OXY FY2024 EPS Forecast Raised by Capital One Financial

Occidental Petroleum Co. (NYSE:OXY) – Research analysts at Capital One Financial upped their FY2024 earnings per share estimates for Occidental Petroleum in a research report issued to clients and investors on Wednesday, January 8th. Capital One Financial analyst B. Velie now anticipates that the oil and gas producer will post earnings per share of $3.27 for the year, up from their previous forecast of $3.25. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.35 per share. Capital One Financial also issued estimates for Occidental Petroleum’s Q4 2024 earnings at $0.59 EPS and FY2026 earnings at $2.93 EPS.

Several other equities research analysts have also issued reports on OXY. Wells Fargo & Company lowered their target price on shares of Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating for the company in a report on Monday, December 9th. TD Cowen cut their price target on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a report on Tuesday, November 12th. Stephens boosted their target price on Occidental Petroleum from $70.00 to $71.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. The Goldman Sachs Group started coverage on Occidental Petroleum in a report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price objective on the stock. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $56.00 price objective on shares of Occidental Petroleum in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $62.10.

Occidental Petroleum Stock Down 0.8 %

Shares of OXY stock opened at $51.16 on Friday. The company’s fifty day moving average price is $49.51 and its 200-day moving average price is $53.97. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.00 and a quick ratio of 0.76. Occidental Petroleum has a one year low of $45.17 and a one year high of $71.18. The company has a market capitalization of $48.01 billion, a price-to-earnings ratio of 13.32 and a beta of 1.57.

Hedge Funds Weigh In On Occidental Petroleum

Hedge funds and other institutional investors have recently modified their holdings of the company. Fortitude Family Office LLC boosted its holdings in shares of Occidental Petroleum by 160.0% in the third quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock valued at $25,000 after acquiring an additional 304 shares in the last quarter. Mizuho Securities Co. Ltd. purchased a new position in Occidental Petroleum during the 3rd quarter worth approximately $32,000. Transamerica Financial Advisors Inc. purchased a new stake in shares of Occidental Petroleum in the third quarter valued at $50,000. Exchange Traded Concepts LLC acquired a new stake in shares of Occidental Petroleum in the third quarter worth $87,000. Finally, Kennebec Savings Bank purchased a new position in shares of Occidental Petroleum during the third quarter valued at $93,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

Insider Activity

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc purchased 3,614,015 shares of Occidental Petroleum stock in a transaction dated 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 transaction, 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.48% of the company’s stock.

Occidental Petroleum Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be issued a dividend of $0.22 per share. The ex-dividend date is Tuesday, December 10th. This represents a $0.88 annualized dividend and a dividend yield of 1.72%. 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.