Research Analysts Offer Predictions for OXY FY2024 Earnings

Occidental Petroleum Co. (NYSE:OXY) – Zacks Research reduced their FY2024 earnings estimates for shares of Occidental Petroleum in a research note issued on Tuesday, December 3rd. Zacks Research analyst J. Saha now anticipates that the oil and gas producer will earn $3.29 per share for the year, down from their prior forecast of $3.41. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.36 per share.

A number of other brokerages have also weighed in on OXY. BMO Capital Markets decreased their price target on shares of Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating on the stock in a report on Friday, October 4th. TD Cowen dropped their price target on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. Mizuho reduced their price objective on Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. Raymond James increased their target price on shares of Occidental Petroleum from $77.00 to $78.00 and gave the stock a “strong-buy” rating in a research report on Thursday, November 21st. Finally, Jefferies Financial Group lifted their price target on shares of Occidental Petroleum from $53.00 to $54.00 and gave the company a “hold” rating in a research report on Tuesday, November 12th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $63.25.

Occidental Petroleum Price Performance

OXY opened at $47.54 on Thursday. Occidental Petroleum has a 1 year low of $47.20 and a 1 year high of $71.18. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.76 and a current ratio of 1.00. The company’s 50 day simple moving average is $51.49 and its 200 day simple moving average is $56.17. The stock has a market capitalization of $44.61 billion, a PE ratio of 12.38 and a beta of 1.57.

Institutional Investors Weigh In On Occidental Petroleum

A number of institutional investors and hedge funds have recently modified their holdings of OXY. Geode Capital Management LLC lifted its holdings in shares of Occidental Petroleum by 3.3% during the third quarter. Geode Capital Management LLC now owns 13,846,890 shares of the oil and gas producer’s stock valued at $710,886,000 after purchasing an additional 444,850 shares during the last quarter. H&H International Investment LLC boosted its holdings in shares of Occidental Petroleum by 497.7% in the third quarter. H&H International Investment LLC now owns 9,223,700 shares of the oil and gas producer’s stock worth $475,389,000 after buying an additional 7,680,598 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Occidental Petroleum by 2.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,007,770 shares of the oil and gas producer’s stock worth $206,560,000 after acquiring an additional 98,703 shares in the last quarter. American Century Companies Inc. boosted its stake in Occidental Petroleum by 16.8% in the 2nd quarter. American Century Companies Inc. now owns 3,707,555 shares of the oil and gas producer’s stock worth $233,687,000 after purchasing an additional 532,318 shares during the period. Finally, Swiss National Bank grew its position in Occidental Petroleum by 0.3% during the 3rd quarter. Swiss National Bank now owns 1,973,614 shares of the oil and gas producer’s stock worth $101,720,000 after purchasing an additional 5,200 shares in the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

Occidental Petroleum Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be given a $0.22 dividend. The ex-dividend date is Tuesday, December 10th. This represents a $0.88 annualized dividend and a yield of 1.85%. Occidental Petroleum’s dividend payout ratio (DPR) is 22.92%.

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.