CI Investments Inc. Decreases Stock Holdings in Occidental Petroleum Corporation $OXY

CI Investments Inc. cut its holdings in Occidental Petroleum Corporation (NYSE:OXY) by 26.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 130,233 shares of the oil and gas producer’s stock after selling 45,682 shares during the period. CI Investments Inc.’s holdings in Occidental Petroleum were worth $8,465,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. National Pension Service raised its holdings in Occidental Petroleum by 13.0% in the 4th quarter. National Pension Service now owns 1,084,356 shares of the oil and gas producer’s stock valued at $44,589,000 after buying an additional 124,879 shares during the period. Vanguard Group Inc. boosted its stake in Occidental Petroleum by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 89,900,677 shares of the oil and gas producer’s stock worth $3,696,716,000 after buying an additional 699,137 shares during the period. Hosking Partners LLP increased its position in shares of Occidental Petroleum by 4.9% during the fourth quarter. Hosking Partners LLP now owns 577,368 shares of the oil and gas producer’s stock valued at $23,741,000 after acquiring an additional 27,030 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Occidental Petroleum by 22.9% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 120,385 shares of the oil and gas producer’s stock valued at $4,950,000 after acquiring an additional 22,439 shares during the period. Finally, Swiss National Bank raised its stake in shares of Occidental Petroleum by 7.2% in the 1st quarter. Swiss National Bank now owns 2,168,414 shares of the oil and gas producer’s stock valued at $140,947,000 after acquiring an additional 145,100 shares during the period. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Occidental Petroleum Price Performance

OXY stock opened at $57.68 on Friday. The firm has a 50 day moving average of $54.85 and a 200-day moving average of $53.47. The company has a market cap of $57.37 billion, a price-to-earnings ratio of 14.53 and a beta of 0.15. The company has a current ratio of 1.21, a quick ratio of 1.01 and a debt-to-equity ratio of 0.49. Occidental Petroleum Corporation has a 12-month low of $38.80 and a 12-month high of $67.45.

Occidental Petroleum (NYSE:OXY) last announced its earnings results on Tuesday, May 5th. The oil and gas producer reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.46. Occidental Petroleum had a return on equity of 9.65% and a net margin of 19.98%.The firm had revenue of $5.11 billion for the quarter, compared to analysts’ expectations of $5.44 billion. During the same quarter in the prior year, the firm earned $0.14 EPS. Occidental Petroleum’s quarterly revenue was down 8.3% on a year-over-year basis. As a group, equities analysts expect that Occidental Petroleum Corporation will post 5.66 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Wednesday, June 10th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Wednesday, June 10th. This represents a $1.04 annualized dividend and a dividend yield of 1.8%. Occidental Petroleum’s payout ratio is currently 26.20%.

Insider Activity at Occidental Petroleum

In other news, CEO Richard A. Jackson acquired 4,770 shares of Occidental Petroleum stock in a transaction dated Tuesday, June 23rd. The shares were acquired at an average cost of $52.38 per share, with a total value of $249,852.60. Following the purchase, the chief executive officer directly owned 444,098 shares of the company’s stock, valued at approximately $23,261,853.24. This trade represents a 1.09% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.50% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on OXY. Susquehanna increased 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. UBS Group dropped their price objective on shares of Occidental Petroleum from $67.00 to $65.00 and set a “neutral” rating for the company in a report on Thursday, May 7th. Capital One Financial increased their target price on shares of Occidental Petroleum from $67.00 to $70.00 in a report on Wednesday, May 27th. Zacks Research cut shares of Occidental Petroleum from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 22nd. Finally, Scotiabank boosted their price target on shares of Occidental Petroleum from $46.00 to $57.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 22nd. Ten analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $64.17.

Occidental Petroleum Company 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.