CIBC Asset Management Inc Has $7.29 Million Stake in Occidental Petroleum Corporation $OXY

Key Points

• CIBC Asset Management increased its Occidental Petroleum stake by 76.7% in the fourth quarter, ending with 177,156 shares worth about $7.29 million.
• Occidental Petroleum reported better-than-expected earnings of $1.06 per share, though quarterly revenue of $5.11 billion came in below estimates and was down 8.3% year over year.
• The company declared a quarterly dividend of $0.26 per share, and analysts currently rate the stock a consensus “Hold” with an average price target of $63.74.

CIBC Asset Management Inc grew its position in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 76.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund 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 filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Marble Wealth LLC acquired a new stake in Occidental Petroleum in the 4th quarter worth approximately $311,000. New Mexico Educational Retirement Board lifted its holdings in Occidental Petroleum by 4.1% in the 4th quarter. New Mexico Educational Retirement Board now owns 33,359 shares of the oil and gas producer's stock worth $1,372,000 after purchasing an additional 1,300 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its holdings in Occidental Petroleum by 0.3% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 258,389 shares of the oil and gas producer's stock worth $10,625,000 after purchasing an additional 776 shares during the last quarter. MUFG Securities EMEA plc lifted its holdings in Occidental Petroleum by 2,266.4% in the 4th quarter. MUFG Securities EMEA plc now owns 325,495 shares of the oil and gas producer's stock worth $13,384,000 after purchasing an additional 311,740 shares during the last quarter. Finally, National Pension Service lifted 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 worth $44,589,000 after purchasing an additional 124,879 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Occidental Petroleum Stock Down 2.9%

Shares of Occidental Petroleum stock opened at $56.95 on Friday. Occidental Petroleum Corporation has a 1 year low of $38.80 and a 1 year high of $67.45. The business has a 50-day moving average of $58.68 and a two-hundred day moving average of $50.55. The company has a market capitalization of $56.64 billion, a P/E ratio of 14.34 and a beta of 0.14. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.21 and a quick ratio of 1.01.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.46. Occidental Petroleum had a return on equity of 9.65% and a net margin of 19.98%.The company had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.44 billion. During the same period in the prior year, the company earned $0.14 earnings per share. The company's revenue for the quarter was down 8.3% compared to the same quarter last year. As a group, equities analysts predict that Occidental Petroleum Corporation will post 5.96 EPS for the current year.

Occidental Petroleum Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Wednesday, June 10th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Wednesday, June 10th. Occidental Petroleum's dividend payout ratio is 26.20%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. HSBC lifted their price target on Occidental Petroleum from $59.00 to $68.00 and gave the stock a "buy" rating in a research report on Friday, March 20th. UBS Group lowered their price objective on Occidental Petroleum from $67.00 to $65.00 and set a "neutral" rating on the stock in a research report on Thursday, May 7th. Jefferies Financial Group upped their price target on Occidental Petroleum from $47.00 to $58.00 and gave the company a "hold" rating in a research report on Monday, April 13th. Scotiabank upped their price target on Occidental Petroleum from $46.00 to $57.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 22nd. Finally, BMO Capital Markets boosted their price objective on Occidental Petroleum from $60.00 to $65.00 and gave the stock a "market perform" rating in a research note on Tuesday, April 7th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Occidental Petroleum presently has an average rating of "Hold" and a consensus price target of $63.74.

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.

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