Manufacturers Life Insurance Invests Heavily in Occidental Petroleum

The Manufacturers Life Insurance Company has made a significant investment in Occidental Petroleum Corporation (NYSE:OXY) by purchasing 450,490 shares of its stock during the second quarter. The total value of this purchase is approximately $21,880,000.

This new position is not an isolated instance of investment in OXY; several other institutional investors and hedge funds have also increased their holdings in the oil and gas producer. National Pension Service has boosted its stake by 13% during the fourth quarter, while Swiss National Bank has seen a 7.2% increase in its holdings during the first quarter.

Occidental Petroleum's financials are strong, with revenue up 53.4% year-over-year and earnings per share beating analysts' consensus estimates of $1.83 at $2.40 for the last reported quarter. The company also recently increased its dividend payment to $0.28 per share.

Analysts have set a target price of $64.83 for OXY, with 10 recommending a 'buy' and 16 advising a 'hold'. However, some experts may caution that the recent surge in oil prices may be unsustainable.