Cibc World Markets Corp Raises Stake in Occidental Petroleum Co. (NYSE:OXY)

Cibc World Markets Corp raised its stake in shares of Occidental Petroleum Co. (NYSE:OXY - Free Report) by 15.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 104,699 shares of the oil and gas producer's stock after purchasing an additional 13,781 shares during the period. Cibc World Markets Corp's holdings in Occidental Petroleum were worth $5,173,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Certified Advisory Corp purchased a new position in Occidental Petroleum during the fourth quarter valued at $476,000. Rule One Partners LLC purchased a new position in Occidental Petroleum during the third quarter valued at $14,199,000. Fisher Asset Management LLC lifted its holdings in Occidental Petroleum by 1.1% during the fourth quarter. Fisher Asset Management LLC now owns 613,647 shares of the oil and gas producer's stock valued at $30,320,000 after purchasing an additional 6,461 shares in the last quarter. Sarasin & Partners LLP lifted its holdings in Occidental Petroleum by 5.4% during the fourth quarter. Sarasin & Partners LLP now owns 990,521 shares of the oil and gas producer's stock valued at $48,942,000 after purchasing an additional 50,983 shares in the last quarter. Finally, Weiss Asset Management LP purchased a new position in shares of Occidental Petroleum in the third quarter worth about $2,509,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

Occidental Petroleum Trading Up 0.3 %

Shares of OXY traded up $0.15 during trading on Friday, reaching $48.11. 23,294,817 shares of the company traded hands, compared to its average volume of 9,989,599. Occidental Petroleum Co. has a twelve month low of $44.70 and a twelve month high of $71.19. The stock has a market cap of $45.15 billion, a PE ratio of 19.72 and a beta of 1.51. The stock has a 50-day simple moving average of $48.61 and a 200-day simple moving average of $50.01. The company has a quick ratio of 0.76, a current ratio of 0.95 and a debt-to-equity ratio of 0.95.

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Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its quarterly earnings results on Tuesday, February 18th. The oil and gas producer reported $0.80 earnings per share for the quarter, beating analysts' consensus estimates of $0.67 by $0.13. Occidental Petroleum had a net margin of 11.37% and a return on equity of 16.33%. The business had revenue of $6.84 billion during the quarter, compared to analysts' expectations of $7.14 billion. On average, analysts anticipate that Occidental Petroleum Co. will post 3.58 earnings per share for the current year.

Occidental Petroleum Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 10th will be issued a $0.24 dividend. The ex-dividend date is Monday, March 10th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.00%. This is a boost from Occidental Petroleum's previous quarterly dividend of $0.22. Occidental Petroleum's payout ratio is 39.34%.

Analysts Set New Price Targets

Several research firms have recently weighed in on OXY. Piper Sandler decreased their price target on shares of Occidental Petroleum from $51.00 to $50.00 and set a "neutral" rating on the stock in a research note on Thursday, March 6th. Wells Fargo & Company reissued an "equal weight" rating on shares of Occidental Petroleum in a research note on Friday, February 21st. Stephens reissued an "overweight" rating and issued a $71.00 price target on shares of Occidental Petroleum in a research note on Wednesday, February 19th. JPMorgan Chase & Co. decreased their price target on shares of Occidental Petroleum from $59.00 to $52.00 and set a "neutral" rating on the stock in a research note on Thursday, March 13th. Finally, StockNews.com downgraded shares of Occidental Petroleum from a "hold" rating to a "sell" rating in a research note on Thursday, February 27th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $60.45.

Insider Activity at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc acquired 763,017 shares of the company's stock in a transaction that occurred on Friday, February 7th. The stock was purchased at an average price of $46.82 per share, for a total transaction of $35,724,455.94. Following the completion of the acquisition, the insider now owns 264,941,431 shares of the company's stock, valued at approximately $12,404,557,799.42. This trade represents a 0.29 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.31% of the company's stock.

Occidental Petroleum Company 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.