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

Bank of New York Mellon Corp increased its stake in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 84.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,643,916 shares of the oil and gas producer's stock after buying an additional 4,882,834 shares during the period. Bank of New York Mellon Corp owned about 1.07% of Occidental Petroleum worth $516,975,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in OXY. Vanguard Group Inc. raised its stake in shares of Occidental Petroleum by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 89,900,677 shares of the oil and gas producer's stock worth $3,696,716,000 after buying an additional 699,137 shares during the last quarter. State Street Corp grew its stake in Occidental Petroleum by 2.1% in the 4th quarter. State Street Corp now owns 39,539,743 shares of the oil and gas producer's stock valued at $1,635,263,000 after acquiring an additional 828,848 shares during the last quarter. Geode Capital Management LLC increased its holdings in Occidental Petroleum by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 18,846,231 shares of the oil and gas producer's stock valued at $771,949,000 after acquiring an additional 167,518 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Occidental Petroleum by 21.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer's stock worth $436,008,000 after acquiring an additional 1,883,721 shares during the last quarter. Finally, Invesco Ltd. raised its position in Occidental Petroleum by 18.9% during the fourth quarter. Invesco Ltd. now owns 6,730,847 shares of the oil and gas producer's stock worth $276,772,000 after acquiring an additional 1,071,948 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Occidental Petroleum Stock Performance

NYSE OXY opened at $61.34 on Friday. The business's 50-day simple moving average is $54.56 and its 200-day simple moving average is $55.47. The firm has a market capitalization of $61.32 billion, a P/E ratio of 9.50, a P/E/G ratio of 0.80 and a beta of 0.15. Occidental Petroleum Corporation has a 1-year low of $38.80 and a 1-year high of $67.45. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.13.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, beating analysts' consensus estimates of $1.83 by $0.57. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The firm had revenue of $8.06 billion for the quarter, compared to analysts' expectations of $7.07 billion. During the same period in the previous year, the company posted $0.39 earnings per share. Occidental Petroleum's revenue was up 53.4% compared to the same quarter last year. Equities analysts predict that Occidental Petroleum Corporation will post 6.08 EPS for the current year.

Occidental Petroleum Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, September 10th will be paid a dividend of $0.28 per share. This is a boost from Occidental Petroleum's previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Thursday, September 10th. Occidental Petroleum's payout ratio is presently 16.10%.

Wall Street Analyst Weigh In

Several research firms have recently commented on OXY. Wall Street Zen upgraded shares of Occidental Petroleum from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Citigroup cut their price objective on Occidental Petroleum from $62.00 to $60.00 and set a "neutral" rating for the company in a research report on Friday, July 17th. Stephens reduced their target price on Occidental Petroleum from $73.00 to $69.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 14th. Susquehanna raised their price target on Occidental Petroleum from $67.00 to $70.00 and gave the stock a "positive" rating in a research report on Tuesday, August 11th. Finally, Morgan Stanley cut their price target on Occidental Petroleum from $74.00 to $68.00 and set an "equal weight" rating for the company in a report on Friday, June 26th. Ten equities research analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the stock. Based on data from MarketBeat.com, Occidental Petroleum presently has an average rating of "Hold" and a consensus target price of $64.83.

Insider Buying and Selling at Occidental Petroleum

In related news, CEO Richard A. Jackson purchased 4,770 shares of Occidental Petroleum stock in a transaction that occurred on Tuesday, June 23rd. The shares were purchased at an average cost of $52.38 per share, with a total value of $249,852.60. Following the transaction, the chief executive officer owned 444,098 shares of the company's stock, valued at approximately $23,261,853.24. The trade was a 1.09% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 0.50% of the stock is owned by insiders.

About Occidental Petroleum

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.

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