|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||13.15 - 13.54|
|52 Week Range||8.38 - 48.20|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Occidental Petroleum Corp , the oil company whose share price was battered last year after a controversial merger with Anadarko Petroleum Corp, said on Wednesday its directors were elected last week by a comfortable margin in a shareholder vote of confidence. The votes came in the first annual meeting held since the U.S. oil and gas company's $38 billion acquisition of Anadarko Petroleum, an ill-timed bet on rising shale oil prices that has knocked its share price by 78% since its interest was first disclosed. Chief Executive Vicki Hollub, who has come under fire for her pursuit of the Anadarko deal, received 91% of shareholder support, up from 78% last year.
Occidental Petroleum (OXY) slashed its quarterly dividend for the second time in four month, while Williams Companies (WMB) plans to develop solar energy to power its operations in nine states.
INVESTOR ALERT: Law Offices of Howard G. Smith Announces Investigation of Occidental Petroleum Corporation (OXY) on Behalf of Noteholders
Occidental Petroleum Corp is removing non-essential workers from some central Gulf of Mexico facilities ahead of Tropical Storm Cristobal, the company said on Wednesday. The company's Gulf of Mexico operations are continuing uninterrupted, the company said. Other Gulf of Mexico operators, including Chevron Corp , Exxon Mobil Corp, BHP Petroleum and Hess Corp , said on Wednesday they are monitoring the storm but have not evacuated workers so far.
Insider Monkey has processed numerous 13F filings of hedge funds and successful value investors to create an extensive database of hedge fund holdings. The 13F filings show the hedge funds' and successful investors' positions as of the end of the first quarter. You can find articles about an individual hedge fund's trades on numerous financial […]
Hedge fund Angelo Gordon & Co aims to raise as much as $1.5 billion to buy the debt of distressed oil and gas companies, according to a person familiar with the matter and an investor presentation viewed by Reuters. The Angelo Gordon fund will be called AG Energy Credit Opportunities Fund IV LP and will seek to acquire distressed debt in the oil exploration and production, pipeline and services sectors, according to a presentation seen by Reuters. Todd Dittmann, head of energy at the $38 billion company, will manage the fund, which will pursue senior secured loans and discounted reserve based loans, the presentation showed.
Occidental's (OXY) board of directors decides to lower dividend rate again to preserve liquidity amid this unprecedented economic crisis caused by COVID-19.
The price of oil seems to be trending upward; maybe this is a buying opportunity. Four stocks in particular to avoid in June are Halliburton (NYSE: HAL), United States Oil Fund (NYSEMKT: USO), Occidental Petroleum (NYSE: OXY), and Patterson-UTI Energy (NASDAQ: PTEN). Here's why these Motley Fool contributors say you shouldn't be tricked into picking up shares of these likely underperformers.
(Bloomberg) -- Occidental Petroleum Corp. cut its quarterly dividend by 91% to the lowest since at least the 1970s amid the pandemic-driven collapse in energy demand that has strained the oil explorer’s ability to shoulder its debt.Occidental shareholders will receive a penny per share on July 15, the Houston-based company said in a statement Friday. The move extends a cut announced in March when it trimmed the payout to 11 cents from 79 cents.The surprise cut came the same day under-fire Chief Executive Vicki Hollub and the rest of the board of directors won re-election at Occidental’s annual shareholders’ meeting. The company will announce the final vote tallies in a regulatory filing later.Hollub has weathered extreme pressure from shareholders ever since outbidding Chevron Corp. to win the purchase of Anadarko Petroleum Corp. last year. The deal saddled Occidental with some $40 billion of debt that was looking hard to pay off even before Covid-19 wiped out global oil demand, sending crude prices plunging to an unprecedented minus $40 a barrel at one point last month.The benchmark U.S. oil price rebounded 88% in May to close the month above $35 a barrel, but it’s still 44% down from its high point in January and below a level that would ensure healthy cash flow for most producers.The dividend reduction will save Occidental about $360 million a year, but it’s a drop in the ocean compared to the wall of debt due over the coming years. The company probably kept a token payout to avoid mandatory selling of the stock by dividend funds and to signal that it aims to restock the stipend at some point in the future, according to Leo Mariani, an analyst at KeyBanc Capital Markets.“They need that extra money at $35 a barrel oil, so it’s the right move,” Mariani said by phone. “They’ve got to do whatever they can to survive.”What Bloomberg Intelligence SaysAlready reeling from elevated debt, a weak fundamental backdrop and investors disgruntled by the Anadarko deal, Occidental doesn’t have many near-term positives we can speak to.\-- Vincent G. Piazza and Evan Lee, analystsRead the full report here.The company’s primary focus is on “maximizing liquidity and reducing debt,” Hollub said at the annual meeting, held virtually on Friday. The company has gone from being a steady, diversified oil producer to a debt-laden, shale-focused driller that now has a market value of just $11.7 billion, less than a third of the price it paid for Anadarko. Its credit rating was downgraded to junk in March.The stock dropped 5.1% to $12.95 in New York on a day when West Texas Intermediate oil futures jumped more than 5%.Hollub fended off a shareholder revolt by making peace with the company’s second-largest shareholder, billionaire Carl Icahn, ending a nine-month public battle that included personal barbs against the CEO. However, it came at a cost. Hollub and her fellow directors agreed to cede some control by putting nominees of the activist investor on the board.(Updates with analyst’s comment from sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
After a bumpy couple of days, the S&P 500 traded somewhat quietly on Friday, after bouncing off the 3,000 area and 200-day moving average. With that in mind, let's look at a few top stock trades for next week. Top Stock Trades for Monday No. 1: Zscaler (ZS) Click to EnlargeSource: Chart courtesy of StockCharts.com Zscaler (NASDAQ:ZS) shares are ripping higher after better-than-expected earnings.Coming into the event, shares were trading higher, grinding up in a modest channel (blue lines) and maintaining about the 20-day moving average. However, shares were struggling to clear the $77.50 level.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThat is, until earnings. The stock opened up near prior 2019 resistance around $85, before surging up to $98 as shares ended the day Friday up 29%. From here, I wouldn't be surprised to see $100 hit, with the 123.6% extension up near $101.On the downside, however, I want to see prior resistance hold as support at $85 -- along with the prior high near $90. Top Stock Trades for Monday No. 2: Canopy Growth (CGC) Click to EnlargeSource: Chart courtesy of StockCharts.com Canopy Growth (NYSE:CGC) stock is getting crushed on Friday, down just about 20% after disappointing quarterly results.The move comes after last week's breakout and this week's continuation above the 200-day moving average and $20 mark. So, what now?As you can see on the chart above, CGC stock tried to rally back over the $18.25-ish area, which was the April high and a significant level dating back to October 2019. However, shares were rejected on this move.Bulls need to see this level reclaimed. If it can, it puts a gap-fill back up toward $20 in play, as well as the 200-day moving average. On the downside, I want to see the 50-day moving average and the backside of prior downtrend resistance (blue line) hold as support. Below puts $14 on the table. Top Stock Trades for Monday No. 3: Occidental Petroleum (OXY) Click to EnlargeSource: Chart courtesy of StockCharts.com Occidental Petroleum (NYSE:OXY) isn't looking too hot, down 5% on Friday. Shares were unable to push higher, most recently failing at $15 before rolling over.However, the lack of bullishness has been a multi-month process. Shares failed to reclaim the 23.6% retracement, before forming a series of lower highs. Now, it's losing the 50-day moving average, as well as uptrend support.From here, bulls need to see the $12.75 area hold as support. Below $12.50 and a retest of $10 isn't out of the question.Given how poorly the stock has done amid the big rebound in the S&P 500 and crude oil, traders may be better off looking elsewhere than OXY. I mean sheesh, crude just had its best month ever and Occidental is down about 20% for May.Shares do not look attractive amid the current setup. Top Stock Trades for Monday No. 4: Uber (UBER) Click to EnlargeSource: Chart courtesy of StockCharts.com Shares of Uber (NYSE:UBER) have made an impressive climb from the March lows. The stock hit $14 in March and continues knocking on the 78.6% retracement just below $36.The firm is in talks with GrubHub (NYSE:GRUB) to hammer out an all-stock deal. If the stock reacts bearishly to the news, we have to consider a pullback. In this case, look to the $31 area, where Uber will find its 200-day moving average and uptrend support (blue line).On a breakout over the 78.6% retracement, look for a possible gap-fill up toward $40.Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, he did not hold a position in any of the aforementioned securities. More From InvestorPlace * Top Stock Picker Reveals His Next 1,000% Winner * The Huge Story for 2020 & Beyond That You Aren't Hearing About * Revolutionary Tech Behind 5G Rollout Is Being Pioneered By This 1 Company * The 1 Stock All Retirees Must Own The post 4 Top Stock Trades for Monday: ZS, CGC, OXY, UBER appeared first on InvestorPlace.
Occidental Petroleum Corp. said Friday that its board of directors has declared a regular quarterly dividend of a penny a share, payable on July 15 to shareholders of record as of June 15. Friday's news was an update to the energy company's previously announced dividend policy change from March 10, in which Occidental reduced its quarterly dividend to 11 cents a share. Shares of Occidental have lost nearly 70% this year, compared with losses around 6.5% and 12% for the S&P 500 index and the Dow Jones Industrial Average in the same period.
A flurry of tentative bookings to export U.S. crude oil from the Gulf Coast suggests demand is edging up after the coronavirus slammed energy consumption worldwide. BP, Trafigura and Equinor have all tentatively fixed vessels this past week to carry U.S. crude to global destinations over the coming month, according to Refinitiv Eikon data and shipping sources. Commodities merchant Trafigura and Occidental Petroleum are among companies looking to book vessels to ship crude from the U.S. Gulf Coast to Asia, one shipbroker said.
(Bloomberg Opinion) -- The amount of new debt issued this year in the U.S. investment-grade corporate bond market will reach $1 trillion today, by far the fastest pace in history. The implications of that milestone depend on how you look at it.For businesses that had been ravaged by the coronavirus pandemic and the ensuing nationwide lockdowns, access to capital markets was a lifeline to get through the worst of the economic collapse. Sure, Carnival Corp. had to offer interest rates like a junk-rated borrower and Boeing Co. needed to include a so-called coupon step-up provision to offset jitters that it could lose its investment grades. But, in the words of Federal Reserve Chair Jerome Powell, these deals avoided turning “liquidity problems into solvency problems” for brand-name American companies.It’s worth remembering that until the Fed stepped in with extraordinary support for credit markets, averting widespread failures was far from guaranteed. Investors pulled a staggering $35.6 billion and $38 billion from investment-grade funds in the weeks ended March 18 and March 25, respectively. Before 2020, the previous record was $5.1 billion of outflows. I wrote on March 19 that bond markets were veering into a vicious cycle that could get ugly in a hurry — four days later, the Fed announced what would end up becoming a $750 billion backstop for corporate America.Now, the Fed hasn’t actually had to buy any individual bonds yet, a fact that Powell seems proud to share. “We may have to be lending money to those companies, but even better, they can borrow themselves now, and a lot of that has been happening and that’s a really good thing,” he said during May 19 testimony before the Senate Banking Committee.Most people would probably agree with that assessment, at least for the immediate future as the country grapples with restarting the world’s largest economy. But what about the longer-term view?Here, the rampant borrowing paints a more sobering picture. As of late April, 1,287 issuers worldwide rated between AAA and B- by S&P Global Ratings were considered at risk of a potential downgrade, up from 860 in March and 649 in February. That surpasses the previous all-time high set in 2009. “Generally, we expect heavy credit erosion in coming months as issuers, especially those in the lower-rated spectrum come under heavy fire from poor earnings, continued difficulties in managing cost structures, and market volatility creating limited funding opportunities,” said Sudeep Kesh, head of S&P’s credit markets research.That’s bad enough, but doesn’t even strike at the heart of the issue. Last year was supposed to be the beginning of a broad “debt diet” among companies that borrowed huge sums to finance mergers and acquisitions during the longest expansion in U.S. history. That didn’t end up taking place on a wide scale. Even a success story like AT&T Inc., which made headway in trimming its debt stack, still found itself back in the bond market recently, borrowing $12.5 billion on May 21 in what was the biggest deal since Boeing’s $25 billion blockbuster offering.When it comes to companies directly impacted by the coronavirus pandemic or structural changes to their industries, the “big three” of S&P, Moody’s Investors Service and Fitch Ratings haven’t shied away from taking action. Ford Motor Co., Kraft Heinz Co., Macy’s Inc. and Occidental Petroleum Corp. are just a few of the “fallen angels” that lost their investment grades earlier this year.The rating companies haven’t been quite as keen to react to high leverage metrics. I frequently refer back to this feature from Bloomberg News’s Molly Smith and Christopher Cannon, which found that of the 50 biggest corporate acquisitions in the five years through October 2018, more than half of the acquiring companies increased their leverage to a level that would seemingly merit a junk rating but remained investment grade on the assumption that they’d take that leverage down in the coming years. Those expectations seemed ambitious in 2018, when the economy was seemingly invincible. Now, no one can truly expect companies to focus on right-sizing their debt. Corporate leaders are rightfully eager to raise cash to get to the other side of the pandemic, especially with all-in yields not far off from record lows. The vast majority of the $1 trillion in borrowing so far this year was by no means imprudent.In the years ahead, however, the overhang from this issuance spree will inevitably weigh down credit ratings. A company with more debt presents a greater risk of missed interest payments than if it had fewer fixed obligations. Fortunately, for much of the previous expansion, firms had no issue finding investors willing to buy their long-term securities. That practice of rolling over debt and extending maturities might very well be the norm in the months and years ahead, too. Still, if the first five months of 2020 are any indication, investment-grade bondholders will have to get comfortable with even more bloated balance sheets and the prospect of further credit downgrades. For better or worse, with the confidence that the Fed has their back, that seems like a risk investors are willing to take.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Occidental Petroleum Corp has been sued by investors who claim they suffered billions of dollars of losses because the heavily indebted company concealed its inability to weather plunging oil prices, after paying $35.7 billion to acquire Anadarko Petroleum Corp. The proposed securities class action was filed late Tuesday in a New York state court in Manhattan on behalf of former Anadarko shareholders who swapped their stock for Occidental shares, and investors who acquired $24.5 billion of Occidental bonds that helped fund the August 2019 merger. Investors said Occidental should have disclosed in its stock and bond registration statements how quadrupling its debt load to $40 billion would leave it "precariously exposed" to falling oil prices, and undermine its ability to boost shale oil production and its common stock dividend.
Last week I wrote that this was the end of the Warren Buffett era as Berkshire (BRK)(BRK) underperformed the S&P 500 (SPX) over the entire 2009-2020 bear market. Many Buffett fans responded by saying don’t count Buffett out yet because when (not if) the market tanks again, he’ll have more than $130 billion in cash to scoop up bargains. Based on Berkshire’s SEC filings, three of Buffett’s biggest recent investments—Kraft Heinz (KHC) , Occidental Petroleum (OXY) , and airline stocks—have lost at least $7 billion altogether out of an investment of roughly $10 billion in each.