FY2024 Earnings Estimate for OXY Issued By Scotiabank

Occidental Petroleum Co. (NYSE:OXY) – Investment analysts at Scotiabank lowered their FY2024 earnings per share estimates for shares of Occidental Petroleum in a research report issued on Wednesday, January 8th. Scotiabank analyst P. Cheng now expects that the oil and gas producer will post earnings per share of $3.55 for the year, down from their previous estimate of $4.10. Scotiabank currently has a “Sector Outperform” rating and a $65.00 price target on the stock. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.35 per share. Scotiabank also issued estimates for Occidental Petroleum’s FY2025 earnings at $3.40 EPS.

A number of other research firms have also recently weighed in on OXY. Evercore ISI cut their price target on Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a report on Monday, September 30th. Citigroup decreased their price objective on shares of Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating for the company in a report on Tuesday, November 26th. 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 target price for the company. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $56.00 price target on shares of Occidental Petroleum in a research report on Friday, November 8th. Finally, The Goldman Sachs Group began coverage on Occidental Petroleum in a report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price objective for the company. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $62.19.

Occidental Petroleum Stock Performance

OXY stock opened at $52.74 on Monday. Occidental Petroleum has a 1 year low of $45.17 and a 1 year high of $71.18. The stock has a market capitalization of $49.49 billion, a price-to-earnings ratio of 13.73 and a beta of 1.57. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.76 and a current ratio of 1.00. The stock’s fifty day moving average is $49.59 and its two-hundred day moving average is $53.69.

Hedge Funds Weigh In On Occidental Petroleum

Institutional investors and hedge funds have recently modified their holdings of the stock. Fortitude Family Office LLC boosted its position in Occidental Petroleum by 160.0% during the third 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. purchased a new stake in shares of Occidental Petroleum during the 3rd quarter worth about $32,000. Transamerica Financial Advisors Inc. acquired a new stake in shares of Occidental Petroleum during the 3rd quarter valued at about $50,000. Exchange Traded Concepts LLC bought a new stake in shares of Occidental Petroleum in the 3rd quarter valued at approximately $87,000. Finally, Kennebec Savings Bank acquired a new position in Occidental Petroleum in the third quarter worth approximately $93,000. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc acquired 2,477,362 shares of the stock in a transaction that occurred on Tuesday, December 17th. The shares were purchased at an average cost of $46.25 per share, with a total value of $114,577,992.50. Following the completion of the transaction, the insider now owns 257,758,886 shares of the company’s stock, valued at approximately $11,921,348,477.50. This trade represents a 0.97 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 0.31% of the stock is currently owned by insiders.

Occidental Petroleum Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th will be issued a $0.22 dividend. The ex-dividend date is Tuesday, December 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.67%. Occidental Petroleum’s payout ratio is currently 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.