Zacks Research Issues Pessimistic Estimate for OXY Earnings

Occidental Petroleum Co. (NYSE:OXY) – Equities researchers at Zacks Research dropped their Q3 2024 earnings estimates for Occidental Petroleum in a note issued to investors on Tuesday, October 29th. Zacks Research analyst J. Saha now anticipates that the oil and gas producer will post earnings of $0.83 per share for the quarter, down from their previous forecast 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 issued its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $6.93 billion. During the same quarter in the previous year, the firm posted $0.68 EPS. The business’s revenue for the quarter was up 2.2% compared to the same quarter last year.

A number of other research analysts have also weighed in on OXY. Evercore ISI reduced their target price on Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company in a report on Monday, September 30th. Barclays reduced their price objective on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Wolfe Research assumed coverage on shares of Occidental Petroleum in a research note on Thursday, July 18th. They issued an “outperform” rating and a $81.00 target price on the stock. Wells Fargo & Company reduced their price target 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. Finally, Bank of America started coverage on Occidental Petroleum in a research report on Thursday, October 17th. They issued a “neutral” rating and a $57.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $65.72.

Occidental Petroleum Stock Performance

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

Insiders Place Their Bets

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the stock in a transaction dated 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 sale, the insider now directly owns 165,681,578 shares in the company, valued at $5,923,116,413.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.31% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Occidental Petroleum

A number of large investors have recently added to or reduced their stakes in the company. First Trust Direct Indexing L.P. grew its position in shares of Occidental Petroleum by 9.9% in the 1st quarter. First Trust Direct Indexing L.P. now owns 20,755 shares of the oil and gas producer’s stock worth $1,349,000 after buying an additional 1,865 shares during the last quarter. Everett Harris & Co. CA increased its position in Occidental Petroleum by 16.7% during the 1st quarter. Everett Harris & Co. CA now owns 5,195 shares of the oil and gas producer’s stock valued at $338,000 after purchasing an additional 742 shares during the period. SpiderRock Advisors LLC bought a new position in Occidental Petroleum in the 1st quarter worth $276,000. J.W. Cole Advisors Inc. lifted its position in shares of Occidental Petroleum by 7.1% in the 1st quarter. J.W. Cole Advisors Inc. now owns 9,167 shares of the oil and gas producer’s stock worth $596,000 after purchasing an additional 609 shares during the period. Finally, Lodestone Wealth Management LLC boosted its stake in shares of Occidental Petroleum by 0.4% during the 1st quarter. Lodestone Wealth Management LLC now owns 50,256 shares of the oil and gas producer’s stock valued at $3,266,000 after purchasing an additional 206 shares in the last quarter. Institutional investors own 88.70% of the company’s stock.

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.