Bank of New York Mellon Corp Reduces Position in Occidental Petroleum Corporation $OXY

Bank of New York Mellon Corp cut its stake in shares of Occidental Petroleum Corporation (NYSE:OXY) by 6.1% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 3,984,160 shares of the oil and gas producer’s stock after selling 257,107 shares during the quarter. Bank of New York Mellon Corp’s holdings in Occidental Petroleum were worth $163,829,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in OXY. Woodline Partners LP boosted its stake in shares of Occidental Petroleum by 40.7% during the 1st quarter. Woodline Partners LP now owns 57,079 shares of the oil and gas producer’s stock worth $2,817,000 after acquiring an additional 16,506 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of Occidental Petroleum during the 2nd quarter worth approximately $4,584,000. Federated Hermes Inc. increased its holdings in shares of Occidental Petroleum by 696.7% during the 2nd quarter. Federated Hermes Inc. now owns 23,997 shares of the oil and gas producer’s stock worth $1,008,000 after buying an additional 20,985 shares during the last quarter. Daiwa Securities Group Inc. increased its holdings in shares of Occidental Petroleum by 7.4% during the 2nd quarter. Daiwa Securities Group Inc. now owns 105,767 shares of the oil and gas producer’s stock worth $4,443,000 after buying an additional 7,285 shares during the last quarter. Finally, AXA S.A. increased its holdings in shares of Occidental Petroleum by 24.3% during the 2nd quarter. AXA S.A. now owns 136,625 shares of the oil and gas producer’s stock worth $5,740,000 after buying an additional 26,741 shares during the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Capital One Financial lifted their target price on shares of Occidental Petroleum from $67.00 to $70.00 in a report on Wednesday, May 27th. Wall Street Zen upgraded shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. UBS Group decreased their price objective on shares of Occidental Petroleum from $67.00 to $65.00 and set a “neutral” rating for the company in a research note on Thursday, May 7th. Weiss Ratings upgraded shares of Occidental Petroleum from a “hold (c-)” rating to a “hold (c+)” rating in a research report on Wednesday, May 6th. Finally, Stephens lifted their price objective on Occidental Petroleum from $59.00 to $74.00 and gave the company an “overweight” rating in a report on Tuesday, March 31st. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, fifteen have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $63.74.

Occidental Petroleum Stock Down 2.9%

Shares of NYSE OXY opened at $56.95 on Friday. The firm has a fifty day moving average of $58.68 and a 200-day moving average of $50.55. The company has a quick ratio of 1.01, a current ratio of 1.21 and a debt-to-equity ratio of 0.49. Occidental Petroleum Corporation has a 52-week low of $38.80 and a 52-week high of $67.45. The stock has a market capitalization of $56.64 billion, a PE ratio of 14.34 and a beta of 0.14.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.46. Occidental Petroleum had a net margin of 19.98% and a return on equity of 9.65%. The firm had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $5.44 billion. During the same period in the prior year, the company earned $0.14 EPS. The firm’s revenue was down 8.3% on a year-over-year basis. On average, analysts anticipate that Occidental Petroleum Corporation will post 5.96 EPS for the current year.

Occidental Petroleum Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Wednesday, June 10th will be issued a $0.26 dividend. The ex-dividend date is Wednesday, June 10th. This represents a $1.04 dividend on an annualized basis and a yield of 1.8%. Occidental Petroleum’s payout ratio is currently 26.20%.

Occidental Petroleum Profile

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental’s operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.