Bank of New York Mellon Corp Sells 961,105 Shares of Occidental Petroleum Corporation (NYSE:OXY)

Bank of New York Mellon Corp trimmed its position in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 17.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,542,129 shares of the oil and gas producer's stock after selling 961,105 shares during the period. Bank of New York Mellon Corp owned approximately 0.48% of Occidental Petroleum worth $224,199,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of OXY. Benchmark Investment Advisors LLC acquired a new stake in shares of Occidental Petroleum in the 4th quarter valued at approximately $642,000. Vanguard Group Inc. raised its holdings in Occidental Petroleum by 18.1% in the 4th quarter. Vanguard Group Inc. now owns 68,123,704 shares of the oil and gas producer's stock valued at $3,365,992,000 after buying an additional 10,434,098 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in Occidental Petroleum by 9.7% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,596,699 shares of the oil and gas producer's stock valued at $78,813,000 after buying an additional 140,528 shares during the last quarter. Invesco Ltd. raised its holdings in Occidental Petroleum by 25.2% in the 4th quarter. Invesco Ltd. now owns 6,357,689 shares of the oil and gas producer's stock valued at $314,133,000 after buying an additional 1,278,389 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in Occidental Petroleum by 7.5% in the 4th quarter. Northern Trust Corp now owns 7,065,061 shares of the oil and gas producer's stock valued at $349,085,000 after buying an additional 491,797 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on OXY shares. TD Cowen lowered shares of Occidental Petroleum from a "buy" rating to a "hold" rating and dropped their price objective for the company from $68.00 to $45.00 in a report on Tuesday, April 8th. Scotiabank lowered shares of Occidental Petroleum from a "sector outperform" rating to a "sector perform" rating and set a $40.00 price objective for the company. in a report on Friday, April 11th. Susquehanna dropped their price objective on shares of Occidental Petroleum from $59.00 to $55.00 and set a "positive" rating for the company in a report on Tuesday, April 22nd. Morgan Stanley set a $58.00 price target on shares of Occidental Petroleum and gave the stock an "overweight" rating in a report on Wednesday, March 26th. Finally, Raymond James Financial lowered shares of Occidental Petroleum from a "strong-buy" rating to an "outperform" rating and lowered their price target for the stock from $81.00 to $64.00 in a report on Monday, March 10th. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $53.38.

Occidental Petroleum Stock Performance

Shares of NYSE OXY traded up $2.37 during mid-day trading on Tuesday, reaching $45.72. 15,713,864 shares of the company's stock were exchanged, compared to its average volume of 11,828,274. The firm has a market capitalization of $44.99 billion, a price-to-earnings ratio of 18.59 and a beta of 0.84. Occidental Petroleum Corporation has a 52 week low of $34.79 and a 52 week high of $64.76. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.01 and a quick ratio of 0.79. The firm has a 50-day moving average price of $42.60 and a two-hundred day moving average price of $45.33.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The oil and gas producer reported $0.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.74 by $0.13. Occidental Petroleum had a return on equity of 16.60% and a net margin of 11.20%. The business had revenue of $6.80 billion for the quarter, compared to analysts' expectations of $6.97 billion. During the same period in the previous year, the business posted $0.63 EPS. The firm's quarterly revenue was up 13.9% compared to the same quarter last year. Analysts predict that Occidental Petroleum Corporation will post 3.58 EPS for the current year.

Occidental Petroleum Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, June 10th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.10%. The ex-dividend date of this dividend is Tuesday, June 10th. Occidental Petroleum's dividend payout ratio is presently 39.02%.

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.