Petroleum from $63.00 to $64.00 and gave the stock a “hold” rating in a report on Thursday, October 15th. BMO Capital Markets reissued a “market perform” rating and issued a $68.00 target price on shares of Occidental Petroleum in a research report on Wednesday, October 14th. Stifel Nicolaus began coverage on Occidental Petroleum in a research report on Thursday, September 10th. They set a “hold” rating and a $68.00 price target on the stock. Finally, UBS Group upped their price target on Occidental Petroleum from $67.00 to $73.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 14th. Twelve research analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $67.88.

Key Headlines Impacting Occidental Petroleum

Here are the key news stories impacting Occidental Petroleum this week:

• Positive Sentiment: OXY earned $1.91 per share, beating analyst estimates of $1.46, while revenue increased 20.6% year over year to $6.77 billion. The profit beat was supported by operational strength and production that held up despite lower crude prices. Reuters report
• Positive Sentiment: Occidental reported $4.1 billion in third-quarter cash flow and reduced debt to $10 billion. Continued debt paydown could strengthen the balance sheet and improve financial flexibility. Debt and cash flow report
• Positive Sentiment: Long-term agreements will secure third-party-captured CO? for enhanced oil recovery in the Permian. The developers will fund and build the capture and delivery infrastructure, supporting Occidental’s operations without requiring it to build those facilities itself. CO? agreements announcement
• Negative Sentiment: Revenue of $6.77 billion was slightly below the $6.82 billion estimate cited in one report, and weaker crude prices remain a headwind. These factors temper the otherwise strong earnings result. Q3 revenue report

Occidental Petroleum Profile

Occidental Petroleum Corporation is an energy and chemicals company headquartered in Houston, Texas. Its oil and gas business explores for and produces crude oil, natural gas liquids and natural gas, with operations in the United States and international markets, including the Middle East and North Africa. Through its OxyChem business, Occidental manufactures and markets basic chemicals and vinyl products used in applications such as water treatment, construction and consumer goods. The company also develops carbon management and lower-carbon technology projects, including carbon capture and storage.