Dodge & Cox recently announced the acquisition of new stake in Occidental Petroleum Corporation (NYSE:OXY). The institutional investor has increased its shareholding in the Energy company by 4.93% to 123.68 million shares with purchase of 5.81 million shares. This fresh investment now brings its stake to 13.47% valued currently at $1.95 billion. In addition, The Vanguard Group, Inc. raised its holdings by 29.43 million to 97.39 million shares. And SSgA Funds Management, Inc. has lifted its position by 2.70% or 1.36 million shares – to 51.73 million shares.
With over 17.81 million Occidental Petroleum Corporation (OXY) shares trading Monday and a closing price of $12.74 on the day, the dollar volume was approximately $226.93 million. The shares have shown a negative weekly performance of -6.46% and its price on 08/31/20 lost nearly -2.97%. Currently, there are 930.14M common shares owned by the public and among those 927.61M shares have been available to trade.
The analysts have set the share’s price value over the next 12 months at a high of $30.00 and a low of $7.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Occidental Petroleum Corporation stock is 3.10 for the next 12 months. The average price target is 19.67% above its last price level and an upside to the estimated low will see the stock lose -82.0% over that period. But an upside of 57.53% will see the stock hit the forecast high price target while mean target price for the stock is $16.00.
Insiders at the company have transacted a total of 73 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 49 of these insider trades were purchases, accounting for 632,462 shares. Insider sales of the common stock occurred on 24 occasions, with total insider shares sold totaling 260,083 shares.
The top 3 mutual fund holders in Occidental Petroleum Corporation are Dodge & Cox Funds – Stock Fund, Vanguard Total Stock Market Index, and Vanguard Mid Cap Index Fund. Dodge & Cox Funds – Stock Fund owns 75.28 million shares of the company’s stock, all valued at over $1.18 billion. The company bought an additional 4.2 million shares recently to bring their total holdings to about 8.20% of the shares outstanding. Vanguard Total Stock Market Index sold 14311.0 shares to see its total holdings shrink to 25.65 million shares valued at over $403.79 million and representing 2.79% of the shares outstanding. Vanguard Mid Cap Index Fund sold -0.16 million shares to bring its total holdings to over 22.09 million shares at a value of $347.65 million. Vanguard Mid Cap Index Fund now owns shares totaling to 2.40% of the shares outstanding.
Shares of Occidental Petroleum Corporation (NYSE: OXY) opened at $13.16, up $0.03 from a prior closing price of $13.13. However, the script later closed the day at $12.74, down -2.97%. The company’s stock has a 5-day price change of -6.46% and -13.63% over the past three months. OXY shares are trading -69.09% year to date (YTD), with the 12-month market performance down to -70.70% lower. It has a 12-month low price of $9.00 and touched a high of $48.85 over the same period. Currently, 17.81 million shares have been traded, compared to an average intraday trading volume of 31.86 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -11.57%, -21.09%, and -48.70% respectively.
Institutional ownership of Occidental Petroleum Corporation (NYSE: OXY) shares accounts for 70.70% of the company’s 930.14M shares outstanding. Mutual fund holders own 29.93%, while other institutional holders and individual stakeholders account for 41.12% and 11.10% respectively.
It has a market capitalization of $11.77B and a beta (3y monthly) value of 1.89. The earnings-per-share (ttm) stands at -$12.59. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.76% over the week and 4.44% over the month.
Analysts forecast that Occidental Petroleum Corporation (OXY) will achieve an EPS of -$0.75 for the current quarter, -$0.53 for the next quarter and -$1.4 for 2021. The lowest estimate earnings-per-share for the quarter is -$1.14 while analysts give the company a high EPS estimate of -$0.31. Comparatively, EPS for the current quarter was $0.11 a year ago. Earnings per share for the fiscal year are expected to decrease by -122.40%, and 60.70% over the next financial year. EPS should grow at an annualized rate of -13.91% over the next five years, compared to -45.40% over the past 5-year period.
Looking at the support for the OXY, a number of firms have released research notes about the stock. Morgan Stanley stated their Equal-Weight rating for the stock in a research note on August 21, 2020, with the firm’s price target at $14. Tudor Pickering coverage for the Occidental Petroleum Corporation (OXY) stock in a research note released on August 18, 2020 offered a Hold rating with a price target of. JP Morgan was of a view on August 13, 2020 that the stock is Neutral, while Credit Suisse gave the stock Underperform rating on August 05, 2020, issuing a price target of $8. SunTrust on their part issued Buy rating on June 19, 2020.