Canada Pension Plan Investment Board Takes Position in Occidental Petroleum Corporation $OXY

Canada Pension Plan Investment Board acquired a new position in shares of Occidental Petroleum Corporation (NYSE:OXY) in the second quarter, HoldingsChannel.com reports. The institutional investor acquired 1,104,232 shares of the oil and gas producer’s stock, valued at approximately $53,633,000.

Several other institutional investors have also recently modified their holdings of the stock. National Pension Service raised its stake in Occidental Petroleum by 13.0% in the 4th quarter. National Pension Service now owns 1,084,356 shares of the oil and gas producer’s stock valued at $44,589,000 after purchasing an additional 124,879 shares during the last quarter. Hosking Partners LLP boosted its stake in shares of Occidental Petroleum by 4.9% during the 4th quarter. Hosking Partners LLP now owns 577,368 shares of the oil and gas producer’s stock worth $23,741,000 after purchasing an additional 27,030 shares during the last quarter. Swiss National Bank grew its holdings in shares of Occidental Petroleum by 7.2% during the first quarter. Swiss National Bank now owns 2,168,414 shares of the oil and gas producer’s stock worth $140,947,000 after buying an additional 145,100 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Occidental Petroleum by 4.1% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,685,169 shares of the oil and gas producer’s stock worth $109,536,000 after buying an additional 66,438 shares in the last quarter. Finally, Bank of Nova Scotia acquired a new position in shares of Occidental Petroleum in the second quarter valued at approximately $4,209,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Occidental Petroleum Stock Performance

Occidental Petroleum stock opened at $59.21 on Friday. The company has a market cap of $59.19 billion, a price-to-earnings ratio of 9.17, a price-to-earnings-growth ratio of 0.93 and a beta of 0.15. Occidental Petroleum Corporation has a 12 month low of $38.80 and a 12 month high of $67.45. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.13. The stock’s 50-day moving average is $55.03 and its 200-day moving average is $55.93.

Occidental Petroleum (NYSE:OXY) last issued its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.83 by $0.57. The business had revenue of $8.06 billion during the quarter, compared to analysts’ expectations of $7.07 billion. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.The company’s revenue for the quarter was up 53.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.39 EPS. Equities analysts anticipate that Occidental Petroleum Corporation will post 6.09 earnings per share for the current year.

Occidental Petroleum Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, September 10th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 1.9%. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Thursday, September 10th. Occidental Petroleum’s dividend payout ratio is presently 16.10%.

Insider Transactions at Occidental Petroleum

In other Occidental Petroleum news, CEO Richard A. Jackson acquired 4,770 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The stock was bought at an average price of $52.38 per share, with a total value of $249,852.60. Following the completion of the transaction, the chief executive officer directly owned 444,098 shares of the company’s stock, valued at approximately $23,261,853.24. The trade was a 1.09% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.50% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on OXY. Capital One Financial upped their price objective on shares of Occidental Petroleum from $67.00 to $70.00 in a research note on Wednesday, May 27th. Wells Fargo & Company boosted their price target on Occidental Petroleum from $72.00 to $79.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Morgan Stanley reduced their price target on Occidental Petroleum from $74.00 to $68.00 and set an “equal weight” rating on the stock in a research note on Friday, June 26th. Wall Street Zen upgraded Occidental Petroleum from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Finally, Mizuho lifted their price objective on Occidental Petroleum from $72.00 to $75.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Ten research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $64.83.

Occidental Petroleum Profile

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.