BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp trimmed its position in Occidental Petroleum Co. (NYSE:OXY) by 25.5% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 259,851 shares of the oil and gas producer’s stock after selling 89,057 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Occidental Petroleum were worth $21,352,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. Migdal Insurance & Financial Holdings Ltd. grew its stake in Occidental Petroleum by 170.8% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,327 shares of the oil and gas producer’s stock worth $109,000 after purchasing an additional 837 shares during the period. Westbourne Investment Advisors Inc. bought a new stake in Occidental Petroleum in the third quarter worth $138,000. GeoSphere Capital Management LLC bought a new stake in Occidental Petroleum in the second quarter worth $151,000. Obermeyer Wood Investment Counsel Lllp bought a new stake in Occidental Petroleum in the second quarter worth $200,000. Finally, Edmonds Duncan Registered Investment Advisors LLC bought a new stake in Occidental Petroleum in the second quarter worth $201,000. 81.63% of the stock is currently owned by institutional investors.
Several equities research analysts have commented on OXY shares. Piper Jaffray Companies started coverage on Occidental Petroleum in a report on Friday, September 28th. They issued an “overweight” rating on the stock. Morgan Stanley set a $101.00 target price on Occidental Petroleum and gave the stock a “buy” rating in a report on Friday, October 12th. Raymond James raised Occidental Petroleum from an “outperform” rating to a “strong-buy” rating in a report on Monday, October 22nd. They noted that the move was a valuation call. JPMorgan Chase & Co. dropped their target price on Occidental Petroleum from $94.00 to $90.00 and set a “neutral” rating on the stock in a report on Friday, August 10th. Finally, Mitsubishi UFJ Financial Group dropped their target price on Occidental Petroleum to $92.00 and set a “neutral” rating on the stock in a report on Tuesday, October 16th. Nine equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $88.00.
Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Monday, November 5th. The oil and gas producer reported $1.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.51 by $0.26. The firm had revenue of $6.18 billion for the quarter, compared to the consensus estimate of $4.60 billion. Occidental Petroleum had a return on equity of 15.43% and a net margin of 22.19%. The company’s quarterly revenue was up 98.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.18 earnings per share. On average, research analysts predict that Occidental Petroleum Co. will post 5.17 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Monday, December 10th will be issued a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 4.37%. The ex-dividend date is Friday, December 7th. Occidental Petroleum’s payout ratio is currently 350.56%.
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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 and internationally. The company operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.
Further Reading: The Structure of a Futures Contract
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