CIBC Asset Management Inc Purchases 76,875 Shares of Occidental Petroleum Corporation $OXY

CIBC Asset Management Inc increased its position in shares of Occidental Petroleum Corporation (NYSE:OXY) by 76.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 177,156 shares of the oil and gas producer’s stock after buying an additional 76,875 shares during the quarter. CIBC Asset Management Inc’s holdings in Occidental Petroleum were worth $7,285,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Lighthouse Investment Partners LLC bought a new position in shares of Occidental Petroleum in the third quarter valued at about $22,345,000. DNB Asset Management AS raised its position in shares of Occidental Petroleum by 100.3% in the third quarter. DNB Asset Management AS now owns 267,807 shares of the oil and gas producer’s stock valued at $12,654,000 after purchasing an additional 134,128 shares during the period. Mirabella Financial Services LLP raised its position in shares of Occidental Petroleum by 154.7% in the third quarter. Mirabella Financial Services LLP now owns 29,566 shares of the oil and gas producer’s stock valued at $1,394,000 after purchasing an additional 17,958 shares during the period. National Pension Service raised its position in shares of Occidental Petroleum by 13.0% in the fourth quarter. National Pension Service now owns 1,084,356 shares of the oil and gas producer’s stock valued at $44,589,000 after purchasing an additional 124,879 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of Occidental Petroleum by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 89,900,677 shares of the oil and gas producer’s stock valued at $3,696,716,000 after purchasing an additional 699,137 shares during the period. 88.70% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on OXY shares. Roth Mkm raised their price target on shares of Occidental Petroleum from $45.00 to $55.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 15th. Wolfe Research raised their price target on shares of Occidental Petroleum from $67.00 to $70.00 and gave the stock an “outperform” rating in a research report on Monday, April 6th. Wall Street Zen raised shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. BMO Capital Markets raised their price target on shares of Occidental Petroleum from $60.00 to $65.00 and gave the stock a “market perform” rating in a research report on Tuesday, April 7th. Finally, Jefferies Financial Group raised their price target on shares of Occidental Petroleum from $47.00 to $58.00 and gave the stock a “hold” rating in a research report on Monday, April 13th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Occidental Petroleum has an average rating of “Hold” and a consensus target price of $63.74.

Occidental Petroleum Trading Down 2.9%

OXY opened at $56.95 on Friday. The company’s 50 day moving average is $58.68 and its 200-day moving average is $50.55. Occidental Petroleum Corporation has a 1-year low of $38.80 and a 1-year high of $67.45. The company has a current ratio of 1.21, a quick ratio of 1.01 and a debt-to-equity ratio of 0.49. The company has a market cap of $56.64 billion, a P/E ratio of 14.34 and a beta of 0.14.

Occidental Petroleum (NYSE:OXY) last posted 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. Occidental Petroleum had a net margin of 19.98% and a return on equity of 9.65%. The company had revenue of $5.11 billion for the quarter, compared to the consensus estimate of $5.44 billion. During the same period last year, the company posted $0.14 EPS. The firm’s quarterly revenue was down 8.3% compared to the same quarter last year. Equities research analysts predict that Occidental Petroleum Corporation will post 5.96 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Wednesday, June 10th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Wednesday, June 10th. Occidental Petroleum’s dividend payout ratio (DPR) is 26.20%.

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.