Industry News

CIBC Asset Management Inc Lowers Holdings in Occidental Petroleum Co. (NYSE:OXY)

By August 22, 2019 No Comments

CIBC Asset Management Inc decreased its stake in Occidental Petroleum Co. (NYSE:OXY) by 5.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 182,329 shares of the oil and gas producer’s stock after selling 11,001 shares during the quarter. CIBC Asset Management Inc’s holdings in Occidental Petroleum were worth $9,166,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its position in Occidental Petroleum by 5.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 6,690,890 shares of the oil and gas producer’s stock worth $410,668,000 after buying an additional 331,307 shares during the period. Geode Capital Management LLC boosted its position in Occidental Petroleum by 3.6% during the 4th quarter. Geode Capital Management LLC now owns 9,152,375 shares of the oil and gas producer’s stock worth $560,842,000 after buying an additional 316,507 shares during the period. Winslow Evans & Crocker Inc. boosted its position in Occidental Petroleum by 32.4% during the 1st quarter. Winslow Evans & Crocker Inc. now owns 3,292 shares of the oil and gas producer’s stock worth $220,000 after buying an additional 806 shares during the period. Conning Inc. boosted its position in Occidental Petroleum by 2.1% during the 1st quarter. Conning Inc. now owns 17,651 shares of the oil and gas producer’s stock worth $1,168,000 after buying an additional 369 shares during the period. Finally, Investors Research Corp acquired a new stake in Occidental Petroleum during the 1st quarter worth approximately $167,000. Hedge funds and other institutional investors own 80.49% of the company’s stock.

OXY has been the subject of several analyst reports. TheStreet lowered shares of Occidental Petroleum from a “b-” rating to a “c+” rating in a report on Friday, May 24th. Argus lowered shares of Occidental Petroleum from a “buy” rating to a “hold” rating and set a $54.61 price target for the company. in a report on Thursday, May 16th. Wolfe Research lowered shares of Occidental Petroleum from an “outperform” rating to a “peer perform” rating and lowered their price target for the stock from $85.00 to $65.00 in a report on Monday, May 13th. Raymond James set a $80.00 price target on shares of Occidental Petroleum and gave the stock a “buy” rating in a report on Thursday, May 23rd. Finally, Morgan Stanley lowered their price target on shares of Occidental Petroleum from $55.00 to $52.00 and set an “equal weight” rating for the company in a report on Friday, July 12th. Two investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have issued a buy rating to the company. Occidental Petroleum currently has a consensus rating of “Hold” and a consensus price target of $67.56.

NYSE:OXY opened at $45.26 on Wednesday. The company has a fifty day moving average of $49.28 and a 200-day moving average of $57.32. The firm has a market capitalization of $33.35 billion, a P/E ratio of 9.03, a P/E/G ratio of 2.56 and a beta of 0.82. The company has a quick ratio of 1.00, a current ratio of 1.20 and a debt-to-equity ratio of 0.50. Occidental Petroleum Co. has a twelve month low of $43.08 and a twelve month high of $83.35.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings data on Wednesday, July 31st. The oil and gas producer reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.06. The company had revenue of $4.48 billion during the quarter, compared to analyst estimates of $4.39 billion. Occidental Petroleum had a net margin of 19.65% and a return on equity of 17.06%. Occidental Petroleum’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.10 EPS. On average, analysts anticipate that Occidental Petroleum Co. will post 3.48 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, September 10th will be paid a $0.79 dividend. The ex-dividend date of this dividend is Monday, September 9th. This represents a $3.16 annualized dividend and a dividend yield of 6.98%. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.78. Occidental Petroleum’s payout ratio is currently 62.28%.

In related news, Director Margaret M. Foran acquired 1,000 shares of the stock in a transaction dated Wednesday, August 14th. The stock was bought at an average price of $43.15 per share, for a total transaction of $43,150.00. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Vicki A. Hollub acquired 37,460 shares of the stock in a transaction dated Monday, June 10th. The stock was bought at an average price of $48.15 per share, with a total value of $1,803,699.00. Following the purchase, the insider now directly owns 248,326 shares in the company, valued at $11,956,896.90. The disclosure for this purchase can be found here. Insiders bought a total of 109,160 shares of company stock valued at $5,246,126 in the last quarter. 0.15% of the stock is currently owned by company insiders.

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 and internationally. The company operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.

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Institutional Ownership by Quarter for Occidental Petroleum (NYSE:OXY)

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