Q3 2024 EPS Estimates for Occidental Petroleum Co. (NYSE:OXY) Cut by Analyst

Occidental Petroleum Co. (NYSE:OXY) – Stock analysts at Capital One Financial reduced their Q3 2024 earnings estimates for Occidental Petroleum in a research report issued on Tuesday, October 15th. Capital One Financial analyst B. Velie now forecasts that the oil and gas producer will post earnings of $0.64 per share for the quarter, down from their prior forecast of $0.70. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.49 per share. Capital One Financial also issued estimates for Occidental Petroleum’s Q4 2024 earnings at $0.53 EPS and FY2024 earnings at $2.84 EPS.

OXY has been the subject of a number of other reports. UBS Group decreased their target price on shares of Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating for the company in a research report on Wednesday, September 18th. Truist Financial decreased their price objective on shares of Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a research report on Monday, September 30th. The Goldman Sachs Group initiated coverage on shares of Occidental Petroleum in a research report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price objective for the company. Stephens reiterated an “overweight” rating and issued a $76.00 price objective on shares of Occidental Petroleum in a research report on Thursday, August 8th. Finally, Wells Fargo & Company decreased their price objective on shares of Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating for the company in a research report on Friday, September 27th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $66.29.

Occidental Petroleum Trading Down 0.6 %

NYSE OXY opened at $51.26 on Thursday. The company has a market capitalization of $45.45 billion, a PE ratio of 14.01 and a beta of 1.57. The company has a fifty day moving average of $54.35 and a 200 day moving average of $60.02. Occidental Petroleum has a 1 year low of $49.75 and a 1 year high of $71.18. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.04 and a quick ratio of 0.75.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.26. The company had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.93 billion. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.68 earnings per share.

Institutional Trading of Occidental Petroleum

Hedge funds have recently bought and sold shares of the business. Investment Research & Advisory Group Inc. raised its holdings in Occidental Petroleum by 75.2% in the 1st quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock valued at $25,000 after acquiring an additional 167 shares during the last quarter. New Covenant Trust Company N.A. acquired a new stake in shares of Occidental Petroleum during the 1st quarter worth approximately $44,000. LRI Investments LLC acquired a new stake in shares of Occidental Petroleum during the 1st quarter worth approximately $44,000. Riverview Trust Co acquired a new stake in shares of Occidental Petroleum during the 1st quarter worth approximately $63,000. Finally, Exchange Traded Concepts LLC acquired a new stake in shares of Occidental Petroleum during the 3rd quarter worth approximately $87,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

Insider Buying and Selling at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total value of $697,125,000.00. Following the completion of the sale, the insider now owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.31% of the stock is owned by insiders.

Occidental Petroleum Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 10th were issued a $0.22 dividend. The ex-dividend date was Tuesday, September 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.72%. Occidental Petroleum’s payout ratio is 24.04%.

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.