Cidel Asset Management Inc. Boosts Position in Occidental Petroleum Corporation $OXY

Cidel Asset Management Inc. boosted its position in Occidental Petroleum Corporation (NYSE:OXY) by 16.8% during the 2nd quarter, HoldingsChannel reports. The firm owned 8,418 shares of the oil and gas producer’s stock after purchasing an additional 1,209 shares during the period. Cidel Asset Management Inc.’s holdings in Occidental Petroleum were worth $354,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently made changes to their positions in OXY. Vanguard Group Inc. boosted its holdings in shares of Occidental Petroleum by 17.8% in the first quarter. Vanguard Group Inc. now owns 80,230,989 shares of the oil and gas producer’s stock worth $3,960,202,000 after buying an additional 12,107,285 shares during the last quarter. Nuveen LLC bought a new position in Occidental Petroleum in the first quarter worth approximately $99,853,000. Dimensional Fund Advisors LP boosted its stake in shares of Occidental Petroleum by 9.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,128,136 shares of the oil and gas producer’s stock worth $401,162,000 after acquiring an additional 710,220 shares during the last quarter. Canada Pension Plan Investment Board grew its position in shares of Occidental Petroleum by 926.9% during the 1st quarter. Canada Pension Plan Investment Board now owns 777,564 shares of the oil and gas producer’s stock valued at $38,381,000 after acquiring an additional 701,846 shares during the period. Finally, Kingstone Capital Partners Texas LLC purchased a new stake in shares of Occidental Petroleum in the 2nd quarter worth $28,584,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on OXY. Roth Capital lifted their target price on Occidental Petroleum from $45.00 to $46.00 and gave the company a “neutral” rating in a research report on Thursday, October 2nd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Occidental Petroleum in a research report on Wednesday, October 8th. Bank of America increased their target price on shares of Occidental Petroleum from $44.00 to $47.00 and gave the stock a “neutral” rating in a report on Monday, October 6th. Mizuho upgraded shares of Occidental Petroleum from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $58.00 to $60.00 in a research note on Friday, October 3rd. Finally, Melius started coverage on shares of Occidental Petroleum in a research report on Wednesday, August 20th. They issued a “hold” rating and a $64.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, fifteen have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $52.43.

Occidental Petroleum Price Performance

NYSE:OXY opened at $40.91 on Monday. The company has a current ratio of 1.05, a quick ratio of 0.83 and a debt-to-equity ratio of 0.84. The company has a market capitalization of $40.28 billion, a P/E ratio of 24.21 and a beta of 0.95. Occidental Petroleum Corporation has a 12 month low of $34.78 and a 12 month high of $53.20. The business’s 50-day moving average is $45.46 and its 200 day moving average is $43.39.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%.The company had revenue of $6.41 billion for the quarter, compared to analysts’ expectations of $6.29 billion. During the same period in the previous year, the firm posted $1.03 earnings per share. The firm’s revenue for the quarter was down 6.1% on a year-over-year basis. On average, equities research analysts forecast that Occidental Petroleum Corporation will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Wednesday, September 10th were paid a dividend of $0.24 per share. The ex-dividend date was Wednesday, September 10th. This represents a $0.96 annualized dividend and a dividend yield of 2.3%. Occidental Petroleum’s dividend payout ratio (DPR) is currently 56.80%.

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.