Occidental Petroleum Co. Expected to Post Q1 2024 Earnings of $0.61 Per Share (NYSE:OXY)

Occidental Petroleum Co. (NYSE:OXY) – Research analysts at Zacks Research reduced their Q1 2024 earnings per share estimates for Occidental Petroleum in a report issued on Monday, April 29th. Zacks Research analyst J. Saha now expects that the oil and gas producer will earn $0.61 per share for the quarter, down from their prior forecast of $0.76. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.85 per share. Zacks Research also issued estimates for Occidental Petroleum’s Q2 2024 earnings at $0.84 EPS, FY2024 earnings at $3.40 EPS, Q1 2025 earnings at $0.92 EPS, Q2 2025 earnings at $1.15 EPS, Q3 2025 earnings at $0.96 EPS, Q4 2025 earnings at $0.88 EPS, FY2025 earnings at $3.91 EPS, Q1 2026 earnings at $1.20 EPS and FY2026 earnings at $4.88 EPS.

Other analysts also recently issued research reports about the stock. Morgan Stanley lifted their target price on shares of Occidental Petroleum from $66.00 to $72.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. HSBC began coverage on Occidental Petroleum in a research report on Monday, April 8th. They set a “hold” rating and a $65.00 target price on the stock. Susquehanna raised their price target on Occidental Petroleum from $70.00 to $81.00 and gave the company a “positive” rating in a report on Monday, April 22nd. Truist Financial upped their price objective on Occidental Petroleum from $77.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, April 5th. Finally, Barclays initiated coverage on shares of Occidental Petroleum in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $73.00 target price on the stock. Nine equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Occidental Petroleum currently has an average rating of “Hold” and a consensus price target of $71.94.

Occidental Petroleum Stock Down 2.6 %

Occidental Petroleum stock opened at $64.45 on Thursday. The stock has a 50 day moving average of $64.63 and a two-hundred day moving average of $61.40. Occidental Petroleum has a twelve month low of $55.12 and a twelve month high of $71.18. The stock has a market capitalization of $57.13 billion, a price-to-earnings ratio of 16.48 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.

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

Occidental Petroleum Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 8th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.37%. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.18. The ex-dividend date was Thursday, March 7th. Occidental Petroleum’s dividend payout ratio is presently 22.51%.

Institutional Investors Weigh In On Occidental Petroleum

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Brookstone Capital Management increased its position in shares of Occidental Petroleum by 6.9% in the third quarter. Brookstone Capital Management now owns 13,085 shares of the oil and gas producer’s stock worth $870,000 after acquiring an additional 845 shares in the last quarter. Pinnacle Associates Ltd. raised its position in Occidental Petroleum by 8.2% in the third quarter. Pinnacle Associates Ltd. now owns 89,536 shares of the oil and gas producer’s stock valued at $5,809,000 after purchasing an additional 6,813 shares during the period. Mission Wealth Management LP acquired a new position in shares of Occidental Petroleum during the third quarter worth about $214,000. Arlington Trust Co LLC purchased a new stake in shares of Occidental Petroleum in the third quarter worth about $66,000. Finally, Capital Advisors Inc. OK raised its holdings in shares of Occidental Petroleum by 8.3% during the 3rd quarter. Capital Advisors Inc. OK now owns 7,044 shares of the oil and gas producer’s stock valued at $457,000 after buying an additional 542 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.