Cooke & Bieler LP Acquires 188,576 Shares of Occidental Petroleum Corporation $OXY

Key Points

• Cooke & Bieler LP increased its Occidental Petroleum stake by 6.4% in the fourth quarter, buying 188,576 shares and bringing its total holding to 3.15 million shares worth about $129.4 million.
• Occidental posted strong quarterly earnings, with EPS of $1.06 versus expectations of $0.60, though revenue of $5.11 billion came in below estimates and fell 8.3% from a year earlier.
• The company declared a quarterly dividend of $0.26 per share, and analyst sentiment remains mixed with a consensus rating of Hold and a target price of $62.91.

Cooke & Bieler LP raised its holdings in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 6.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,147,606 shares of the oil and gas producer's stock after purchasing an additional 188,576 shares during the period. Occidental Petroleum accounts for 1.3% of Cooke & Bieler LP's portfolio, making the stock its 27th largest position. Cooke & Bieler LP owned approximately 0.32% of Occidental Petroleum worth $129,430,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Annis Gardner Whiting Capital Advisors LLC increased its stake in shares of Occidental Petroleum by 337.9% during the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 2,391 shares of the oil and gas producer's stock valued at $98,000 after purchasing an additional 1,845 shares in the last quarter. Legal & General Group Plc increased its stake in shares of Occidental Petroleum by 2.2% during the fourth quarter. Legal & General Group Plc now owns 3,884,572 shares of the oil and gas producer's stock valued at $159,734,000 after purchasing an additional 83,131 shares in the last quarter. Morningstar Investment Management LLC increased its stake in shares of Occidental Petroleum by 22.6% during the fourth quarter. Morningstar Investment Management LLC now owns 47,927 shares of the oil and gas producer's stock valued at $1,971,000 after purchasing an additional 8,835 shares in the last quarter. Praxis Capital Management LLC bought a new position in shares of Occidental Petroleum during the fourth quarter valued at approximately $832,000. Finally, Swedbank AB increased its position in shares of Occidental Petroleum by 4.8% during the fourth quarter. Swedbank AB now owns 787,586 shares of the oil and gas producer's stock valued at $32,386,000 after acquiring an additional 35,905 shares in the last quarter. Institutional investors own 88.70% of the company's stock.

Occidental Petroleum Trading Up 0.0%

NYSE:OXY opened at $58.82 on Tuesday. 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. The company has a market cap of $58.50 billion, a PE ratio of 14.82 and a beta of 0.17. The company has a 50 day simple moving average of $58.94 and a two-hundred day simple moving average of $49.57.

Occidental Petroleum (NYSE:OXY - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $1.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $5.44 billion. During the same quarter in the previous year, the firm posted $0.14 EPS. The company's revenue for the quarter was down 8.3% compared to the same quarter last year. Research analysts forecast that Occidental Petroleum Corporation will post 5.33 earnings per share for the current year.

Occidental Petroleum Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on OXY shares. Roth Mkm raised their price target on shares of Occidental Petroleum from $45.00 to $55.00 and gave the company a "neutral" rating in a research report on Wednesday, April 15th. Raymond James Financial raised their price target on shares of Occidental Petroleum from $64.00 to $75.00 and gave the company an "outperform" rating in a research report on Monday, May 4th. Scotiabank raised their price target on shares of Occidental Petroleum from $46.00 to $57.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 22nd. Argus raised shares of Occidental Petroleum to a "hold" rating in a research report on Friday, February 27th. Finally, Morgan Stanley raised their price target on shares of Occidental Petroleum from $73.00 to $74.00 and gave the company an "equal weight" rating in a research report on Thursday, May 21st. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, sixteen have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Occidental Petroleum currently has a consensus rating of "Hold" and a consensus target price of $62.91.

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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