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

Equitable Holdings Inc. bought a new stake in Occidental Petroleum Corporation (NYSE:OXY) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 48,028 shares of the oil and gas producer’s stock, valued at approximately $2,333,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Axiom Investment Management LLC acquired a new position in Occidental Petroleum during the first quarter worth approximately $25,000. Hara Capital LLC bought a new position in shares of Occidental Petroleum during the 2nd quarter worth approximately $25,000. GKV Capital Management Co. Inc. acquired a new position in shares of Occidental Petroleum during the 1st quarter worth approximately $26,000. Portus Wealth Advisors LLC acquired a new position in shares of Occidental Petroleum during the 1st quarter worth approximately $29,000. Finally, Caitlin John LLC bought a new stake in Occidental Petroleum in the 4th quarter valued at $29,000. Institutional investors own 88.70% of the company’s stock.

Insider Activity at Occidental Petroleum

In other Occidental Petroleum news, CEO Richard A. Jackson purchased 4,770 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The stock was bought at an average cost of $52.38 per share, for a total transaction of $249,852.60. Following the completion of the transaction, the chief executive officer owned 444,098 shares in the company, valued at approximately $23,261,853.24. This represents a 1.09% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 0.50% of the company’s stock.

Occidental Petroleum Stock Down 0.1%

OXY opened at $59.12 on Friday. Occidental Petroleum Corporation has a fifty-two week low of $38.80 and a fifty-two week high of $67.45. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.13 and a current ratio of 1.41. The company has a market capitalization of $59.10 billion, a P/E ratio of 9.15, a P/E/G ratio of 0.94 and a beta of 0.15. The stock has a fifty day moving average of $55.18 and a 200-day moving average of $55.95.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $7.07 billion. During the same period in the prior year, the company posted $0.39 earnings per share. Occidental Petroleum’s revenue was up 53.4% compared to the same quarter last year. On average, equities analysts expect that Occidental Petroleum Corporation will post 6.09 EPS for the current year.

Occidental Petroleum Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, September 10th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Thursday, September 10th. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.26. Occidental Petroleum’s dividend payout ratio (DPR) is currently 16.10%.

Analyst Ratings Changes

A number of research firms have commented on OXY. Barclays reduced their price objective on shares of Occidental Petroleum from $75.00 to $71.00 and set an “overweight” rating for the company in a research report on Monday, August 17th. Susquehanna raised their target price on shares of Occidental Petroleum from $67.00 to $70.00 and gave the stock a “positive” rating in a research note on Tuesday, August 11th. Truist Financial lifted their target price on shares of Occidental Petroleum from $57.00 to $63.00 and gave the stock a “hold” rating in a report on Monday, August 10th. Morgan Stanley decreased their price target on shares of Occidental Petroleum from $74.00 to $68.00 and set an “equal weight” rating on the stock in a research note on Friday, June 26th. Finally, UBS Group lowered their price target on shares of Occidental Petroleum from $67.00 to $65.00 and set a “neutral” rating on the stock in a report on Thursday, May 7th. Ten equities research analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the stock. According to data from MarketBeat.com, Occidental Petroleum currently has a consensus rating of “Hold” and a consensus price target of $64.83.

Occidental Petroleum Profile

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.