Occidental Petroleum Corp

Last week, Carl Icahn’s hedge fund filed its 13F for the first quarter of 2020. Occidental Petroleum was one of the hedge fund’s largest buys.

Looking at the top US-listed oil-producing companies’ stock prices, ExxonMobil, BP, and Chevron have fallen by 40.5%, 41.6%, and 31.5% in 2020.

For the first time, WTI crude prices fell into the negative zone during trade on Monday. Warren Buffett invested in Occidental Petroleum last year.

Investors’ preference for top dividend stocks could increase in 2020. Among sector-specific ETFs, the Energy Select Sector SPDR ETF reigns supreme.

In 2019, Tesla (TSLA) rose 29.3%. The S&P 500 Index gained 29.2%. The top institutional investors were bullish on the electric car manufacturer in Q3 2019.

Diamondback Energy (FANG) has the second-highest percentage of “buy” ratings among the constituents of the S&P 500 Index (SPY). Here’s why.

In 2019, Cabot Oil & Gas (COG) has fallen 22%. The company has a correlation of 34.6% and 7.6% with natural gas and crude oil prices, respectively.

Yesterday, Baker Hughes stock rose by 0.2%, with a year-to-date rise of 3.9%. We’ll focus on the company’s institutional investors in Q3 2019.

At the end of Q3 2019, D.E. Shaw & Co.’s total portfolio of publicly traded securities was worth around $81.2 billion.

In this article, we will look at Chesapeake’s top institutional investors’ activities in Q3 2019 and its top institutional sellers and exits.

In 2019 so far, upstream energy companies Hess Corporation (HES) and Noble Energy (NBL) have risen 61.8% and 15.1%, respectively.

On November 14, Carl Icahn’s Icahn Capital Management filed its form 13F. In the third quarter, it included two new stocks.

On November 4, Occidental Petroleum (OXY) released its Q3 earnings after markets closed. The battle between Carl Icahn and Warren Buffett is heating up.

Carl Icahn’s fears could come true in October. According to Goldman Sachs, the market might exhibit higher volatility next month.

Production volumes, production costs, and finding and development costs are key metrics to consider when analyzing energy stocks’ upstream operations.

Carl Icahn has agreed to limit his ownership of Cloudera stock to 20% and not nominate any directors for the 2020 annual meeting.

Yesterday, Carl Icahn revealed his 12.6% stake in data analytics company Cloudera (CLDR), causing its shares to jump.

Tomorrow, the EIA (U.S. Energy Information Administration) is set to report inventory data for last week (ended July 26).

Carl Ichan is in the middle of an ugly boardroom battle with Occidental Petroleum (OXY).

On Monday, Occidental Petroleum sent a letter to its shareholders. The letter urged them to ignore Carl Icahn’s proposal.

Last week, midstream stock Holly Energy Partners (HEP) outperformed other companies in the energy space.

Activist investor Carl Icahn formally launched a proxy fight against Occidental Petroleum (OXY) on Thursday. Icahn disclosed a stake in Occidental as the company was locked in a bidding war with Chevron over Anadarko Petroleum. Afterward, Occidental won its bid for Anadarko with help from Berkshire Hathaway’s Warren Buffett. Sues Occidental In May, Icahn sued […]

Investor Carl Icahn holds a $1.6 billion stake in Occidental Petroleum, and he’s not the least bit happy with OXY’s acquisition of Anadarko.

On July 2, Morgan Stanley (MS) reduced its long-term price forecast for Brent crude oil by $5 to $60 per barrel.

At 7:12 AM ET on July 1, US crude oil active futures were trading 2.2% higher compared to last week. Energy stocks might open higher on July 1 due to oil’s gains.

Carl Icahn is now calling for a special shareholder meeting where he hopes to win board seats. On June 24, while discussing the Eldorado Resorts (ERI) and Caesars Entertainment merger (CZR), Icahn criticized the Occidental Petroleum (OXY) and Anadarko (APC) merger.

Icahn is seeking to replace four Occidental directors. He believes that the board mismanaged its $38 billion deal to buy Anadarko Petroleum. He also said that the company’s pending deal implies a lack of “effective corporate governance” and is seeking to change the company’s charter to prevent it from doing a similar takeover again.

Last week, Icahn sued Occidental Petroleum to gain access to corporate records related to what he believes is a hugely overpriced deal to acquire Anadarko.

On May 22–29, our list of oil-weighted stocks fell 7.2%—compared to the 4.2% fall in US crude oil July futures.

Chevron (CVX) has decided not to make a counteroffer to Anadarko Petroleum (APC) in response to Occidental Petroleum’s (OXY) revised bid.

On May 6, Anadarko Petroleum’s board of directors determined a revised bid from Occidental Petroleum to be superior to that of Chevron.

Occidental Petroleum (OXY) has now made a more attractive offer for Anadarko Petroleum (APC).

Carl Icahn has built a small stake in Occidental Petroleum amid OXY’s bidding war for Anadarko Petroleum (APC).

Last week, Berkshire Hathaway (BRK-B) announced that the company would pump $10 billion into Occidental Petroleum (OXY).

Berkshire Hathaway, which has an enviable track record versus the S&P 500 (SPY), is underperforming the markets this year.

OPEC (the Organisation of the Petroleum Exporting Countries) aims to “coordinate and unify the petroleum policies of its Member Countries.”

Occidental Petroleum (OXY) is scheduled to announce its first-quarter results on May 6.

Apache (APA) is set to announce its first-quarter results on May 1. Analysts expect its adjusted EPS to fall ~52% sequentially in the quarter.

On April 15, the US crude oil May 2019 futures closed ~$2 above the May 2020 futures. On April 8, the futures spread was at a premium of $3.5.

The fall in the yield spread indicates concerns about the US economy’s growth rate. Oil prices might fall from the current levels.

Yesterday, UBS increased its price target for ConocoPhillips (COP) by $1 to $70.

On March 11, the US crude oil April 2019 futures closed ~$1.7 below the April 2020 futures. On March 4, the futures spread was at a discount of $1.8.

Of the 26 analysts tracking Occidental Petroleum (OXY), 69% recommend “buy,” 31% recommend “hold,” and none recommend “sell.”

Devon Energy (DVN) is expected to report its fourth-quarter earnings on February 19 after the market closes.

In Q4 2018, crude oil sales accounted for 58% of APC’s total sales volume. In 2019, the oil sales volume as a percentage of total sales might vary between 57.6% and 58.8%.

On February 4, US crude oil prices fell 1.3% and settled at $54.56 per barrel. US crude oil active futures made an intraday high of $55.75.

On January 31, ConocoPhillips (COP) reported adjusted EPS of $1.13 for the fourth quarter, a fall of 17% on a sequential basis.

Hess Corporation (HES) is scheduled to report its fourth-quarter earnings results on January 30.

In the week ended January 11, US crude oil inventories were 8% higher than their five-year average—the same as the previous week.

For 2019, ConocoPhillips’ total planned capital expenditure was $6.1 billion. The capital expenditure is achievable.

ConocoPhillips’ (COP) adjusted EPS might fall ~28% in the fourth quarter on a sequential basis based on analysts’ consensus estimate.

In the fourth quarter, our list of oil-weighted stocks fell 44.2%—compared to the 39.7% fall in US crude oil February futures.

In the week ending on December 21, US crude oil inventories were 7% higher than their five-year average—unchanged from the previous week.

In November, Devon Energy (DVN) fell 16.6%—the biggest decline on our list of upstream stocks.

Jeff Currie, Goldman Sachs’ (GS) commodities’ head, told CNBC that oil’s fall to $50 will hurt US oil producers.

On November 19, ConocoPhillips (COP) confirmed to CNBC that it has been engaged in talks with Jim Ratcliffe.

On November 12–19, the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) fell 1.6%—the largest decline among major energy ETFs.

ConocoPhillips (COP) has strengthened its FCF (free cash flow) in the past one year.

As of November 12, Brent crude oil active futures had fallen 18.3% from their almost four-year high of $86.29 per barrel on October 3.

On November 2–9, the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) rose 0.6%—the least among major energy ETFs.

On October 12–19, US crude oil December futures fell 2.7% and closed at $69.28 per barrel on October 19.

In the week ending September 28, upstream energy stocks continued their winning streak for the third consecutive week.

Upstream energy stocks saw strong buying in the week ending September 14 amid sharp gains in crude oil prices. US crude oil went above $70 per barrel.

Among the four upstream companies we’re looking at in this series, Anadarko Petroleum (APC) has received the most “buy” (82.9%) recommendations from analysts covering the stock.

Capital World Investors added a major position in ConocoPhillips (COP) during the second quarter, buying 19.6 million COP shares for $1.4 billion.

Anadarko Petroleum (APC) has the lowest forward price-to-CFFO multiple among the selected peers, of 4.9x, which is below its historical average of 7.6x.

US independent upstream companies have been volatile recently.

This year, ConocoPhillips (COP) expects its capital expenditure to rise 30.7% YoY (year-over-year), to $6.0 billion from $4.6 billion.

In the second quarter, ConocoPhillips’s adjusted EBITDAX grew 108.4% YoY (year-over-year), the most among peers.

Between 2016 and 2017, ConocoPhillips’ (COP) total proven reserves, including equity affiliates, fell 21.6% to 5,038 MMBoe (million barrels of oil equivalent), of which 47.7% were oil and 39.3% were natural gas.

In this series, we’ll compare the four largest independent E&P (exploration and production) players by market capitalization.

EOG Resources (EOG) ranks second among E&P stocks in terms of volatility.

The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) had a 200-day volatility of 27.6% as of August 29.

Fidelity Management & Research and Two Sigma Investments were Occidental Petroleum’s (OXY) biggest buyers during the second quarter, buying 4.2 million and 3.9 million shares, respectively.

On August 9, US crude oil’s implied volatility was 23.1%, which was ~1.3% below its 15-day average.

In Q1 2018, 140 funds bought CNX Resources (CNX).

For the second quarter, EOG Resources expects total production in the range of 670.3–706.2 Mboepd (thousand barrels of oil equivalent per day).

For the second quarter, Wall Street analysts expect EOG Resources (EOG) to report revenue of ~$3.91 billion.

Approximately 69% of the analysts surveying Oasis Petroleum (OAS) have rated it as a “buy,” and the remaining 31% have rated it as a “hold.”

In Q1 2018, 265 funds were “buyers” of Marathon Oil (MRO) stock, either creating new positions or adding to existing positions.

MRO paid its last dividend on June 11. The dividend, which was its dividend payment for Q2 2018, was $0.05 per share on its common stock.

Marathon Oil (MRO) is set to report its Q2 earnings on August 1. Excluding one-time items, the net income estimate is ~$161 million.

Approximately 69% of the analysts covering Oasis Petroleum (OAS) have rated it as a “buy,” and the remaining 31% have rated it as a “hold.”

For Q2 2018, Devon Energy (DVN) expects total production in a range of 524–549 Mboepd (thousand barrels of oil equivalent per day).

For Q2 2018, Wall Street analysts expect Devon Energy (DVN) to report revenues of ~$3.90 billion. On a year-over-year basis, DVN’s Q2 2018 revenues expectations are ~24% higher compared with its Q2 2017 revenues of ~$3.15 billion.

Devon Energy (DVN) is expected to report its Q2 2018 earnings on July 31 after the market closes. Here’s what you need to know.

On July 11, ConocoPhillips (COP) announced a dividend of $0.285 per share on its common stock.

ConocoPhillips (COP) plans to report its Q2 2018 earnings on July 26. Its consensus net income estimate is ~$1.18 billion.

For 2018, Anadarko Petroleum (APC) provided a production forecast of 658 Mboed–685 Mboed or 671.5 at the mid-point. APC’s production volumes in 2017 were 672 Mboed.

On June 22, Reuters reported that 25 analysts had given recommendations on Occidental Petroleum (OXY) stock.

In this article, we’ll take a look at how hedge funds are positioning themselves in Occidental Petroleum (OXY) stock.

In this article, we’ll try to quantify any correlation between OXY and crude oil prices.

As we saw in the previous part of this series, ConocoPhillips’s (COP) stock price was up by 3.70% for the week ended June 22.

The API reported that US crude oil inventories fell by 3 MMbbls (million barrels) on June 8–15.

As we saw in the previous part of this series, ConocoPhillips’s (COP) stock price was down ~6%. Crude oil (SCO) fell more than 1%. So, it’s clear that COP’s stock price underperformed crude oil prices.

The Permian Basin has developed into one of the most active drilling regions in the United States.

On June 14, Russia and Saudi Arabia announced a bilateral framework to increase cooperation and manage the oil market.

On May 30–June 6, our list of oil-weighted stocks fell 3.8%. US crude oil July futures fell 5.1% during this period.

ConocoPhillips (COP) was the outlier among its peers. ConocoPhillips has risen ~50.6% YoY, while Occidental Petroleum has risen ~42% YoY.

On May 16, US crude oil June futures rose 0.3% and closed at $71.49 per barrel, a more-than-three-year high.