Equities Analysts Issue Forecasts for OXY FY2024 Earnings

Occidental Petroleum Co. (NYSE:OXY) – Analysts at Roth Capital lowered their FY2024 earnings per share (EPS) estimates for shares of Occidental Petroleum in a research report issued to clients and investors on Tuesday, February 11th. Roth Capital analyst L. Mariani now anticipates that the oil and gas producer will post earnings of $3.44 per share for the year, down from their prior forecast of $3.50. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.34 per share. Roth Capital also issued estimates for Occidental Petroleum’s Q4 2024 earnings at $0.77 EPS.

A number of other equities research analysts have also weighed in on OXY. StockNews.com lowered shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a research note on Thursday, February 6th. Stephens upped their price objective on Occidental Petroleum from $70.00 to $71.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Citigroup cut their price target on Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating for the company in a research note on Tuesday, November 26th. TD Cowen cut their price objective on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a research report on Tuesday, November 12th. Finally, Jefferies Financial Group upped their price objective on Occidental Petroleum from $53.00 to $54.00 and gave the stock a “hold” rating in a report on Tuesday, November 12th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $61.71.

Occidental Petroleum Stock Performance

OXY stock opened at $47.84 on Thursday. The stock has a market capitalization of $44.89 billion, a PE ratio of 12.46 and a beta of 1.55. Occidental Petroleum has a 12-month low of $45.17 and a 12-month high of $71.18. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 0.96. The stock’s 50 day simple moving average is $49.01 and its 200 day simple moving average is $51.82.

Insider Buying and Selling at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc purchased 3,614,015 shares of the firm’s stock in a transaction on Thursday, December 19th. The stock was bought at an average cost of $45.60 per share, for a total transaction of $164,799,084.00. Following the completion of the purchase, the insider now owns 264,178,414 shares in the company, valued at $12,046,535,678.40. This represents a 1.39 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last ninety days, insiders acquired 6,854,394 shares of company stock worth $315,101,532. 0.31% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of OXY. Vanguard Group Inc. grew its holdings in Occidental Petroleum by 18.1% during the fourth quarter. Vanguard Group Inc. now owns 68,123,704 shares of the oil and gas producer’s stock worth $3,365,992,000 after acquiring an additional 10,434,098 shares during the period. H&H International Investment LLC lifted its position in shares of 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 acquiring an additional 7,680,598 shares in the last quarter. Marshall Wace LLP lifted its position in shares of Occidental Petroleum by 48.1% in the fourth quarter. Marshall Wace LLP now owns 4,117,777 shares of the oil and gas producer’s stock valued at $203,459,000 after acquiring an additional 1,337,728 shares in the last quarter. Invesco Ltd. lifted its position in Occidental Petroleum by 25.2% during the fourth quarter. Invesco Ltd. now owns 6,357,689 shares of the oil and gas producer’s stock worth $314,133,000 after buying an additional 1,278,389 shares in the last quarter. Finally, Scharf Investments LLC lifted its position in Occidental Petroleum by 48.7% during the fourth quarter. Scharf Investments LLC now owns 2,461,033 shares of the oil and gas producer’s stock worth $121,600,000 after buying an additional 805,525 shares in the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

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.