Occidental Petroleum Co. (NYSE:OXY) Expected to Earn Q2 2024 Earnings of $0.89 Per Share

Occidental Petroleum Co. (NYSE:OXY) – Equities researchers at Roth Capital lowered their Q2 2024 EPS estimates for Occidental Petroleum in a report issued on Thursday, August 1st. Roth Capital analyst L. Mariani now forecasts that the oil and gas producer will earn $0.89 per share for the quarter, down from their prior estimate of $1.09. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.66 per share. Roth Capital also issued estimates for Occidental Petroleum’s Q3 2024 earnings at $1.12 EPS, Q4 2024 earnings at $1.14 EPS, Q1 2025 earnings at $1.19 EPS, Q2 2025 earnings at $1.05 EPS, Q3 2025 earnings at $1.17 EPS, Q4 2025 earnings at $1.42 EPS and FY2025 earnings at $4.83 EPS.

Several other research firms have also issued reports on OXY. Wells Fargo & Company dropped their price target on shares of Occidental Petroleum from $69.00 to $68.00 and set an “equal weight” rating for the company in a research report on Friday, July 12th. Scotiabank decreased their price objective on Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. Mizuho lifted their price objective on Occidental Petroleum from $70.00 to $71.00 and gave the company a “neutral” rating in a report on Wednesday, May 8th. Wolfe Research initiated coverage on Occidental Petroleum in a report on Thursday, July 18th. They set an “outperform” rating and a $81.00 price objective for the company. Finally, Susquehanna raised their target price on shares of Occidental Petroleum from $70.00 to $81.00 and gave the company a “positive” rating in a research note on Monday, April 22nd. Ten analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Occidental Petroleum presently has a consensus rating of “Hold” and a consensus target price of $72.31.

Occidental Petroleum Stock Down 0.1 %

OXY opened at $56.13 on Monday. The business has a 50 day moving average of $61.16 and a 200-day moving average of $62.16. The company has a current ratio of 0.95, a quick ratio of 0.71 and a debt-to-equity ratio of 0.82. The stock has a market capitalization of $49.77 billion, a price-to-earnings ratio of 15.35 and a beta of 1.61. Occidental Petroleum has a 1-year low of $55.04 and a 1-year high of $71.18.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.01. The company had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $6.70 billion. Occidental Petroleum had a return on equity of 17.50% and a net margin of 15.62%. The business’s quarterly revenue was down 17.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.09 earnings per share.

Occidental Petroleum Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 10th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date of this dividend is Tuesday, September 10th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 24.04%.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc acquired 524,340 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The stock was purchased at an average cost of $59.75 per share, with a total value of $31,329,315.00. Following the completion of the acquisition, the insider now directly owns 248,542,468 shares of the company’s stock, valued at $14,850,412,463. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders purchased 4,656,747 shares of company stock worth $278,664,028 over the last three months. 0.31% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Occidental Petroleum

A number of hedge funds have recently made changes to their positions in the company. DAVENPORT & Co LLC boosted its stake in shares of Occidental Petroleum by 27.0% during the fourth quarter. DAVENPORT & Co LLC now owns 14,406 shares of the oil and gas producer’s stock valued at $860,000 after purchasing an additional 3,065 shares during the period. Prime Capital Investment Advisors LLC increased its holdings in Occidental Petroleum by 19.2% in the 4th quarter. Prime Capital Investment Advisors LLC now owns 19,740 shares of the oil and gas producer’s stock worth $1,179,000 after buying an additional 3,183 shares during the period. Nisa Investment Advisors LLC raised its stake in shares of Occidental Petroleum by 2.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 156,391 shares of the oil and gas producer’s stock valued at $9,338,000 after buying an additional 4,118 shares during the last quarter. Wakefield Asset Management LLLP increased its holdings in shares of Occidental Petroleum by 250.6% during the 4th quarter. Wakefield Asset Management LLLP now owns 35,732 shares of the oil and gas producer’s stock valued at $2,134,000 after purchasing an additional 25,540 shares in the last quarter. Finally, Bleakley Financial Group LLC boosted its position in Occidental Petroleum by 10.4% during the fourth quarter. Bleakley Financial Group LLC now owns 9,151 shares of the oil and gas producer’s stock worth $546,000 after purchasing an additional 861 shares in the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

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.