Occidental Petroleum Co. (NYSE:OXY) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its holdings in shares of Occidental Petroleum Co. (NYSE:OXY) by 9.0% in the 2nd quarter, HoldingsChannel.com reports. 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’s holdings in Occidental Petroleum were worth $701,710,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Berkshire Hathaway Inc boosted its stake in shares of Occidental Petroleum by 8.7% during the 4th quarter. Berkshire Hathaway Inc now owns 243,715,804 shares of the oil and gas producer’s stock valued at $14,552,271,000 after buying an additional 19,586,612 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Occidental Petroleum by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,699,722 shares of the oil and gas producer’s stock worth $220,910,000 after purchasing an additional 82,360 shares during the last quarter. Epoch Investment Partners Inc. lifted its stake in Occidental Petroleum by 52.8% during the fourth quarter. Epoch Investment Partners Inc. now owns 1,399,569 shares of the oil and gas producer’s stock worth $83,568,000 after purchasing an additional 483,422 shares during the last quarter. National Pension Service lifted its stake in Occidental Petroleum by 2.7% during the fourth quarter. National Pension Service now owns 1,342,292 shares of the oil and gas producer’s stock worth $80,148,000 after purchasing an additional 34,786 shares during the last quarter. Finally, Clean Energy Transition LLP acquired a new stake in Occidental Petroleum in the first quarter worth $67,601,000. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Occidental Petroleum Stock Performance

Shares of OXY stock traded up $0.17 during trading on Monday, reaching $57.41. The company had a trading volume of 8,823,301 shares, compared to its average volume of 8,277,581. The firm’s 50 day simple moving average is $60.22 and its two-hundred day simple moving average is $62.13. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.04 and a quick ratio of 0.75. Occidental Petroleum Co. has a one year low of $55.04 and a one year high of $71.18. The company has a market capitalization of $50.90 billion, a PE ratio of 15.82 and a beta of 1.61.

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

Occidental Petroleum Dividend Announcement

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

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Wolfe Research initiated coverage on Occidental Petroleum in a research report on Thursday, July 18th. They issued an “outperform” rating and a $81.00 target price on the stock. Stephens reaffirmed an “overweight” rating and set a $76.00 target price on shares of Occidental Petroleum in a report on Thursday, August 8th. Scotiabank lowered their target price on Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. Mizuho increased their price target on Occidental Petroleum from $70.00 to $71.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. Finally, Wells Fargo & Company decreased their price objective on Occidental Petroleum from $68.00 to $65.00 and set an “equal weight” rating for the company in a research report on Friday, August 9th. Ten analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $71.69.

Insider Transactions at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc acquired 334,461 shares of the firm’s stock in a transaction dated Monday, June 17th. The shares were bought at an average price of $59.75 per share, with a total value of $19,984,044.75. Following the acquisition, the insider now owns 255,281,524 shares of the company’s stock, valued at $15,253,071,059. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, major shareholder Berkshire Hathaway Inc acquired 334,461 shares of the firm’s stock in a transaction dated Monday, June 17th. The shares were bought at an average price of $59.75 per share, with a total value of $19,984,044.75. Following the acquisition, the insider now owns 255,281,524 shares of the company’s stock, valued at $15,253,071,059. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total value of $697,125,000.00. Following the completion of the sale, the insider now directly owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. The disclosure for this sale can be found here. In the last quarter, insiders have bought 4,656,747 shares of company stock valued at $278,664,028. 0.31% of the stock is owned by corporate insiders.

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.