Scotiabank Has Pessimistic Outlook of OXY FY2024 Earnings

Occidental Petroleum Co. (NYSE:OXY) – Stock analysts at Scotiabank decreased their FY2024 earnings estimates for Occidental Petroleum in a report released 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 estimate of $4.10. Scotiabank has a “Sector Outperform” rating and a $65.00 price objective 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.

Several other research firms have also commented on OXY. Bank of America started coverage on Occidental Petroleum in a research note on Thursday, October 17th. They set a “neutral” rating and a $57.00 price objective for the company. JPMorgan Chase & Co. restated a “neutral” rating and issued a $56.00 price objective on shares of Occidental Petroleum in a report on Friday, November 8th. Barclays dropped their target price on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Evercore ISI lowered their price target on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a research report on Monday, September 30th. Finally, Wolfe Research increased their price objective on shares of Occidental Petroleum from $73.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $62.10.

Occidental Petroleum Stock Up 0.3 %

OXY stock opened at $51.35 on Monday. The stock has a market capitalization of $48.18 billion, a P/E 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 firm has a 50-day simple moving average of $49.54 and a 200-day simple moving average of $53.76. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96.

Institutional Trading of Occidental Petroleum

A number of large investors have recently modified their holdings of the stock. Harbor Capital Advisors Inc. increased its holdings in Occidental Petroleum by 5.8% during the 4th quarter. Harbor Capital Advisors Inc. now owns 23,368 shares of the oil and gas producer’s stock worth $1,155,000 after purchasing an additional 1,274 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in Occidental Petroleum by 1.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 77,080 shares of the oil and gas producer’s stock worth $3,973,000 after acquiring an additional 926 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Occidental Petroleum by 7.1% in the 3rd quarter. Principal Financial Group Inc. now owns 773,762 shares of the oil and gas producer’s stock valued at $39,880,000 after purchasing an additional 51,042 shares in the last quarter. Alternative Investment Advisors LLC. purchased a new stake in Occidental Petroleum during the 3rd quarter worth about $1,002,000. Finally, Retirement Systems of Alabama increased its holdings in shares of Occidental Petroleum by 1.8% in the 3rd quarter. Retirement Systems of Alabama now owns 149,387 shares of the oil and gas producer’s stock valued at $7,699,000 after acquiring an additional 2,700 shares during the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Insider Transactions at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 3,614,015 shares of Occidental Petroleum stock in a transaction on Thursday, December 19th. The shares were bought at an average cost of $45.60 per share, for a total transaction of $164,799,084.00. Following the acquisition, the insider now directly owns 264,178,414 shares in the company, valued at $12,046,535,678.40. This represents a 1.39 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.31% of the company’s stock.

Occidental Petroleum Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum’s payout ratio is 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.