M&T Bank Corp Increases Stock Holdings in Occidental Petroleum Co. (NYSE:OXY)

M&T Bank Corp increased its stake in shares of Occidental Petroleum Co. (NYSE:OXY - Free Report) by 35.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,428 shares of the oil and gas producer's stock after purchasing an additional 13,245 shares during the quarter. M&T Bank Corp's holdings in Occidental Petroleum were worth $2,599,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Fortitude Family Office LLC boosted its stake in shares of Occidental Petroleum by 160.0% during the third quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer's stock valued at $25,000 after purchasing an additional 304 shares in the last quarter. Mizuho Securities Co. Ltd. acquired a new stake in Occidental Petroleum during the 3rd quarter worth approximately $32,000. Transamerica Financial Advisors Inc. bought a new stake in Occidental Petroleum during the 3rd quarter worth approximately $50,000. Strategic Financial Concepts LLC acquired a new position in Occidental Petroleum in the 2nd quarter valued at approximately $53,000. Finally, LRI Investments LLC raised its stake in shares of Occidental Petroleum by 34.6% during the second quarter. LRI Investments LLC now owns 906 shares of the oil and gas producer's stock valued at $57,000 after acquiring an additional 233 shares during the last quarter. Institutional investors own 88.70% of the company's stock.

Occidental Petroleum Stock Down 1.1 %

Shares of OXY traded down $0.55 during trading hours on Friday, reaching $47.64. The stock had a trading volume of 10,414,890 shares, compared to its average volume of 9,408,375. The company has a market capitalization of $44.70 billion, a price-to-earnings ratio of 12.41 and a beta of 1.57. The firm has a 50-day simple moving average of $50.87 and a 200 day simple moving average of $55.52. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 0.96. Occidental Petroleum Co. has a 12 month low of $47.20 and a 12 month high of $71.18.

Occidental Petroleum Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.85%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum's dividend payout ratio is currently 22.92%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. Mizuho decreased their price objective on Occidental Petroleum from $76.00 to $72.00 and set a "neutral" rating for the company in a report on Monday, September 16th. Evercore ISI decreased their price target on Occidental Petroleum from $67.00 to $63.00 and set an "underperform" rating for the company in a research note on Monday, September 30th. Bank of America began coverage on Occidental Petroleum in a research note on Thursday, October 17th. They issued a "neutral" rating and a $57.00 price objective on the stock. Barclays decreased their target price on shares of Occidental Petroleum from $67.00 to $58.00 and set an "equal weight" rating for the company in a research report on Thursday, October 3rd. Finally, StockNews.com upgraded shares of Occidental Petroleum from a "sell" rating to a "hold" rating in a report on Tuesday. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $62.75.

Occidental Petroleum Profile

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.