Bank of New York Mellon Corp Sells 1,720,156 Shares of Occidental Petroleum Co. (NYSE:OXY)

Bank of New York Mellon Corp cut its position in Occidental Petroleum Co. (NYSE:OXY) by 23.8% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,503,234 shares of the oil and gas producer’s stock after selling 1,720,156 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.59% of Occidental Petroleum worth $271,915,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Louisiana State Employees Retirement System increased its holdings in shares of Occidental Petroleum by 0.8% during the third quarter. Louisiana State Employees Retirement System now owns 37,900 shares of the oil and gas producer’s stock valued at $1,953,000 after acquiring an additional 300 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Occidental Petroleum by 8.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 39,729 shares of the oil and gas producer’s stock valued at $2,027,000 after buying an additional 3,138 shares during the period. Fortitude Family Office LLC boosted its stake in shares of Occidental Petroleum by 160.0% in the third quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock worth $25,000 after buying an additional 304 shares during the last quarter. Milestones Administradora de Recursos Ltda. grew its stake in shares of Occidental Petroleum by 151.3% during the 3rd quarter. Milestones Administradora de Recursos Ltda. now owns 175,320 shares of the oil and gas producer’s stock worth $9,036,000 after purchasing an additional 105,560 shares during the period. Finally, Diversify Wealth Management LLC increased its holdings in Occidental Petroleum by 7.8% in the third quarter. Diversify Wealth Management LLC now owns 12,153 shares of the oil and gas producer’s stock valued at $624,000 after buying an additional 884 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Stock Performance

OXY stock opened at $48.50 on Thursday. The company has a market capitalization of $45.52 billion, a P/E ratio of 19.88 and a beta of 1.55. The company has a quick ratio of 0.76, a current ratio of 0.95 and a debt-to-equity ratio of 0.95. The company has a 50-day simple moving average of $49.36 and a 200 day simple moving average of $51.19. Occidental Petroleum Co. has a fifty-two week low of $45.17 and a fifty-two week high of $71.18.

Occidental Petroleum (NYSE:OXY) last issued its earnings results on Tuesday, February 18th. The oil and gas producer reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.13. Occidental Petroleum had a net margin of 11.37% and a return on equity of 16.33%. The firm had revenue of $6.84 billion during the quarter, compared to analysts’ expectations of $7.14 billion. Sell-side analysts predict that Occidental Petroleum Co. will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 10th will be paid a $0.24 dividend. The ex-dividend date is Monday, March 10th. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.98%. Occidental Petroleum’s dividend payout ratio is 39.34%.

Insiders Place Their Bets

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 3,614,015 shares of the firm’s stock in a transaction that occurred on Thursday, December 19th. The stock was purchased at an average price of $45.60 per share, for a total transaction of $164,799,084.00. Following the purchase, the insider now directly owns 264,178,414 shares in the company, valued at $12,046,535,678.40. This trade represents a 1.39 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have bought a total of 6,854,394 shares of company stock valued at $315,101,532 in the last three months. Insiders own 0.31% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on OXY. Wells Fargo & Company reissued an “equal weight” rating on shares of Occidental Petroleum in a research note on Friday, February 21st. Citigroup reduced their price target on Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating on the stock in a report on Tuesday, November 26th. Roth Capital set a $54.00 price target on shares of Occidental Petroleum in a research note on Thursday, January 23rd. Mizuho decreased their price objective on shares of Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating on the stock in a report on Monday, December 16th. Finally, Piper Sandler dropped their target price on Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating for the company in a research report on Thursday, December 19th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $61.55.

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.