CIBC Asset Management Inc Lowers Position in Occidental Petroleum Co. (NYSE:OXY)

CIBC Asset Management Inc trimmed its position in shares of Occidental Petroleum Co. (NYSE:OXY) by 4.9% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 95,339 shares of the oil and gas producer’s stock after selling 4,908 shares during the quarter. CIBC Asset Management Inc’s holdings in Occidental Petroleum were worth $6,009,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Swedbank AB purchased a new stake in shares of Occidental Petroleum during the first quarter valued at about $12,547,000. Allspring Global Investments Holdings LLC lifted its position in shares of Occidental Petroleum by 139.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 78,529 shares of the oil and gas producer’s stock valued at $5,104,000 after buying an additional 45,722 shares during the last quarter. Bridgefront Capital LLC purchased a new stake in shares of Occidental Petroleum during the fourth quarter valued at about $763,000. Alberta Investment Management Corp lifted its position in shares of Occidental Petroleum by 143.2% during the fourth quarter. Alberta Investment Management Corp now owns 36,475 shares of the oil and gas producer’s stock valued at $2,178,000 after buying an additional 21,475 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Occidental Petroleum by 1.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 904,081 shares of the oil and gas producer’s stock valued at $58,757,000 after buying an additional 8,863 shares during the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the transaction, the insider now owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 584,550 shares of the firm’s stock in a transaction dated Monday, June 10th. The shares were purchased at an average price of $60.26 per share, for a total transaction of $35,224,983.00. Following the transaction, the insider now directly owns 251,168,155 shares of the company’s stock, valued at approximately $15,135,393,020.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total value of $697,125,000.00. Following the transaction, the insider now owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. The disclosure for this sale can be found here. Insiders have acquired 4,132,407 shares of company stock worth $247,334,713 in the last quarter. Corporate insiders own 0.31% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on OXY. Scotiabank decreased their price target on shares of Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Wells Fargo & Company cut their price objective on shares of Occidental Petroleum from $68.00 to $65.00 and set an “equal weight” rating on the stock in a report on Friday, August 9th. Truist Financial cut their price objective on shares of Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating on the stock in a report on Monday, August 12th. UBS Group upped their price objective on shares of Occidental Petroleum from $69.00 to $70.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Finally, Citigroup cut their price objective on shares of Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating on the stock in a report on Friday, May 24th. Ten investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Occidental Petroleum has an average rating of “Hold” and a consensus price target of $71.50.

Occidental Petroleum Price Performance

Shares of NYSE OXY opened at $54.62 on Thursday. The stock has a market capitalization of $49.46 billion, a price-to-earnings ratio of 14.92 and a beta of 1.58. Occidental Petroleum Co. has a 12 month low of $54.58 and a 12 month high of $71.18. The firm’s 50 day simple moving average is $59.36 and its 200-day simple moving average is $61.99. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.04 and a quick ratio of 0.75.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.26. The business had revenue of $6.88 billion for the quarter, compared to analysts’ expectations of $6.93 billion. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The business’s revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the company earned $0.68 EPS. Analysts expect that Occidental Petroleum Co. will post 3.69 EPS for the current year.

Occidental Petroleum Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, September 10th will be paid a dividend of $0.22 per share. The ex-dividend date is Tuesday, September 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.61%. Occidental Petroleum’s payout ratio is 24.04%.

Occidental Petroleum Profile

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.