Q2 2024 EPS Estimates for Occidental Petroleum Co. Decreased by Capital One Financial (NYSE:OXY)

Occidental Petroleum Co. (NYSE:OXY) – Capital One Financial decreased their Q2 2024 EPS estimates for shares of Occidental Petroleum in a report issued on Thursday, July 11th. Capital One Financial analyst B. Velie now expects that the oil and gas producer will post earnings of $0.72 per share for the quarter, down from their prior estimate of $0.77. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.90 per share. Capital One Financial also issued estimates for Occidental Petroleum’s FY2024 earnings at $3.58 EPS, Q1 2025 earnings at $0.97 EPS, Q2 2025 earnings at $0.97 EPS, Q3 2025 earnings at $0.97 EPS, Q4 2025 earnings at $0.97 EPS, FY2025 earnings at $3.88 EPS and FY2026 earnings at $2.92 EPS.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings data on Tuesday, May 7th. The oil and gas producer reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.01. The business had revenue of $6.01 billion for 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 revenue was down 17.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.09 EPS.

Several other equities research analysts have also commented on the stock. HSBC assumed coverage on shares of Occidental Petroleum in a research note on Monday, April 8th. They set a “hold” rating and a $65.00 price objective on the stock. Truist Financial downgraded Occidental Petroleum from a “buy” rating to a “hold” rating and cut their price target for the stock from $84.00 to $69.00 in a research note on Thursday, May 16th. Barclays began coverage on Occidental Petroleum in a research note on Wednesday, April 10th. They set an “equal weight” rating and a $73.00 price objective for the company. Scotiabank decreased their price objective on shares of Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating for the company in a report on Friday. Finally, Wells Fargo & Company reduced their target price on Occidental Petroleum from $69.00 to $68.00 and set an “equal weight” rating for the company in a report on Friday. Eleven analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $71.67.

Occidental Petroleum Stock Performance

Shares of Occidental Petroleum stock opened at $61.20 on Monday. 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 business has a fifty day simple moving average of $61.99 and a two-hundred day simple moving average of $61.89. The firm has a market capitalization of $54.26 billion, a P/E ratio of 16.72 and a beta of 1.61. Occidental Petroleum has a 12 month low of $55.12 and a 12 month high of $71.18.

Occidental Petroleum Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, June 10th will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.44%. The ex-dividend date of this dividend is Monday, June 10th. Occidental Petroleum’s payout ratio is 24.04%.

Insider Transactions at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc bought 1,386,844 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The stock was bought at an average price of $59.67 per share, with a total value of $82,752,981.48. Following the acquisition, the insider now owns 250,583,605 shares of the company’s stock, valued at approximately $14,952,323,710.35. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have purchased 4,656,747 shares of company stock valued at $278,664,028 over the last quarter. 0.31% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OXY. Investment Research & Advisory Group Inc. grew its stake in Occidental Petroleum by 75.2% during the first quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock valued at $25,000 after acquiring an additional 167 shares in the last quarter. TLW Wealth Management LLC purchased a new stake in shares of Occidental Petroleum in the fourth quarter worth about $28,000. Grove Bank & Trust grew its holdings in Occidental Petroleum by 86.0% during the 4th quarter. Grove Bank & Trust now owns 519 shares of the oil and gas producer’s stock valued at $31,000 after buying an additional 240 shares in the last quarter. LifeSteps Financial Inc. bought a new stake in Occidental Petroleum in the 1st quarter worth approximately $34,000. Finally, Criterion Capital Advisors LLC bought a new position in shares of Occidental Petroleum during the 4th quarter valued at approximately $34,000. 88.70% of the stock is currently owned by 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.