Capital One Financial Has Negative View of OXY Q3 Earnings

Occidental Petroleum Co. (NYSE:OXY) – Investment analysts at Capital One Financial decreased their Q3 2024 earnings per share (EPS) estimates for Occidental Petroleum in a report issued on Tuesday, October 15th. Capital One Financial analyst B. Velie now anticipates that the oil and gas producer will earn $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 topic of several other research reports. Evercore ISI lowered their price objective on Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a research report on Monday, September 30th. Scotiabank lowered their price objective on Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. BMO Capital Markets lowered their price objective on Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating on the stock in a research report on Friday, October 4th. UBS Group reduced their target price on Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating for the company in a research note on Wednesday, September 18th. Finally, Bank of America began coverage on Occidental Petroleum in a research note on Thursday. They set a “neutral” rating and a $57.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Occidental Petroleum presently has an average rating of “Hold” and a consensus target price of $65.78.

Occidental Petroleum Trading Up 0.9 %

Occidental Petroleum stock opened at $51.73 on Thursday. The company has a current ratio of 1.04, a quick ratio of 0.75 and a debt-to-equity ratio of 0.77. Occidental Petroleum has a 12 month low of $49.75 and a 12 month high of $71.18. The stock’s 50 day simple moving average is $54.21 and its two-hundred day simple moving average is $59.96. The firm has a market cap of $45.87 billion, a PE ratio of 14.13 and a beta of 1.57.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, topping the consensus estimate of $0.77 by $0.26. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The business had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.93 billion. During the same quarter in the prior year, the firm posted $0.68 EPS. The business’s quarterly revenue was up 2.2% compared to the same quarter last year.

Occidental Petroleum Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Tuesday, September 10th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.70%. The ex-dividend date of this dividend was Tuesday, September 10th. Occidental Petroleum’s dividend payout ratio is currently 24.04%.

Insider Activity at Occidental Petroleum

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

Institutional Trading of Occidental Petroleum

Hedge funds and other institutional investors have recently modified their holdings of the stock. Czech National Bank increased its stake in shares of Occidental Petroleum by 8.3% in the 3rd quarter. Czech National Bank now owns 137,163 shares of the oil and gas producer’s stock worth $7,069,000 after acquiring an additional 10,456 shares during the last quarter. Discovery Capital Management LLC CT purchased a new position in shares of Occidental Petroleum during the 2nd quarter worth $10,331,000. Empyrean Capital Partners LP purchased a new position in shares of Occidental Petroleum during the 2nd quarter worth $2,975,000. Swedbank AB purchased a new position in shares of Occidental Petroleum during the 1st quarter worth $12,547,000. Finally, Royal Fund Management LLC grew its holdings in shares of Occidental Petroleum by 124.2% during the 3rd quarter. Royal Fund Management LLC now owns 57,416 shares of the oil and gas producer’s stock worth $2,959,000 after purchasing an additional 31,809 shares during the period. 88.70% of the stock is owned by institutional investors and hedge funds.

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.