Q1 2024 EPS Estimates for Occidental Petroleum Co. Decreased by Analyst (NYSE:OXY)

Occidental Petroleum Co. (NYSE:OXY) – Equities research analysts at Capital One Financial lowered their Q1 2024 earnings per share estimates for Occidental Petroleum in a report released on Monday, April 15th. Capital One Financial analyst B. Velie now anticipates that the oil and gas producer will earn $0.52 per share for the quarter, down from their prior estimate of $0.59. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.81 per share. Capital One Financial also issued estimates for Occidental Petroleum’s Q2 2024 earnings at $0.79 EPS, Q3 2024 earnings at $0.81 EPS, Q4 2024 earnings at $0.94 EPS, FY2024 earnings at $3.06 EPS and FY2025 earnings at $2.95 EPS.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings data on Thursday, February 15th. The oil and gas producer reported $0.74 EPS for the quarter, hitting analysts’ consensus estimates of $0.74. Occidental Petroleum had a return on equity of 20.63% and a net margin of 16.24%. The firm had revenue of $7.53 billion for the quarter, compared to the consensus estimate of $6.93 billion. During the same quarter in the prior year, the company posted $1.61 earnings per share. The firm’s revenue was down 9.6% on a year-over-year basis.

A number of other equities research analysts have also recently issued reports on the company. Scotiabank raised Occidental Petroleum from a “sector perform” rating to a “sector outperform” rating and upped their target price for the stock from $63.00 to $90.00 in a research report on Thursday, April 11th. Raymond James decreased their target price on Occidental Petroleum from $70.00 to $68.00 and set a “strong-buy” rating for the company in a research report on Wednesday, January 24th. Barclays began coverage on Occidental Petroleum in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $73.00 target price for the company. StockNews.com raised Occidental Petroleum from a “sell” rating to a “hold” rating in a research report on Friday, March 15th. Finally, Truist Financial increased their price objective on Occidental Petroleum from $77.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, April 5th. Nine equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Occidental Petroleum has an average rating of “Moderate Buy” and an average target price of $72.06.

Occidental Petroleum Stock Performance

Occidental Petroleum stock traded down $0.84 during trading hours on Wednesday, reaching $65.98. 7,007,334 shares of the company were exchanged, compared to its average volume of 8,806,493. The firm has a market cap of $58.49 billion, a price-to-earnings ratio of 17.09 and a beta of 1.64. The company has a current ratio of 0.92, a quick ratio of 0.69 and a debt-to-equity ratio of 0.84. The stock has a 50-day moving average of $62.88 and a 200 day moving average of $61.06. Occidental Petroleum has a 12 month low of $55.12 and a 12 month high of $71.18.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Berkshire Hathaway Inc raised its stake in Occidental Petroleum by 8.7% during the fourth quarter. Berkshire Hathaway Inc now owns 243,715,804 shares of the oil and gas producer’s stock worth $14,552,271,000 after acquiring an additional 19,586,612 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Occidental Petroleum by 24.1% during the third quarter. Bank of New York Mellon Corp now owns 12,021,929 shares of the oil and gas producer’s stock worth $779,983,000 after acquiring an additional 2,334,651 shares in the last quarter. Pacer Advisors Inc. raised its stake in Occidental Petroleum by 22.2% during the fourth quarter. Pacer Advisors Inc. now owns 5,995,258 shares of the oil and gas producer’s stock worth $357,977,000 after acquiring an additional 1,088,052 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Occidental Petroleum by 2.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 5,035,799 shares of the oil and gas producer’s stock worth $285,732,000 after acquiring an additional 118,928 shares in the last quarter. Finally, Invesco Ltd. raised its stake in Occidental Petroleum by 2.8% during the third quarter. Invesco Ltd. now owns 4,665,494 shares of the oil and gas producer’s stock worth $302,697,000 after acquiring an additional 125,927 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Occidental Petroleum Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 8th were paid a dividend of $0.22 per share. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.18. This represents a $0.88 annualized dividend and a yield of 1.33%. The ex-dividend date of this dividend was Thursday, March 7th. Occidental Petroleum’s dividend payout ratio is currently 22.51%.

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.