Bank of New York Mellon Corp Has $701.71 Million Stock Position in Occidental Petroleum Co. (NYSE:OXY)

Bank of New York Mellon Corp cut its holdings in Occidental Petroleum Co. (NYSE:OXY - Free Report) by 9.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,132,950 shares of the oil and gas producer's stock after selling 1,102,571 shares during the period. Bank of New York Mellon Corp owned 1.26% of Occidental Petroleum worth $701,710,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in OXY. Investment Research & Advisory Group Inc. grew its stake in Occidental Petroleum by 75.2% during the first quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer's stock valued at $25,000 after acquiring an additional 167 shares in the last quarter. LifeSteps Financial Inc. purchased a new stake in shares of Occidental Petroleum in the first quarter worth about $34,000. Able Wealth Management LLC purchased a new stake in shares of Occidental Petroleum in the fourth quarter worth about $38,000. New Covenant Trust Company N.A. bought a new position in Occidental Petroleum during the first quarter valued at approximately $44,000. Finally, LRI Investments LLC bought a new stake in Occidental Petroleum in the 1st quarter worth approximately $44,000. 88.70% of the stock is currently owned by institutional investors.

Occidental Petroleum Trading Up 0.2 %

OXY stock traded up $0.13 during trading on Monday, hitting $57.38. The company had a trading volume of 11,287,940 shares, compared to its average volume of 8,294,111. The firm has a market capitalization of $50.87 billion, a P/E ratio of 15.68 and a beta of 1.61. The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 0.77. Occidental Petroleum Co. has a 52-week low of $55.04 and a 52-week high of $71.18. The company has a 50 day simple moving average of $60.17 and a 200-day simple moving average of $62.12.

Occidental Petroleum (NYSE:OXY - Get Free Report) last issued its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, topping analysts' consensus estimates of $0.77 by $0.26. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The business had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.93 billion. During the same period last year, the company posted $0.68 earnings per share. The company's quarterly revenue was up 2.2% compared to the same quarter last year. As a group, research analysts forecast that Occidental Petroleum Co. will post 3.7 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, September 10th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date is Tuesday, September 10th. Occidental Petroleum's payout ratio is 24.04%.

Analyst Ratings Changes

A number of research analysts have recently commented on OXY shares. Stephens reiterated an "overweight" rating and set a $76.00 target price on shares of Occidental Petroleum in a research report on Thursday, August 8th. Scotiabank dropped their price objective on shares of Occidental Petroleum from $90.00 to $80.00 and set a "sector outperform" rating for the company in a research note on Friday, July 12th. Wells Fargo & Company decreased their target price on shares of Occidental Petroleum from $68.00 to $65.00 and set an "equal weight" rating on the stock in a research report on Friday, August 9th. Citigroup dropped their price target on Occidental Petroleum from $69.00 to $65.00 and set a "neutral" rating for the company in a research report on Friday, May 24th. Finally, Mizuho upped their price objective on Occidental Petroleum from $70.00 to $71.00 and gave the company a "neutral" rating in a research report on Wednesday, May 8th. Ten analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $71.69.

Insider Activity

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 524,340 shares of the business's stock in a transaction on Wednesday, June 5th. The shares were acquired at an average price of $59.75 per share, with a total value of $31,329,315.00. Following the transaction, the insider now owns 248,542,468 shares of the company's stock, valued at approximately $14,850,412,463. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, major shareholder Berkshire Hathaway Inc bought 524,340 shares of the company's stock in a transaction on Wednesday, June 5th. The shares were acquired at an average price of $59.75 per share, with a total value of $31,329,315.00. Following the transaction, the insider now owns 248,542,468 shares of the company's stock, valued at $14,850,412,463. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the company's stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total value of $697,125,000.00. Following the sale, the insider now owns 165,681,578 shares of the company's stock, valued at $5,923,116,413.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have bought 4,656,747 shares of company stock worth $278,664,028. Company insiders own 0.31% of the company's stock.

Occidental Petroleum Company 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.