Canada Pension Plan Investment Board Takes $53.63 Million Position in Occidental Petroleum Corporation $OXY

Key Points

• Canada Pension Plan Investment Board acquired 1.1 million Occidental Petroleum shares worth approximately $53.6 million, giving it a 0.11% stake. Institutional investors collectively own 88.7% of OXY.
• Occidental reported quarterly EPS of $2.40, exceeding estimates of $1.83, while revenue rose 53.4% year over year to $8.06 billion. The company also increased its quarterly dividend from $0.26 to $0.28 per share.
• OXY shares opened at $59.21, while analysts maintain a consensus “Hold” rating and an average price target of $64.83; price targets range from $68 to $79 among recent research firms.

Canada Pension Plan Investment Board bought a new position in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,104,232 shares of the oil and gas producer's stock, valued at approximately $53,633,000. Canada Pension Plan Investment Board owned 0.11% of Occidental Petroleum as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Bank of New York Mellon Corp lifted its position in Occidental Petroleum by 84.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 10,643,916 shares of the oil and gas producer's stock worth $516,975,000 after acquiring an additional 4,882,834 shares during the period. Danske Bank A S acquired a new position in shares of Occidental Petroleum in the second quarter valued at approximately $172,413,000. Legal & General Group Plc acquired a new position in shares of Occidental Petroleum in the second quarter valued at approximately $168,860,000. Dimensional Fund Advisors LP raised its stake in shares of Occidental Petroleum by 21.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer's stock worth $436,008,000 after purchasing an additional 1,883,721 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Occidental Petroleum by 54.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,959,638 shares of the oil and gas producer's stock worth $162,820,000 after purchasing an additional 1,393,638 shares during the period. Hedge funds and other institutional investors own 88.70% of the company's stock.

Insiders Place Their Bets

In other news, CEO Richard A. Jackson purchased 4,770 shares of the company's stock in a transaction dated Tuesday, June 23rd. The stock was acquired at an average price of $52.38 per share, for a total transaction of $249,852.60. Following the completion of the transaction, the chief executive officer directly owned 444,098 shares in the company, valued at $23,261,853.24. This represents a 1.09% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.50% of the company's stock.

Occidental Petroleum Trading Up 1.0%

Shares of Occidental Petroleum stock opened at $59.21 on Friday. The company has a 50-day moving average of $55.03 and a two-hundred day moving average of $55.93. Occidental Petroleum Corporation has a 12-month low of $38.80 and a 12-month high of $67.45. The company has a current ratio of 1.41, a quick ratio of 1.13 and a debt-to-equity ratio of 0.40. The stock has a market cap of $59.19 billion, a PE ratio of 9.17, a price-to-earnings-growth ratio of 0.93 and a beta of 0.15.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 EPS for the quarter, topping the consensus estimate of $1.83 by $0.57. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.The business had revenue of $8.06 billion for the quarter, compared to analyst estimates of $7.07 billion. During the same quarter in the previous year, the company earned $0.39 EPS. The company's quarterly revenue was up 53.4% on a year-over-year basis. On average, research analysts anticipate that Occidental Petroleum Corporation will post 6.09 EPS for the current fiscal year.

Occidental Petroleum Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, September 10th will be given a dividend of $0.28 per share. The ex-dividend date is Thursday, September 10th. This is a positive change from Occidental Petroleum's previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 1.9%. Occidental Petroleum's dividend payout ratio (DPR) is presently 16.10%.

Wall Street Analysts Forecast Growth

OXY has been the topic of several recent research reports. Wells Fargo & Company boosted their price objective on shares of Occidental Petroleum from $72.00 to $79.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. Weiss Ratings cut shares of Occidental Petroleum from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday. Capital One Financial lifted their target price on shares of Occidental Petroleum from $67.00 to $70.00 in a report on Wednesday, May 27th. Morgan Stanley dropped their price target on shares of Occidental Petroleum from $74.00 to $68.00 and set an "equal weight" rating on the stock in a research note on Friday, June 26th. Finally, Zacks Research cut shares of Occidental Petroleum from a "strong-buy" rating to a "hold" rating in a report on Monday, June 22nd. Ten investment analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the stock. According to data from MarketBeat, Occidental Petroleum has an average rating of "Hold" and a consensus price target of $64.83.

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.

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