Equities Analysts Set Expectations for OXY FY2024 Earnings

Occidental Petroleum Co. (NYSE:OXY) – Equities research analysts at Scotiabank decreased their FY2024 earnings per share (EPS) estimates for Occidental Petroleum in a research report issued to clients and investors on Wednesday, January 8th. Scotiabank analyst P. Cheng now forecasts that the oil and gas producer will earn $3.55 per share for the year, down from their prior forecast of $4.10. Scotiabank currently has a “Sector Outperform” rating and a $65.00 target price on the stock. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.35 per share. Scotiabank also issued estimates for Occidental Petroleum’s FY2025 earnings at $3.40 EPS.

Other equities analysts also recently issued reports about the stock. Raymond James lifted 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 note on Thursday, November 21st. StockNews.com raised shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research report on Sunday, January 5th. TD Cowen lowered their price objective on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a research report on Tuesday, November 12th. Truist Financial raised their target price on Occidental Petroleum from $56.00 to $58.00 and gave the stock a “hold” rating in a research note on Monday. Finally, Piper Sandler decreased their price target on Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Occidental Petroleum currently has a consensus rating of “Hold” and an average price target of $62.19.

Occidental Petroleum Stock Up 2.8 %

NYSE OXY opened at $52.74 on Monday. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96. Occidental Petroleum has a 52 week low of $45.17 and a 52 week high of $71.18. The business’s fifty day simple moving average is $49.59 and its 200-day simple moving average is $53.69. The firm has a market cap of $49.49 billion, a PE ratio of 13.73 and a beta of 1.57.

Occidental Petroleum Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be given a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $0.88 annualized dividend and a dividend yield of 1.67%. Occidental Petroleum’s dividend payout ratio is presently 22.92%.

Insider Activity at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc purchased 3,614,015 shares of the stock in a transaction on Thursday, December 19th. The stock was purchased at an average price of $45.60 per share, with a total value of $164,799,084.00. Following the completion of the transaction, the insider now owns 264,178,414 shares in the company, valued at approximately $12,046,535,678.40. The trade was a 1.39 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.31% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. FNY Investment Advisers LLC boosted its position in shares of Occidental Petroleum by 4,791.6% in the fourth quarter. FNY Investment Advisers LLC now owns 4,060 shares of the oil and gas producer’s stock worth $200,000 after buying an additional 3,977 shares during the period. Moody National Bank Trust Division increased its holdings in Occidental Petroleum by 4.4% during the 4th quarter. Moody National Bank Trust Division now owns 13,881 shares of the oil and gas producer’s stock worth $686,000 after purchasing an additional 588 shares during the last quarter. CHICAGO TRUST Co NA raised its position in shares of Occidental Petroleum by 21.6% in the 4th quarter. CHICAGO TRUST Co NA now owns 15,859 shares of the oil and gas producer’s stock valued at $784,000 after purchasing an additional 2,812 shares in the last quarter. Brookstone Capital Management boosted its stake in shares of Occidental Petroleum by 13.3% during the 4th quarter. Brookstone Capital Management now owns 11,630 shares of the oil and gas producer’s stock valued at $575,000 after buying an additional 1,367 shares during the last quarter. Finally, Czech National Bank increased its holdings in Occidental Petroleum by 6.8% in the fourth quarter. Czech National Bank now owns 146,485 shares of the oil and gas producer’s stock valued at $7,238,000 after buying an additional 9,322 shares during the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

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.