CIBC Asset Management Inc Buys 4,937 Shares of Occidental Petroleum Co. (NYSE:OXY)

CIBC Asset Management Inc grew its stake in Occidental Petroleum Co. (NYSE:OXY – Get Rating) by 5.8% during the 1st quarter, Holdings Channel.com reports. The firm owned 90,769 shares of the oil and gas producer’s stock after acquiring an additional 4,937 shares during the period. CIBC Asset Management Inc’s holdings in Occidental Petroleum were worth $5,150,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. National Asset Management Inc. bought a new position in Occidental Petroleum during the first quarter worth about $385,000. Inspire Investing LLC bought a new position in Occidental Petroleum during the first quarter worth about $364,000. Dimensional Fund Advisors LP increased its position in Occidental Petroleum by 3.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 11,154,947 shares of the oil and gas producer’s stock worth $323,362,000 after acquiring an additional 421,344 shares during the period. Nuveen Asset Management LLC increased its position in Occidental Petroleum by 27.3% during the fourth quarter. Nuveen Asset Management LLC now owns 2,540,744 shares of the oil and gas producer’s stock worth $73,656,000 after acquiring an additional 544,414 shares during the period. Finally, Addison Advisors LLC increased its position in Occidental Petroleum by 407.6% during the first quarter. Addison Advisors LLC now owns 533 shares of the oil and gas producer’s stock worth $30,000 after acquiring an additional 428 shares during the period. 86.15% of the stock is owned by institutional investors.

Occidental Petroleum Stock Performance

Shares of OXY stock opened at $59.01 on Friday. The company has a market capitalization of $55.30 billion, a P/E ratio of 5.82, a P/E/G ratio of 0.47 and a beta of 1.88. The business’s 50 day moving average is $61.83 and its two-hundred day moving average is $55.76. Occidental Petroleum Co. has a 12-month low of $21.62 and a 12-month high of $74.04. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 1.20.

Occidental Petroleum (NYSE:OXY – Get Rating) last posted its quarterly earnings data on Tuesday, August 2nd. The oil and gas producer reported $3.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.02 by $0.14. Occidental Petroleum had a return on equity of 60.25% and a net margin of 32.25%. During the same period in the prior year, the firm posted $0.32 EPS. Analysts expect that Occidental Petroleum Co. will post 10.47 EPS for the current fiscal year.

Occidental Petroleum Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Monday, September 12th will be paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date of this dividend is Friday, September 9th. Occidental Petroleum’s dividend payout ratio (DPR) is 5.13%.

Insider Activity at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc acquired 185,419 shares of the firm’s stock in a transaction dated Thursday, May 12th. The shares were acquired at an average price of $57.34 per share, for a total transaction of $10,631,925.46. Following the completion of the acquisition, the insider now directly owns 143,162,392 shares of the company’s stock, valued at $8,208,931,557.28. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CAO Christopher O. Champion sold 111,594 shares of Occidental Petroleum stock in a transaction dated Wednesday, June 1st. The stock was sold at an average price of $70.44, for a total transaction of $7,860,681.36. Following the sale, the chief accounting officer now directly owns 38,303 shares of the company’s stock, valued at $2,698,063.32. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Berkshire Hathaway Inc purchased 185,419 shares of the firm’s stock in a transaction that occurred on Thursday, May 12th. The stock was purchased at an average price of $57.34 per share, with a total value of $10,631,925.46. Following the completion of the purchase, the insider now directly owns 143,162,392 shares of the company’s stock, valued at approximately $8,208,931,557.28. The disclosure for this purchase can be found here. Insiders bought 28,606,136 shares of company stock valued at $1,642,276,766 in the last ninety days. Corporate insiders own 0.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on OXY. Bank of America lowered their price target on shares of Occidental Petroleum from $80.00 to $77.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 19th. Societe Generale set a $81.00 target price on shares of Occidental Petroleum in a report on Monday, June 20th. Mizuho decreased their target price on shares of Occidental Petroleum from $89.00 to $84.00 and set a “buy” rating on the stock in a report on Tuesday, July 19th. Susquehanna raised their target price on shares of Occidental Petroleum from $71.00 to $73.00 in a report on Thursday, May 12th. Finally, Susquehanna Bancshares raised their target price on shares of Occidental Petroleum from $71.00 to $73.00 in a report on Thursday, May 12th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $70.58.

Occidental Petroleum Company Profile

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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, Africa, and Latin America. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing.