Cibc World Market Inc. Grows Stake in Occidental Petroleum Corporation $OXY

Cibc World Market Inc. lifted its stake in shares of Occidental Petroleum Corporation (NYSE:OXY) by 41.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 457,876 shares of the oil and gas producer’s stock after purchasing an additional 135,095 shares during the period. Cibc World Market Inc.’s holdings in Occidental Petroleum were worth $18,828,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Binnacle Investments Inc acquired a new position in Occidental Petroleum during the third quarter worth about $35,000. Activest Wealth Management boosted its position in Occidental Petroleum by 68.5% during the fourth quarter. Activest Wealth Management now owns 750 shares of the oil and gas producer’s stock worth $31,000 after acquiring an additional 305 shares during the last quarter. Garner Asset Management Corp acquired a new position in Occidental Petroleum during the fourth quarter worth about $37,000. Elyxium Wealth LLC acquired a new position in Occidental Petroleum during the fourth quarter worth about $39,000. Finally, JPL Wealth Management LLC acquired a new position in Occidental Petroleum during the third quarter worth about $52,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on OXY. Argus upgraded shares of Occidental Petroleum to a “hold” rating in a research report on Friday, February 27th. Susquehanna boosted their price target on shares of Occidental Petroleum from $60.00 to $67.00 and gave the stock a “positive” rating in a research report on Tuesday, April 21st. TD Cowen boosted their price target on shares of Occidental Petroleum from $48.00 to $54.00 and gave the stock a “hold” rating in a research report on Monday, February 23rd. UBS Group decreased their target price on shares of Occidental Petroleum from $67.00 to $65.00 and set a “neutral” rating on the stock in a report on Thursday, May 7th. Finally, Roth Mkm boosted their target price on shares of Occidental Petroleum from $45.00 to $55.00 and gave the company a “neutral” rating in a report on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, fifteen have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $63.74.

Occidental Petroleum Stock Performance

Shares of OXY stock opened at $56.95 on Friday. The firm’s 50 day moving average price is $58.68 and its 200-day moving average price is $50.55. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.01 and a current ratio of 1.21. Occidental Petroleum Corporation has a one year low of $38.80 and a one year high of $67.45. The firm 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 announced its earnings results on Tuesday, May 5th. The oil and gas producer reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.46. Occidental Petroleum had a net margin of 19.98% and a return on equity of 9.65%. The firm had revenue of $5.11 billion for the quarter, compared to the consensus estimate of $5.44 billion. During the same period in the prior year, the firm earned $0.14 EPS. The firm’s revenue for the quarter was down 8.3% on a year-over-year basis. As a group, equities research analysts predict that Occidental Petroleum Corporation will post 5.96 EPS for the current year.

Occidental Petroleum Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Wednesday, June 10th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Wednesday, June 10th. Occidental Petroleum’s dividend payout ratio is presently 26.20%.

Occidental Petroleum Profile

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.