Billionaire Steve Cohen Is Bullish On These Dividend Stocks

#3 Occidental Petroleum Corporation (NYSE:OXY)

– Shares Owned by Point72 Asset Management (as of September 30): 1.8 Million

– Value of Holding (as of September 30): $120 Million

The 14% drop that shares of Occidental Petroleum Corporation (NYSE:OXY) suffered during the third quarter seems to have shaken the faith of Point72 Asset Management in the company as the firm reduced its stake by 33% during the third quarter. Moreover, Point72 Asset Management also sold off the 891,900 Call options that it held of Occidental Petroleum Corporation (NYSE:OXY) during the same period. The fall in crude oil prices took a heavy toll on Occidental Petroleum Corporation’s stock in December. Though this decline would have caused pain to investors, but it has also helped increase the company’s annual dividend yield to 4.56%.

On December 16, Moody’s announced that it has placed Occidental Petroleum Corporation along with 28 other US exploration and production (E&P) companies on review for a potential downgrade. Most of the analysts that cover the stock currently have a ‘Hold’ rating and an average price target of $79.92, which represents a potential upside of 17.9% from the stock’s current trading price.

For the fourth quarter of fiscal 2015 analysts expect the company to report a loss of $0.01 per share on revenue of $3.25 billion, compared to the EPS of $0.72 on revenue of $4.31 billion it had reported for the same quarter last year. Although the popularity of the company among hedge funds covered by us declined by two to 44 during the third quarter, there were also a  few funds that became bullish on the company during the same period. Dmitry Balyasny‘s Balyasny Asset Management initiated a stake in Occidental Petroleum Corporation (NYSE:OXY) during the third quarter by purchasing over 1.26 million shares of the company.