Equities Analysts Set Expectations for OXY FY2024 Earnings

Occidental Petroleum Co. (NYSE:OXY) – Equities researchers at Roth Capital dropped their FY2024 earnings per share estimates for Occidental Petroleum in a research note issued on Wednesday, November 13th. Roth Capital analyst L. Mariani now forecasts that the oil and gas producer will post earnings per share of $3.50 for the year, down from their previous estimate of $4.00. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.24 per share. Roth Capital also issued estimates for Occidental Petroleum’s Q4 2024 earnings at $0.83 EPS, Q1 2025 earnings at $0.80 EPS, Q2 2025 earnings at $0.67 EPS, Q3 2025 earnings at $0.79 EPS, Q4 2025 earnings at $0.98 EPS and FY2025 earnings at $3.24 EPS.

OXY has been the subject of several other reports. Evercore ISI cut their price objective on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company in a research report on Monday, September 30th. StockNews.com raised shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research report on Thursday, November 7th. Barclays lowered their price objective on Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Scotiabank reduced their target price on Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Finally, Mizuho lowered their price target on Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating for the company in a report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $63.65.

Occidental Petroleum Stock Up 1.9 %

Shares of OXY opened at $50.92 on Monday. Occidental Petroleum has a 52-week low of $48.42 and a 52-week high of $71.18. The company has a quick ratio of 0.75, a current ratio of 1.00 and a debt-to-equity ratio of 0.96. The stock has a fifty day simple moving average of $51.77 and a two-hundred day simple moving average of $57.29. The company has a market capitalization of $47.78 billion, a PE ratio of 13.26 and a beta of 1.58.

Occidental Petroleum Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $0.88 annualized dividend and a dividend yield of 1.73%. Occidental Petroleum’s dividend payout ratio (DPR) is 22.92%.

Institutional Investors Weigh In On Occidental Petroleum

Several large investors have recently bought and sold shares of the stock. Fortitude Family Office LLC increased its position in shares of Occidental Petroleum by 160.0% in the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock valued at $25,000 after purchasing an additional 304 shares during the last quarter. Mizuho Securities Co. Ltd. acquired a new position in shares of Occidental Petroleum during the third quarter worth $32,000. New Covenant Trust Company N.A. purchased a new position in Occidental Petroleum in the first quarter valued at $44,000. LRI Investments LLC acquired a new stake in Occidental Petroleum in the first quarter valued at $44,000. Finally, Transamerica Financial Advisors Inc. purchased a new stake in Occidental Petroleum during the 3rd quarter worth about $50,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

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.