Zacks Research Issues Optimistic Forecast for OXY Earnings

Occidental Petroleum Co. (NYSE:OXY) – Investment analysts at Zacks Research raised their FY2024 earnings per share estimates for shares of Occidental Petroleum in a research note issued on Thursday, January 30th. Zacks Research analyst J. Saha now expects that the oil and gas producer will earn $3.30 per share for the year, up from their prior estimate of $3.29. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.34 per share. Zacks Research also issued estimates for Occidental Petroleum’s Q4 2024 earnings at $0.64 EPS, Q1 2025 earnings at $0.83 EPS, Q3 2025 earnings at $0.84 EPS, FY2025 earnings at $2.89 EPS, Q2 2026 earnings at $0.81 EPS, Q3 2026 earnings at $0.75 EPS, Q4 2026 earnings at $0.62 EPS and FY2026 earnings at $2.93 EPS.

Other equities analysts have also issued reports about the stock. StockNews.com raised shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Tuesday, January 28th. Scotiabank lowered their price objective on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. TD Cowen reduced their target price on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a report on Tuesday, November 12th. Wells Fargo & Company lowered their price target on Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating for the company in a report on Monday, December 9th. Finally, Mizuho reduced their price objective on Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating on the stock in a research note on Monday, December 16th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Occidental Petroleum currently has a consensus rating of “Hold” and a consensus target price of $61.71.

Occidental Petroleum Stock Down 4.6 %

Shares of NYSE OXY opened at $46.65 on Monday. Occidental Petroleum has a 52 week low of $45.17 and a 52 week high of $71.18. The stock’s fifty day moving average is $49.43 and its 200 day moving average is $52.61. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.76 and a current ratio of 1.00. The stock has a market capitalization of $43.78 billion, a P/E ratio of 12.15 and a beta of 1.57.

Institutional Investors Weigh In On Occidental Petroleum

A number of hedge funds have recently added to or reduced their stakes in OXY. Certified Advisory Corp bought a new position in shares of Occidental Petroleum in the fourth quarter valued at $476,000. Rule One Partners LLC acquired a new stake in shares of Occidental Petroleum in the 3rd quarter worth about $14,199,000. Stephens Inc. AR lifted its position in Occidental Petroleum by 221.0% in the 3rd quarter. Stephens Inc. AR now owns 15,079 shares of the oil and gas producer’s stock valued at $777,000 after acquiring an additional 10,382 shares in the last quarter. Sarasin & Partners LLP boosted its stake in Occidental Petroleum by 5.4% during the 4th quarter. Sarasin & Partners LLP now owns 990,521 shares of the oil and gas producer’s stock valued at $48,942,000 after purchasing an additional 50,983 shares during the last quarter. Finally, Weiss Asset Management LP bought a new stake in Occidental Petroleum during the 3rd quarter worth approximately $2,509,000. 88.70% of the stock is currently owned by institutional investors.

Insider Activity at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc acquired 2,477,362 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were bought at an average cost of $46.25 per share, with a total value of $114,577,992.50. Following the purchase, the insider now directly owns 257,758,886 shares of the company’s stock, valued at $11,921,348,477.50. This trade represents a 0.97 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.31% of the stock is currently owned by company insiders.

Occidental Petroleum Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Tuesday, December 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.89%. Occidental Petroleum’s dividend payout ratio (DPR) is 22.92%.

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.