FY2024 EPS Forecast for Occidental Petroleum Cut by Analyst

Occidental Petroleum Co. (NYSE:OXY) – Analysts at Capital One Financial cut their FY2024 earnings per share estimates for shares of Occidental Petroleum in a note issued to investors on Thursday, January 16th. Capital One Financial analyst B. Velie now anticipates that the oil and gas producer will post earnings per share of $3.26 for the year, down from their prior estimate of $3.27. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.32 per share.

OXY has been the subject of several other research reports. BMO Capital Markets dropped their price objective on shares of Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating for the company in a research note on Friday, October 4th. Truist Financial boosted their target price on Occidental Petroleum from $56.00 to $58.00 and gave the company a “hold” rating in a research report on Monday, January 13th. Piper Sandler dropped their price objective on shares of Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. Jefferies Financial Group increased their price target on Occidental Petroleum from $53.00 to $54.00 and gave the company a “hold” rating in a research report on Tuesday, November 12th. Finally, Stephens increased their target price on Occidental Petroleum from $70.00 to $71.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $62.19.

Occidental Petroleum Price Performance

NYSE:OXY opened at $50.57 on Monday. The stock’s 50-day moving average price is $49.72 and its 200-day moving average price is $53.32. Occidental Petroleum has a 52 week low of $45.17 and a 52 week high of $71.18. The stock has a market capitalization of $47.46 billion, a PE ratio of 13.17 and a beta of 1.57. 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

Hedge funds and other institutional investors have recently modified their holdings of the company. Gateway Advisory LLC raised its stake in shares of Occidental Petroleum by 3.9% in the 2nd quarter. Gateway Advisory LLC now owns 4,847 shares of the oil and gas producer’s stock valued at $306,000 after purchasing an additional 184 shares in the last quarter. Segment Wealth Management LLC raised its stake in shares of Occidental Petroleum by 5.2% during the 3rd quarter. Segment Wealth Management LLC now owns 3,973 shares of the oil and gas producer’s stock worth $205,000 after purchasing an additional 196 shares in the last quarter. Wealth Alliance Advisory Group LLC boosted its holdings in Occidental Petroleum by 2.2% in the third quarter. Wealth Alliance Advisory Group LLC now owns 9,191 shares of the oil and gas producer’s stock worth $474,000 after purchasing an additional 200 shares in the last quarter. Leavell Investment Management Inc. raised its position in shares of Occidental Petroleum by 3.3% in the third quarter. Leavell Investment Management Inc. now owns 6,241 shares of the oil and gas producer’s stock valued at $323,000 after purchasing an additional 200 shares during the period. Finally, Empire Financial Management Company LLC lifted its position in shares of Occidental Petroleum by 4.1% during the 3rd quarter. Empire Financial Management Company LLC now owns 6,383 shares of the oil and gas producer’s stock worth $329,000 after purchasing an additional 250 shares during the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc purchased 3,614,015 shares of the firm’s stock in a transaction that occurred on Thursday, December 19th. The stock was acquired at an average cost of $45.60 per share, for a total transaction of $164,799,084.00. Following the completion of the acquisition, the insider now owns 264,178,414 shares in the company, valued at $12,046,535,678.40. This trade represents a 1.39 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.48% of the stock is owned by corporate insiders.

Occidental Petroleum Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th were paid a $0.22 dividend. The ex-dividend date of this dividend was Tuesday, December 10th. This represents a $0.88 annualized dividend and a dividend yield of 1.74%. Occidental Petroleum’s dividend payout ratio is currently 22.92%.

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.