Equities Analysts Set Expectations for Occidental Petroleum Co.’s Q3 2024 Earnings (NYSE:OXY)

Occidental Petroleum Co. (NYSE:OXY) – Equities research analysts at Capital One Financial dropped their Q3 2024 earnings per share estimates for Occidental Petroleum in a research note issued on Tuesday, September 17th. Capital One Financial analyst B. Velie now forecasts that the oil and gas producer will post earnings of $0.70 per share for the quarter, down from their prior forecast of $1.02. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.71 per share. Capital One Financial also issued estimates for Occidental Petroleum’s Q4 2024 earnings at $0.58 EPS, FY2024 earnings at $2.95 EPS, Q1 2025 earnings at $0.39 EPS, Q2 2025 earnings at $0.38 EPS, Q3 2025 earnings at $0.38 EPS, Q4 2025 earnings at $0.37 EPS, FY2025 earnings at $1.52 EPS and FY2026 earnings at $1.67 EPS.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.26. The company had revenue of $6.88 billion for the quarter, compared to analysts’ expectations of $6.93 billion. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.68 earnings per share.

A number of other analysts have also issued reports on OXY. Truist Financial dropped their target price on Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating on the stock in a research report on Monday, August 12th. Susquehanna dropped their target price on Occidental Petroleum from $81.00 to $78.00 and set a “positive” rating on the stock in a research report on Wednesday, September 4th. Wolfe Research assumed coverage on Occidental Petroleum in a research report on Thursday, July 18th. They set an “outperform” rating and a $81.00 target price on the stock. Stephens reaffirmed an “overweight” rating and set a $76.00 target price on shares of Occidental Petroleum in a research report on Thursday, August 8th. Finally, StockNews.com lowered Occidental Petroleum from a “hold” rating to a “sell” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Occidental Petroleum has a consensus rating of “Hold” and an average price target of $71.60.

Occidental Petroleum Stock Down 0.7 %

Shares of NYSE OXY opened at $51.64 on Friday. Occidental Petroleum has a 1 year low of $49.90 and a 1 year high of $71.18. The firm has a market cap of $46.77 billion, a price-to-earnings ratio of 14.11 and a beta of 1.58. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.75 and a current ratio of 1.04. The stock’s 50-day simple moving average is $56.91 and its 200-day simple moving average is $61.26.

Occidental Petroleum Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, September 10th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.70%. The ex-dividend date is Tuesday, September 10th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 24.04%.

Insider Activity

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

Hedge Funds Weigh In On Occidental Petroleum

Several hedge funds and other institutional investors have recently made changes to their positions in the business. CapWealth Advisors LLC boosted its position in shares of Occidental Petroleum by 2.7% during the first quarter. CapWealth Advisors LLC now owns 6,105 shares of the oil and gas producer’s stock worth $397,000 after buying an additional 162 shares during the period. Meeder Advisory Services Inc. lifted its position in Occidental Petroleum by 2.0% in the first quarter. Meeder Advisory Services Inc. now owns 8,503 shares of the oil and gas producer’s stock worth $553,000 after purchasing an additional 164 shares during the period. Investment Research & Advisory Group Inc. lifted its position in Occidental Petroleum by 75.2% in the first quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 167 shares during the period. Earnest Partners LLC lifted its position in Occidental Petroleum by 2.6% in the first quarter. Earnest Partners LLC now owns 6,850 shares of the oil and gas producer’s stock worth $445,000 after purchasing an additional 173 shares during the period. Finally, Proficio Capital Partners LLC lifted its position in Occidental Petroleum by 0.8% in the first quarter. Proficio Capital Partners LLC now owns 20,911 shares of the oil and gas producer’s stock worth $1,359,000 after purchasing an additional 175 shares during the period. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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.