Equities Analysts Offer Predictions for OXY FY2024 Earnings

Occidental Petroleum Co. (NYSE:OXY) – Zacks Research upped their FY2024 EPS estimates for Occidental Petroleum in a report issued on Thursday, January 30th. Zacks Research analyst J. Saha now expects that the oil and gas producer will post earnings of $3.30 per share for the year, up from their previous forecast of $3.29. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.34 per share. Zacks Research also issued estimates for Occidental Petroleum’s Q4 2024 earnings at $0.64 EPS, Q1 2025 earnings at $0.83 EPS, Q3 2025 earnings at $0.84 EPS, FY2025 earnings at $2.89 EPS, Q2 2026 earnings at $0.81 EPS, Q3 2026 earnings at $0.75 EPS, Q4 2026 earnings at $0.62 EPS and FY2026 earnings at $2.93 EPS.

Several other brokerages have also commented on OXY. Scotiabank decreased their price objective on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Jefferies Financial Group raised their price objective on shares of Occidental Petroleum from $53.00 to $54.00 and gave the stock a “hold” rating in a report on Tuesday, November 12th. Bank of America started coverage on Occidental Petroleum in a research report on Thursday, October 17th. They issued a “neutral” rating and a $57.00 target price for the company. JPMorgan Chase & Co. restated a “neutral” rating and set a $56.00 price target on shares of Occidental Petroleum in a research report on Friday, November 8th. Finally, The Goldman Sachs Group lowered Occidental Petroleum from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $54.00 to $45.00 in a research report on Friday, January 31st. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $61.71.

Occidental Petroleum Price Performance

Shares of Occidental Petroleum stock opened at $47.60 on Monday. The company has a market cap of $44.66 billion, a PE ratio of 12.40 and a beta of 1.55. The business has a 50 day moving average of $49.35 and a 200 day moving average of $52.41. Occidental Petroleum has a 52 week low of $45.17 and a 52 week high of $71.18. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96.

Institutional Trading of Occidental Petroleum

Several large investors have recently added to or reduced their stakes in the business. Massmutual Trust Co. FSB ADV raised its position in shares of Occidental Petroleum by 87.7% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 2,754 shares of the oil and gas producer’s stock valued at $142,000 after purchasing an additional 1,287 shares during the period. Czech National Bank increased its stake in Occidental Petroleum by 8.3% in the 3rd quarter. Czech National Bank now owns 137,163 shares of the oil and gas producer’s stock worth $7,069,000 after acquiring an additional 10,456 shares during the last quarter. Chemistry Wealth Management LLC grew its stake in shares of Occidental Petroleum by 0.9% in the 3rd quarter. Chemistry Wealth Management LLC now owns 35,974 shares of the oil and gas producer’s stock worth $1,854,000 after buying an additional 313 shares in the last quarter. True North Advisors LLC raised its position in Occidental Petroleum by 44.2% during the third quarter. True North Advisors LLC now owns 6,272 shares of the oil and gas producer’s stock valued at $323,000 after purchasing an additional 1,923 shares during the period. Finally, Royal Fund Management LLC increased its position in shares of Occidental Petroleum by 124.2% during the 3rd quarter. Royal Fund Management LLC now owns 57,416 shares of the oil and gas producer’s stock valued at $2,959,000 after purchasing an additional 31,809 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc purchased 3,614,015 shares of the stock in a transaction dated Thursday, December 19th. The shares were purchased at an average cost of $45.60 per share, with a total value of $164,799,084.00. Following the acquisition, the insider now directly owns 264,178,414 shares of the company’s stock, valued at $12,046,535,678.40. This 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. 0.48% of the stock is owned by insiders.

About Occidental Petroleum

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.