Summit Capital Management buys $4.7 Million stake in Occidental Petroleum Corporation (OXY)

Occidental Petroleum Corporation (OXY) : Summit Capital Management scooped up 280 additional shares in Occidental Petroleum Corporation during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 11, 2016. The investment management firm now holds a total of 62,970 shares of Occidental Petroleum Corporation which is valued at $4.7 Million.Occidental Petroleum Corporation makes up approximately 2.14% of Summit Capital Management’s portfolio.

Other Hedge Funds, Including , S&t Bankpa boosted its stake in OXY in the latest quarter, The investment management firm added 3,547 additional shares and now holds a total of 125,553 shares of Occidental Petroleum Corporation which is valued at $9.5 Million. Occidental Petroleum Corporation makes up approx 1.64% of S&t Bankpa’s portfolio.Teachers Insurance Annuity Association Of America boosted its stake in OXY in the latest quarter, The investment management firm added 51,800 additional shares and now holds a total of 136,400 shares of Occidental Petroleum Corporation which is valued at $10.3 Million. Occidental Petroleum Corporation makes up approx 0.47% of Teachers Insurance Annuity Association Of America’s portfolio.Congress Asset Management Co boosted its stake in OXY in the latest quarter, The investment management firm added 2,839 additional shares and now holds a total of 34,176 shares of Occidental Petroleum Corporation which is valued at $2.6 Million. Occidental Petroleum Corporation makes up approx 0.06% of Congress Asset Management Co’s portfolio. Us Financial Advisors sold out all of its stake in OXY during the most recent quarter. The investment firm sold 284 shares of OXY which is valued $21,601.Mitsubishi Ufj Kokusai Asset Management Ltd. boosted its stake in OXY in the latest quarter, The investment management firm added 20,253 additional shares and now holds a total of 142,465 shares of Occidental Petroleum Corporation which is valued at $10.8 Million. Occidental Petroleum Corporation makes up approx 0.29% of Mitsubishi Ufj Kokusai Asset Management Ltd.’s portfolio.

Occidental Petroleum Corporation opened for trading at $76.15 and hit $76.8525 on the upside on Monday, eventually ending the session at $76.53, with a gain of 1.58% or 1.19 points. The heightened volatility saw the trading volume jump to 44,68,427 shares. Company has a market cap of $58,449 M.

On the company’s financial health, Occidental Petroleum Corporation reported $-0.47 EPS for the quarter, missing the analyst consensus estimate by $ -0.07 based on the information available during the earnings call on May 5, 2016. Analyst had a consensus of $-0.40. The company had revenue of $2281.00 million for the quarter, compared to analysts expectations of $2517.00 million. The company’s revenue was down -26.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.04 EPS.

Investors should note that on Apr 28, 2016, Occidental Petroleum Corporation announced a cash dividend of $0.7500. The company’s management has announced Jun 8, 2016 as the ex-dividend date and fixed the record date on Jun 10, 2016. The payable date has been fixed on Jul 15, 2016.

Many Wall Street Analysts have commented on Occidental Petroleum Corporation. Occidental Petroleum Corporation was Downgraded by JP Morgan to ” Neutral” on May 9, 2016.

Occidental Petroleum Corporation (Occidental) is engaged in the oil and gas exploration and production. The Company through its subsidiaries and affliates operates in the United States Middle East/North Africa and Latin America. Occidental operates through three segments. The oil and gas segment explores for develops and produces oil and condensate natural gas liquids (NGL) and natural gas. The chemical (OxyChem) segment manufactures and markets basic chemicals and vinyls. The midstream marketing and other segment (midstream and marketing) gathers processes transports stores purchases and markets oil condensate NGLs natural gas carbon dioxide (CO2) and power. It also trades around its assets including transportation and storage capacity and trades oil NGLs gas and other commodities.

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