Occidental Petroleum Co. (NYSE:OXY) Forecasted to Post Q3 2024 Earnings of $1.11 Per Share

Occidental Petroleum Co. (NYSE:OXYFree Report) – Stock analysts at Zacks Research lifted their Q3 2024 earnings per share (EPS) estimates for shares of Occidental Petroleum in a report issued on Thursday, March 7th. Zacks Research analyst J. Saha now forecasts that the oil and gas producer will earn $1.11 per share for the quarter, up from their prior forecast of $1.10. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.64 per share. Zacks Research also issued estimates for Occidental Petroleum’s Q1 2025 earnings at $1.12 EPS and FY2025 earnings at $4.52 EPS.

Several other research firms also recently commented on OXY. JPMorgan Chase & Co. decreased their price target on shares of Occidental Petroleum from $78.00 to $73.00 and set a “neutral” rating on the stock in a research note on Friday, December 8th. Mizuho downgraded Occidental Petroleum from a “buy” rating to a “neutral” rating and set a $63.00 price objective on the stock. in a research report on Wednesday, January 3rd. Raymond James reduced their price objective on Occidental Petroleum from $70.00 to $68.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, January 24th. Wells Fargo & Company upped their price objective on Occidental Petroleum from $59.00 to $62.00 and gave the company an “equal weight” rating in a research report on Friday, February 16th. Finally, Morgan Stanley upgraded Occidental Petroleum from an “equal weight” rating to an “overweight” rating and set a $68.00 target price for the company in a research report on Monday, December 11th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $70.06.

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Occidental Petroleum Stock Up 1.2 %

OXY opened at $61.51 on Monday. The company has a current ratio of 0.92, a quick ratio of 0.69 and a debt-to-equity ratio of 0.84. Occidental Petroleum has a 12 month low of $55.12 and a 12 month high of $67.67. The company has a market cap of $54.10 billion, a PE ratio of 15.73, a price-to-earnings-growth ratio of 1.95 and a beta of 1.63. The company has a 50 day moving average of $58.76 and a 200 day moving average of $60.85.

Occidental Petroleum (NYSE:OXYGet Free Report) last released its quarterly earnings data on Thursday, February 15th. The oil and gas producer reported $0.74 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.74. The firm had revenue of $7.53 billion for the quarter, compared to analyst estimates of $6.93 billion. Occidental Petroleum had a net margin of 16.24% and a return on equity of 20.63%. The business’s quarterly revenue was down 9.6% compared to the same quarter last year. During the same period last year, the firm earned $1.61 earnings per share.

Occidental Petroleum Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, March 8th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.43%. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.18. The ex-dividend date is Thursday, March 7th. Occidental Petroleum’s dividend payout ratio (DPR) is 22.51%.

Insider Activity

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 1,626,983 shares of Occidental Petroleum stock in a transaction that occurred on Tuesday, December 19th. The shares were bought at an average cost of $59.85 per share, with a total value of $97,374,932.55. Following the transaction, the insider now directly owns 240,160,172 shares of the company’s stock, valued at approximately $14,373,586,294.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders acquired 6,570,906 shares of company stock worth $383,420,768. Insiders own 0.35% of the company’s stock.

Institutional Investors Weigh In On Occidental Petroleum

A number of large investors have recently made changes to their positions in the stock. Berkshire Hathaway Inc boosted its position in Occidental Petroleum by 8.7% in the fourth quarter. Berkshire Hathaway Inc now owns 243,715,804 shares of the oil and gas producer’s stock valued at $14,552,271,000 after buying an additional 19,586,612 shares during the last quarter. Moneta Group Investment Advisors LLC acquired a new stake in shares of Occidental Petroleum in the fourth quarter worth $267,173,000. Bank of New York Mellon Corp raised its holdings in shares of Occidental Petroleum by 24.1% during the third quarter. Bank of New York Mellon Corp now owns 12,021,929 shares of the oil and gas producer’s stock worth $779,983,000 after purchasing an additional 2,334,651 shares during the last quarter. American Century Companies Inc. lifted its position in Occidental Petroleum by 600.4% during the third quarter. American Century Companies Inc. now owns 2,242,910 shares of the oil and gas producer’s stock valued at $145,520,000 after purchasing an additional 1,922,656 shares during the period. Finally, First Trust Advisors LP grew its position in Occidental Petroleum by 87.9% during the 1st quarter. First Trust Advisors LP now owns 3,276,078 shares of the oil and gas producer’s stock worth $185,885,000 after purchasing an additional 1,532,100 shares during the period. 77.54% of the stock is owned by hedge funds and other institutional investors.

About Occidental Petroleum

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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.

Further Reading

Earnings History and Estimates for Occidental Petroleum (NYSE:OXY)

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