Research Analysts Set Expectations for OXY FY2024 Earnings

Occidental Petroleum Co. (NYSE:OXY) – Zacks Research reduced their FY2024 earnings per share (EPS) estimates for Occidental Petroleum in a note issued to investors on Tuesday, December 3rd. Zacks Research analyst J. Saha now expects that the oil and gas producer will post earnings of $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 issued reports on OXY. Barclays cut their target price on Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. TD Cowen cut their price objective on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a research report on Tuesday, November 12th. Raymond James upped their price objective on Occidental Petroleum from $77.00 to $78.00 and gave the stock a “strong-buy” rating in a research report on Thursday, November 21st. Scotiabank cut 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. Finally, Citigroup cut their price objective on Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 26th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $63.25.

Occidental Petroleum Stock Down 0.9 %

Shares of NYSE OXY opened at $48.48 on Thursday. The firm has a market cap of $45.49 billion, a price-to-earnings ratio of 12.63 and a beta of 1.57. 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 $48.42 and a 52-week high of $71.18. The business’s 50 day moving average is $51.49 and its two-hundred day moving average is $56.17.

Occidental Petroleum Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $0.88 annualized dividend and a dividend yield of 1.82%. Occidental Petroleum’s dividend payout ratio (DPR) is 22.92%.

Institutional Investors Weigh In On Occidental Petroleum

Hedge funds have recently made changes to their positions in the business. H&H International Investment LLC lifted its position in 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 valued at $475,389,000 after purchasing an additional 7,680,598 shares during the period. Himalaya Capital Management LLC acquired a new stake in Occidental Petroleum in the second quarter valued at about $92,433,000. Sarasin & Partners LLP acquired a new stake in Occidental Petroleum in the second quarter valued at about $63,880,000. Anson Funds Management LP lifted its position in Occidental Petroleum by 3,645.8% in the third quarter. Anson Funds Management LP now owns 765,486 shares of the oil and gas producer’s stock valued at $39,453,000 after purchasing an additional 745,050 shares during the period. Finally, Scharf Investments LLC acquired a new stake in Occidental Petroleum in the second quarter valued at about $42,744,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

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.