Q3 EPS Estimate for Occidental Petroleum Reduced by Analyst

Occidental Petroleum Co. (NYSE:OXY) – Zacks Research decreased their Q3 2024 earnings per share estimates for Occidental Petroleum in a report released on Tuesday, October 29th. Zacks Research analyst J. Saha now forecasts that the oil and gas producer will post earnings per share of $0.83 for the quarter, down from their previous estimate of $0.86. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.31 per share. Zacks Research also issued estimates for Occidental Petroleum’s Q4 2024 earnings at $0.91 EPS, FY2024 earnings at $3.41 EPS, Q1 2025 earnings at $1.06 EPS, Q2 2025 earnings at $1.12 EPS, Q3 2025 earnings at $1.06 EPS, Q4 2025 earnings at $0.94 EPS, FY2025 earnings at $4.17 EPS, Q1 2026 earnings at $1.05 EPS, Q2 2026 earnings at $1.17 EPS, Q3 2026 earnings at $1.07 EPS and FY2026 earnings at $4.22 EPS.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, topping the consensus estimate of $0.77 by $0.26. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The business had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.93 billion. During the same period last year, the company earned $0.68 EPS. The firm’s revenue was up 2.2% compared to the same quarter last year.

Other research analysts also recently issued reports about the company. Stephens reaffirmed an “overweight” rating and set a $76.00 target price on shares of Occidental Petroleum in a report on Thursday, August 8th. StockNews.com lowered Occidental Petroleum from a “hold” rating to a “sell” rating in a research note on Saturday, October 5th. The Goldman Sachs Group began coverage on shares of Occidental Petroleum in a research report on Wednesday, October 2nd. They set a “neutral” rating and a $55.00 target price for the company. UBS Group dropped their price target on shares of Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 18th. Finally, Wells Fargo & Company decreased their price objective on shares of Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating for the company in a research report on Friday, September 27th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Occidental Petroleum currently has an average rating of “Hold” and a consensus price target of $65.72.

Occidental Petroleum Price Performance

Shares of NYSE:OXY opened at $50.13 on Thursday. The firm has a market cap of $45.40 billion, a PE ratio of 12.35 and a beta of 1.57. Occidental Petroleum has a 52 week low of $49.66 and a 52 week high of $71.18. The firm’s fifty day moving average is $52.97 and its 200-day moving average is $58.77. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.75 and a current ratio of 1.04.

Insider Activity

In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total value of $697,125,000.00. Following the completion of the sale, the insider now directly owns 165,681,578 shares of the company’s stock, valued at $5,923,116,413.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Occidental Petroleum

A number of hedge funds and other institutional investors have recently modified their holdings of OXY. Fortitude Family Office LLC grew its position in Occidental Petroleum by 160.0% during the third quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock valued at $25,000 after buying an additional 304 shares during the period. New Covenant Trust Company N.A. bought a new position in shares of Occidental Petroleum during the 1st quarter valued at approximately $44,000. LRI Investments LLC purchased a new stake in shares of Occidental Petroleum during the 1st quarter worth approximately $44,000. Strategic Financial Concepts LLC bought a new stake in shares of Occidental Petroleum in the 2nd quarter worth approximately $53,000. Finally, Exchange Traded Concepts LLC bought a new position in Occidental Petroleum during the third quarter valued at $87,000. Hedge funds and other institutional investors 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.