Cibc World Market Inc. Makes New $20.05 Million Investment in Occidental Petroleum Corporation $OXY

Cibc World Market Inc. purchased a new stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 412,779 shares of the oil and gas producer's stock, valued at approximately $20,049,000.

Several other institutional investors and hedge funds also recently modified their holdings of OXY. OMERS ADMINISTRATION Corp bought a new position in shares of Occidental Petroleum during the second quarter worth about $1,748,000. Capital Square LLC bought a new stake in Occidental Petroleum in the 2nd quarter valued at approximately $338,000. Clear Harbor Asset Management LLC acquired a new position in Occidental Petroleum during the 2nd quarter worth approximately $252,000. Bank of Nova Scotia bought a new position in shares of Occidental Petroleum during the 2nd quarter worth approximately $4,209,000. Finally, Compass Financial Management LLC acquired a new stake in shares of Occidental Petroleum in the second quarter valued at approximately $220,000. 88.70% of the stock is owned by institutional investors and hedge funds.

Occidental Petroleum Stock Down 1.9%

Shares of OXY stock opened at $60.11 on Tuesday. Occidental Petroleum Corporation has a 52-week low of $38.80 and a 52-week high of $67.45. The stock has a market cap of $60.09 billion, a price-to-earnings ratio of 9.30, a PEG ratio of 0.79 and a beta of 0.15. The firm's 50-day moving average is $54.67 and its 200-day moving average is $55.66. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.13 and a current ratio of 1.41.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $8.06 billion for the quarter, compared to analyst estimates of $7.07 billion. During the same quarter in the prior year, the company earned $0.39 earnings per share. The business's revenue for the quarter was up 53.4% compared to the same quarter last year. Sell-side analysts predict that Occidental Petroleum Corporation will post 6.09 EPS for the current year.

Occidental Petroleum Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, September 10th will be paid a $0.28 dividend. This is a boost from Occidental Petroleum's previous quarterly dividend of $0.26. The ex-dividend date is Thursday, September 10th. This represents a $1.12 dividend on an annualized basis and a yield of 1.9%. Occidental Petroleum's dividend payout ratio (DPR) is currently 16.10%.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. UBS Group reduced their target price 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. Morgan Stanley cut 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 report on Friday, June 26th. Truist Financial increased their price objective on shares of Occidental Petroleum from $57.00 to $63.00 and gave the stock a "hold" rating in a research note on Monday, August 10th. Weiss Ratings upgraded Occidental Petroleum from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, August 11th. Finally, Citigroup lowered their target price on Occidental Petroleum from $62.00 to $60.00 and set a "neutral" rating on the stock in a research report on Friday, July 17th. Ten investment analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $64.83.

Insider Transactions at Occidental Petroleum

In other Occidental Petroleum news, CEO Richard A. Jackson purchased 4,770 shares of the business's stock in a transaction on Tuesday, June 23rd. The stock was acquired at an average price of $52.38 per share, with a total value of $249,852.60. Following the acquisition, the chief executive officer directly owned 444,098 shares of the company's stock, valued at $23,261,853.24. This trade represents a 1.09% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.50% of the stock is owned by corporate insiders.

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.

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