Occidental Petroleum Co. (NYSE:OXY) to Post Q3 2024 Earnings of $1.07 Per Share, Capital One Financial Forecasts

Occidental Petroleum Co. (NYSE:OXY) – Equities research analysts at Capital One Financial lifted their Q3 2024 earnings per share (EPS) estimates for Occidental Petroleum in a note issued to investors on Wednesday, July 3rd. Capital One Financial analyst B. Velie now anticipates that the oil and gas producer will post earnings of $1.07 per share for the quarter, up from their previous forecast of $1.04. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.88 per share. Capital One Financial also issued estimates for Occidental Petroleum’s Q4 2024 earnings at $1.25 EPS, Q1 2025 earnings at $1.01 EPS, Q2 2025 earnings at $1.01 EPS, Q3 2025 earnings at $1.01 EPS, Q4 2025 earnings at $1.01 EPS and FY2026 earnings at $3.07 EPS.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.01. Occidental Petroleum had a return on equity of 17.50% and a net margin of 15.62%. The business had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $6.70 billion. During the same period in the previous year, the company posted $1.09 EPS. The business’s quarterly revenue was down 17.2% compared to the same quarter last year.

A number of other brokerages also recently issued reports on OXY. Barclays initiated coverage on shares of Occidental Petroleum in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $73.00 price objective for the company. Morgan Stanley upped their price target on Occidental Petroleum from $66.00 to $72.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Truist Financial cut Occidental Petroleum from a “buy” rating to a “hold” rating and lowered their price objective for the company from $84.00 to $69.00 in a research report on Thursday, May 16th. Scotiabank raised shares of Occidental Petroleum from a “sector perform” rating to a “sector outperform” rating and increased their target price for the stock from $63.00 to $90.00 in a report on Thursday, April 11th. Finally, Mizuho lifted their price target on shares of Occidental Petroleum from $70.00 to $71.00 and gave the company a “neutral” rating in a report on Wednesday, May 8th. Eleven research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Occidental Petroleum presently has an average rating of “Hold” and an average target price of $71.56.

Occidental Petroleum Stock Performance

Shares of NYSE OXY opened at $61.03 on Monday. The company has a current ratio of 0.95, a quick ratio of 0.71 and a debt-to-equity ratio of 0.82. Occidental Petroleum has a 12-month low of $55.12 and a 12-month high of $71.18. The firm has a market capitalization of $54.11 billion, a price-to-earnings ratio of 16.67 and a beta of 1.61. The firm has a 50 day moving average of $62.18 and a 200 day moving average of $61.88.

Institutional Investors Weigh In On Occidental Petroleum

Several institutional investors have recently modified their holdings of the stock. CapWealth Advisors LLC lifted its position in Occidental Petroleum by 2.7% in the first quarter. CapWealth Advisors LLC now owns 6,105 shares of the oil and gas producer’s stock worth $397,000 after buying an additional 162 shares during the last quarter. Meeder Advisory Services Inc. lifted its holdings in shares of Occidental Petroleum by 2.0% in the 1st quarter. Meeder Advisory Services Inc. now owns 8,503 shares of the oil and gas producer’s stock worth $553,000 after acquiring an additional 164 shares during the last quarter. Investment Research & Advisory Group Inc. boosted its stake in shares of Occidental Petroleum by 75.2% during the 1st quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 167 shares during the period. Earnest Partners LLC grew its holdings in Occidental Petroleum by 2.6% during the 1st quarter. Earnest Partners LLC now owns 6,850 shares of the oil and gas producer’s stock valued at $445,000 after purchasing an additional 173 shares during the last quarter. Finally, VisionPoint Advisory Group LLC raised its position in Occidental Petroleum by 1.2% in the 3rd quarter. VisionPoint Advisory Group LLC now owns 14,754 shares of the oil and gas producer’s stock worth $957,000 after purchasing an additional 174 shares during the period. 88.70% of the stock is owned by institutional investors.

Insider Activity

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc purchased 765,899 shares of Occidental Petroleum stock in a transaction that occurred on Wednesday, June 12th. The shares were bought at an average price of $60.28 per share, for a total transaction of $46,168,391.72. Following the completion of the transaction, the insider now owns 252,333,913 shares of the company’s stock, valued at approximately $15,210,688,275.64. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last ninety days, insiders bought 4,656,747 shares of company stock worth $278,664,028. 0.48% of the stock is currently owned by insiders.

Occidental Petroleum Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, June 10th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.44%. The ex-dividend date is Monday, June 10th. Occidental Petroleum’s payout ratio is 24.04%.

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.