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Bank of New York Mellon Corp Reduces Stake in Occidental Petroleum Co. (NYSE:OXY)

By September 6, 2019 No Comments

Bank of New York Mellon Corp decreased its stake in shares of Occidental Petroleum Co. (NYSE:OXY) by 14.3% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 8,073,240 shares of the oil and gas producer’s stock after selling 1,349,869 shares during the period. Bank of New York Mellon Corp owned 1.08% of Occidental Petroleum worth $405,923,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Mizuho Securities Co. Ltd. purchased a new stake in shares of Occidental Petroleum in the 2nd quarter valued at about $30,000. Global Trust Asset Management LLC raised its holdings in shares of Occidental Petroleum by 2,725.6% in the 2nd quarter. Global Trust Asset Management LLC now owns 12,122 shares of the oil and gas producer’s stock valued at $33,000 after acquiring an additional 11,693 shares in the last quarter. Harvest Group Wealth Management LLC purchased a new stake in shares of Occidental Petroleum in the 1st quarter valued at about $34,000. TRUE Private Wealth Advisors purchased a new stake in shares of Occidental Petroleum in the 2nd quarter valued at about $36,000. Finally, Kavar Capital Partners LLC purchased a new stake in shares of Occidental Petroleum in the 2nd quarter valued at about $39,000. 80.49% of the stock is currently owned by institutional investors and hedge funds.

Shares of Occidental Petroleum stock opened at $43.58 on Thursday. The company has a current ratio of 1.20, a quick ratio of 1.00 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $31.94 billion, a PE ratio of 8.70, a price-to-earnings-growth ratio of 2.80 and a beta of 0.85. The business’s 50-day moving average price is $47.21 and its 200-day moving average price is $55.58. Occidental Petroleum Co. has a 12 month low of $41.83 and a 12 month high of $83.35.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data on Wednesday, July 31st. The oil and gas producer reported $0.97 EPS for the quarter, beating the consensus estimate of $0.91 by $0.06. Occidental Petroleum had a return on equity of 17.06% and a net margin of 19.65%. The firm had revenue of $4.48 billion for the quarter, compared to analyst estimates of $4.39 billion. During the same period in the prior year, the company earned $1.10 EPS. The company’s revenue was up 8.4% on a year-over-year basis. As a group, analysts predict that Occidental Petroleum Co. will post 3.05 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, September 10th will be given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 7.25%. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.78. The ex-dividend date is Monday, September 9th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 62.28%.

In related news, insider Oscar K. Brown purchased 5,000 shares of Occidental Petroleum stock in a transaction that occurred on Friday, August 23rd. The shares were acquired at an average cost of $42.62 per share, for a total transaction of $213,100.00. Following the transaction, the insider now directly owns 114,519 shares in the company, valued at $4,880,799.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Marcia E. Backus purchased 10,000 shares of Occidental Petroleum stock in a transaction that occurred on Monday, June 10th. The shares were bought at an average price of $48.09 per share, for a total transaction of $480,900.00. Following the completion of the transaction, the senior vice president now owns 101,248 shares in the company, valued at $4,869,016.32. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 114,160 shares of company stock worth $5,459,226. 0.15% of the stock is owned by corporate insiders.

OXY has been the topic of several recent analyst reports. Piper Jaffray Companies set a $59.00 price target on Occidental Petroleum and gave the company a “buy” rating in a report on Friday, August 16th. Argus cut Occidental Petroleum from a “buy” rating to a “hold” rating and set a $54.61 price target on the stock. in a report on Thursday, May 16th. Goldman Sachs Group initiated coverage on Occidental Petroleum in a report on Tuesday, August 27th. They issued a “neutral” rating and a $52.50 price target on the stock. JPMorgan Chase & Co. initiated coverage on Occidental Petroleum in a report on Tuesday, August 13th. They issued an “underweight” rating and a $50.00 price target on the stock. Finally, Morgan Stanley lowered their price target on Occidental Petroleum from $55.00 to $52.00 and set an “equal weight” rating on the stock in a report on Friday, July 12th. Two investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and five have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $66.48.

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 and internationally. The company operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.

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Institutional Ownership by Quarter for Occidental Petroleum (NYSE:OXY)

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