Cibc World Market Inc. Acquires 64,632 Shares of Occidental Petroleum Corporation $OXY

Cibc World Market Inc. lifted its stake in shares of Occidental Petroleum Corporation (NYSE:OXY) by 25.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 322,781 shares of the oil and gas producer’s stock after purchasing an additional 64,632 shares during the period. Cibc World Market Inc.’s holdings in Occidental Petroleum were worth $15,251,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Occidental Petroleum by 10.3% during the 2nd quarter. Vanguard Group Inc. now owns 88,504,019 shares of the oil and gas producer’s stock worth $3,718,054,000 after buying an additional 8,273,030 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Occidental Petroleum by 22.0% during the second quarter. Geode Capital Management LLC now owns 18,089,878 shares of the oil and gas producer’s stock worth $756,796,000 after acquiring an additional 3,267,269 shares during the last quarter. Swedbank AB acquired a new position in shares of Occidental Petroleum during the third quarter valued at $35,517,000. American Century Companies Inc. boosted its holdings in Occidental Petroleum by 22.3% in the second quarter. American Century Companies Inc. now owns 3,552,655 shares of the oil and gas producer’s stock valued at $149,247,000 after acquiring an additional 647,243 shares during the last quarter. Finally, State Street Corp increased its position in Occidental Petroleum by 1.6% in the second quarter. State Street Corp now owns 39,044,478 shares of the oil and gas producer’s stock worth $1,649,147,000 after purchasing an additional 615,566 shares during the period. Institutional investors and hedge funds own 88.70% of the company’s stock.

Occidental Petroleum Stock Down 3.7%

Shares of Occidental Petroleum stock opened at $45.50 on Friday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.71 and a current ratio of 0.94. Occidental Petroleum Corporation has a 52-week low of $34.78 and a 52-week high of $52.58. The firm has a market cap of $44.83 billion, a PE ratio of 33.46 and a beta of 0.41. The business’s 50 day simple moving average is $42.69 and its 200 day simple moving average is $43.47.

Occidental Petroleum (NYSE:OXY) last announced its earnings results on Monday, November 10th. The oil and gas producer reported $0.64 EPS for the quarter, topping the consensus estimate of $0.48 by $0.16. The business had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6.66 billion. Occidental Petroleum had a net margin of 7.81% and a return on equity of 12.35%. The firm’s revenue was down 6.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.00 earnings per share. On average, analysts predict that Occidental Petroleum Corporation will post 3.58 earnings per share for the current fiscal year.

Analysts Set New Price Targets

OXY has been the topic of a number of research reports. Zacks Research downgraded shares of Occidental Petroleum from a “hold” rating to a “strong sell” rating in a research report on Monday, January 26th. Citigroup reduced their price target on Occidental Petroleum from $49.00 to $45.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 19th. Susquehanna lowered their price target on Occidental Petroleum from $55.00 to $51.00 and set a “positive” rating for the company in a research note on Monday, January 26th. JPMorgan Chase & Co. decreased their price objective on shares of Occidental Petroleum from $44.00 to $42.00 and set an “underweight” rating for the company in a report on Tuesday, January 20th. Finally, Bank of America increased their target price on shares of Occidental Petroleum from $44.00 to $45.00 in a report on Tuesday, January 27th. Seven investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $47.48.

Insider Transactions at Occidental Petroleum

In related news, Director William R. Klesse bought 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 16th. The shares were acquired at an average price of $38.98 per share, for a total transaction of $194,900.00. Following the completion of the acquisition, the director owned 218,913 shares of the company’s stock, valued at approximately $8,533,228.74. The trade was a 2.34% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.31% of the company’s stock.

About Occidental Petroleum

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.