Equitable Holdings Inc. Invests $2.33 Million in Occidental Petroleum Corporation $OXY

Key Points

• Equitable Holdings purchased 48,028 Occidental Petroleum shares worth approximately $2.33 million during the second quarter. Institutional investors collectively own 88.7% of OXY, while CEO Richard A. Jackson also purchased shares valued at about $250,000.
• Occidental reported strong quarterly results, with earnings of $2.40 per share versus the $1.83 consensus estimate and revenue of $8.06 billion, up 53.4% year over year.
• The company increased its quarterly dividend to $0.28 per share, representing a 1.9% annualized yield. Analysts maintain a consensus “Hold” rating, with an average price target of $64.83.

Equitable Holdings Inc. purchased a new stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 48,028 shares of the oil and gas producer's stock, valued at approximately $2,333,000.

A number of other large investors have also made changes to their positions in the company. Whittier Trust Co. of Nevada Inc. grew its stake in Occidental Petroleum by 12.5% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 1,765 shares of the oil and gas producer's stock valued at $111,000 after acquiring an additional 196 shares during the period. Athena Wealth Management LLC increased its holdings in shares of Occidental Petroleum by 1.2% in the first quarter. Athena Wealth Management LLC now owns 18,547 shares of the oil and gas producer's stock worth $1,206,000 after acquiring an additional 214 shares in the last quarter. Elevation Wealth Partners LLC raised its position in shares of Occidental Petroleum by 15.8% during the second quarter. Elevation Wealth Partners LLC now owns 1,615 shares of the oil and gas producer's stock worth $78,000 after purchasing an additional 220 shares during the period. HBK Sorce Advisory LLC lifted its holdings in shares of Occidental Petroleum by 2.8% during the 2nd quarter. HBK Sorce Advisory LLC now owns 8,210 shares of the oil and gas producer's stock valued at $442,000 after purchasing an additional 220 shares in the last quarter. Finally, Summit Securities Group LLC grew its position in shares of Occidental Petroleum by 18.5% in the 4th quarter. Summit Securities Group LLC now owns 1,469 shares of the oil and gas producer's stock valued at $60,000 after purchasing an additional 229 shares during the period. Institutional investors own 88.70% of the company's stock.

Insider Transactions 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 stock was purchased at an average cost of $52.38 per share, with a total value of $249,852.60. Following the completion of the transaction, the chief executive officer owned 444,098 shares of the company's stock, valued at approximately $23,261,853.24. This trade represents a 1.09% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.50% of the company's stock.

Occidental Petroleum Stock Performance

Shares of OXY stock opened at $59.12 on Friday. The company's fifty day simple moving average is $55.18 and its 200-day simple moving average is $55.95. The company has a quick ratio of 1.13, a current ratio of 1.41 and a debt-to-equity ratio of 0.40. The firm has a market cap of $59.10 billion, a PE ratio of 9.15, a P/E/G ratio of 0.94 and a beta of 0.15. Occidental Petroleum Corporation has a 12 month low of $38.80 and a 12 month high of $67.45.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its 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 business had revenue of $8.06 billion during the quarter, compared to the consensus estimate of $7.07 billion. During the same quarter last year, the firm earned $0.39 earnings per share. The firm's revenue for the quarter was up 53.4% compared to the same quarter last year. Equities research analysts expect that Occidental Petroleum Corporation will post 6.09 EPS for the current fiscal year.

Occidental Petroleum Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, September 10th will be issued a dividend of $0.28 per share. The ex-dividend date is Thursday, September 10th. This is a boost from Occidental Petroleum's previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 1.9%. Occidental Petroleum's dividend payout ratio is currently 16.10%.

Analysts Set New Price Targets

A number of analysts recently issued reports on OXY shares. Raymond James Financial increased their target price on Occidental Petroleum from $64.00 to $75.00 and gave the stock an "outperform" rating in a research note on Monday, May 4th. Citigroup reduced their price target on shares of Occidental Petroleum from $62.00 to $60.00 and set a "neutral" rating for the company in a report on Friday, July 17th. Barclays dropped their price objective on shares of Occidental Petroleum from $75.00 to $71.00 and set an "overweight" rating on the stock in a report on Monday, August 17th. The Goldman Sachs Group lowered their target price on Occidental Petroleum from $64.00 to $60.00 and set a "neutral" rating for the company in a report on Tuesday, June 30th. Finally, Weiss Ratings lowered Occidental Petroleum from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday. Ten research analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $64.83.

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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