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Message
Oxy Cuts dividend to a penny
Posted on 5/29/20 at 1:31 pm
Posted on 5/29/20 at 1:31 pm
quote:
Occidental shareholders will receive a penny per share on July 15, the Houston-based company said in a statement Friday. The company has been reeling in dividends since March, when it trimmed the payout to 11 cents from 79 cents.
Really?
Just to keep some kind of streak going.
4
Posted on 5/29/20 at 1:32 pm to castorinho
Posted on 5/29/20 at 1:39 pm to castorinho
Might be a penny more than the stock is worth soon if they keep going the way they have been for about the last nine months.
Posted on 5/29/20 at 2:25 pm to go ta hell ole miss
quote:not good for me
Might be a penny more than the stock is worth soon
Posted on 5/29/20 at 3:11 pm to Pipedream
quote:
not good for me
Same here. Chevron should just make a hostile move to buy Oxy at $25-30 per share to get all of Anadarko and Oxy for 2/3 of what Occidental paid for Anadarko alone. Shareholders might approve it with the way things have been in the last year.
Posted on 5/29/20 at 3:14 pm to go ta hell ole miss
Oxy is a clown show. Vicki Hollub is a joke of a CEO. Head in the sand.
Posted on 5/29/20 at 4:19 pm to castorinho
I bought some OXY on the big dip and had high hopes. I have since sold for a small profit when I realized what a shite show that CEO is. How she is still employed is beyond me.
Posted on 5/29/20 at 5:01 pm to Bob Sacamano
So should I sell I’m about 20% ahead right now.
Posted on 5/29/20 at 5:36 pm to go ta hell ole miss
quote:
Same here. Chevron should just make a hostile move to buy Oxy at $25-30 per share to get all of Anadarko and Oxy for 2/3 of what Occidental paid for Anadarko alone. Shareholders might approve it with the way things have been in the last year.
If Chevron buys Oxy it will be for way less than $25-30 per share.
At this point they can just wait out the self-destruction if they really want the assets.
Posted on 5/29/20 at 5:45 pm to Texas Tea 123
quote:
Vicki Hollub is a joke of a CEO.
Too much Bama in her
Posted on 5/29/20 at 5:46 pm to lostinbr
quote:
If Chevron buys Oxy it will be for way less than $25-30 per share.
They wouldn’t approve anything less. Oxy should eventually get things turned around and it has a ton of institutional support. This is definitely not the Oxy of old, though.
Posted on 5/29/20 at 6:28 pm to castorinho
quote:Many active investing mutual funds have a policy of not owning stocks that don't pay a dividend.
Occidental shareholders will receive a penny per share...
Really?
Just to keep some kind of streak going.
So, some companies reduce their div to a penny rather than eliminating their dividend just so those mutual funds don't dump their shares in the company all at once.
Posted on 5/29/20 at 7:15 pm to go ta hell ole miss
quote:
They wouldn’t approve anything less. Oxy should eventually get things turned around and it has a ton of institutional support. This is definitely not the Oxy of old, though.
They’ve got $31B in tangible assets, $40B in debt, and are being sued by their own shareholders over the Anadarko fiasco.
On the subject of institutional ownership.. 387 increased positions (139MM shares) and 655 decreased positions (146MM shares). Of the 139MM shares in increased positions, 66MM were part of Carl Icahn’s attempt to fire the entire board. Meanwhile, they are paying the dividend for the $10B in preferred shares they sold to Buffett by issuing more common stock.
Their debt-to-equity ratio is 194% compared to an industry average of 56% (XOM is 33%, CVX is 23%) and they are selling off Anadarko assets in a downturn to pay down the debt they used to buy those same assets.
So while Oxy might eventually get things turned around, they also might eventually go under, or piecemeal a huge chunk of their assets out to pay down debt. Either way, they ain’t getting bought out at $25/share in this oil market.
Posted on 5/29/20 at 7:29 pm to lostinbr
quote:
and they are selling off Anadarko assets in a downturn to pay down the debt they used to buy those same assets.
They are *trying with no success* to sell off Anadarko assets. This thing might have >50% more downside.
Posted on 5/29/20 at 7:46 pm to lostinbr
quote:
So while Oxy might eventually get things turned around, they also might eventually go under, or piecemeal a huge chunk of their assets out to pay down debt. Either way, they ain’t getting bought out at $25/share in this oil market.
It was a tongue in cheek dig at Oxy and Vicki for the Anadarko purchase. Nobody would pay that right now, but thanks for the tongue lashing. I could give you a similar list of reasons they won’t go bankrupt, but I am sure you know all of those, too. I am well aware of all of those things and a lot more about the company. It’s a grossly mismanaged company that has made terrible decisions to save management’s jobs while leading to them unnecessarily being over leveraged and it’s on the brink of destroying the company.
This post was edited on 5/29/20 at 8:00 pm
Posted on 5/29/20 at 7:47 pm to Texas Tea 123
I just looked up the OXY ticker.
market cap sitting at 11B.
and they have 40B in debt?
my god
market cap sitting at 11B.
and they have 40B in debt?
my god
Posted on 5/29/20 at 7:55 pm to cgrand
quote:
I just looked up the OXY ticker. market cap sitting at 11B. and they have 40B in debt? my god
They have 15 billion in assets they are trying to sell, but as others have mentioned they can’t sell it. It isn’t really worth 15 billion unless someone will pay it. In their defense they did have a buyer for over 4 billion in assets, but it was held up by Ghana’s government for a capital gains tax (which probably means Total no longer wanted the deal to go through because of market deterioration or Oxy due diligence was terrible because something similar happened to Exxon about ten years ago when it wanted to acquire assets in Ghana and it was a blocked by their government).
Chesapeake is in an even worse position. They have 9 billion in debt with 300 million maturing this year and as out a 130 market cap. I am not sure how they are holding on right now. It’s a rough time for a lot of the energy sector.
This post was edited on 5/29/20 at 8:09 pm
Posted on 5/29/20 at 9:06 pm to go ta hell ole miss
quote:
It was a tongue in cheek dig at Oxy and Vicki for the Anadarko purchase.
Fair enough, it clearly went way over my head. I gotta say in hindsight, that “tons of institutional support” line was pretty clever.
I do think there are folks out there who see a big oil stock that’s still down ~65% from pre-COVID levels, see that Buffett and Icahn have huge positions, and go “there’s a value buy!” Hell, I find myself wondering what the hell Icahn sees that makes him think this is a good long term play.
This post was edited on 5/29/20 at 9:08 pm
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