Capital One Financial Weighs in on OXY FY2024 Earnings

Occidental Petroleum Co. (NYSE:OXY) – Equities research analysts at Capital One Financial upped their FY2024 earnings estimates for shares of Occidental Petroleum in a note issued to investors on Wednesday, January 8th. Capital One Financial analyst B. Velie now expects that the oil and gas producer will earn $3.27 per share for the year, up from their previous forecast of $3.25. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.35 per share. Capital One Financial also issued estimates for Occidental Petroleum’s Q4 2024 earnings at $0.59 EPS and FY2026 earnings at $2.93 EPS.

Other equities analysts have also issued reports about the company. Evercore ISI reduced their target price on Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company in a report on Monday, September 30th. Wells Fargo & Company reduced their price objective on Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating for the company in a research note on Monday, December 9th. Jefferies Financial Group lifted their target price on Occidental Petroleum from $53.00 to $54.00 and gave the stock a “hold” rating in a research note on Tuesday, November 12th. Stephens increased their price target on shares of Occidental Petroleum from $70.00 to $71.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Finally, UBS Group lowered their price objective on shares of Occidental Petroleum from $58.00 to $51.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. One 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’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $62.10.

Occidental Petroleum Trading Up 0.3 %

Shares of OXY stock opened at $51.35 on Friday. 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 has a market capitalization of $48.18 billion, a price-to-earnings ratio of 13.37 and a beta of 1.57. Occidental Petroleum has a 52-week low of $45.17 and a 52-week high of $71.18. The company has a 50-day simple moving average of $49.54 and a two-hundred day simple moving average of $53.89.

Institutional Investors Weigh In On Occidental Petroleum

Several hedge funds have recently added to or reduced their stakes in the company. Gateway Advisory LLC lifted its position in Occidental Petroleum by 3.9% in the second 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 during the last quarter. Segment Wealth Management LLC boosted its holdings in shares of Occidental Petroleum by 5.2% during the third 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 during the period. Wealth Alliance Advisory Group LLC grew its stake in shares of 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 during the last quarter. Leavell Investment Management Inc. increased its holdings in Occidental Petroleum by 3.3% during the 3rd 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 holdings in Occidental Petroleum by 4.1% in 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 buying an additional 250 shares during the period. Institutional investors own 88.70% of the company’s stock.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc acquired 3,614,015 shares of the company’s stock in a transaction dated Thursday, December 19th. The stock was bought at an average cost of $45.60 per share, with a total value of $164,799,084.00. Following the acquisition, the insider now owns 264,178,414 shares of the company’s stock, valued at approximately $12,046,535,678.40. The trade was a 1.39 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.48% of the company’s stock.

Occidental Petroleum Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be paid a dividend of $0.22 per share. The ex-dividend date is Tuesday, December 10th. This represents a $0.88 annualized dividend and a yield of 1.71%. Occidental Petroleum’s dividend payout ratio is currently 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.