Research Analysts Offer Predictions for Occidental Petroleum Co.’s Q2 2022 Earnings (NYSE:OXY)

Occidental Petroleum Co. (NYSE:OXY – Get Rating) – Capital One Financial lifted their Q2 2022 EPS estimates for shares of Occidental Petroleum in a report released on Thursday, May 19th. Capital One Financial analyst R. Tullis now forecasts that the oil and gas producer will earn $2.70 per share for the quarter, up from their previous forecast of $1.73. Capital One Financial currently has a “Overweight” rating and a $85.00 price objective on the stock. Capital One Financial also issued estimates for Occidental Petroleum’s Q3 2022 earnings at $2.49 EPS, Q4 2022 earnings at $2.52 EPS, FY2022 earnings at $9.83 EPS and FY2023 earnings at $7.48 EPS.

Occidental Petroleum (NYSE:OXY – Get Rating) last released its earnings results on Tuesday, May 10th. The oil and gas producer reported $2.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.09. Occidental Petroleum had a net margin of 25.01% and a return on equity of 47.28%. The business had revenue of $8.53 billion for the quarter, compared to analysts’ expectations of $8.06 billion. During the same period last year, the company earned ($0.15) earnings per share. The company’s quarterly revenue was up 61.2% on a year-over-year basis.

A number of other research analysts have also recently weighed in on the stock. Citigroup lifted their price target on shares of Occidental Petroleum from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Tuesday, January 25th. Bank of America cut shares of Occidental Petroleum from a “buy” rating to a “neutral” rating and lifted their price target for the company from $65.00 to $80.00 in a research report on Tuesday, March 8th. Zacks Investment Research raised shares of Occidental Petroleum from a “hold” rating to a “strong-buy” rating and set a $46.00 price target on the stock in a research report on Tuesday, February 8th. Mizuho lifted their price target on shares of Occidental Petroleum from $78.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, March 31st. Finally, Wells Fargo & Company lifted their price target on shares of Occidental Petroleum from $51.00 to $58.00 in a research report on Thursday, May 12th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Occidental Petroleum currently has an average rating of “Buy” and an average price target of $63.15.

OXY opened at $63.26 on Monday. The stock has a market capitalization of $59.29 billion, a PE ratio of 9.63, a P/E/G ratio of 0.20 and a beta of 1.94. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.99 and a current ratio of 1.16. Occidental Petroleum has a 1 year low of $21.62 and a 1 year high of $69.17. The company’s 50 day simple moving average is $59.12 and its 200 day simple moving average is $44.05.

Several institutional investors have recently added to or reduced their stakes in OXY. Exchange Traded Concepts LLC acquired a new stake in Occidental Petroleum in the fourth quarter worth about $25,000. Richwood Investment Advisors LLC acquired a new stake in Occidental Petroleum in the fourth quarter worth about $27,000. Arlington Partners LLC acquired a new stake in Occidental Petroleum in the fourth quarter worth about $29,000. Addison Advisors LLC lifted its holdings in Occidental Petroleum by 407.6% in the first quarter. Addison Advisors LLC now owns 533 shares of the oil and gas producer’s stock worth $30,000 after purchasing an additional 428 shares during the period. Finally, Curi Wealth Management LLC lifted its holdings in Occidental Petroleum by 3,000.0% in the first quarter. Curi Wealth Management LLC now owns 620 shares of the oil and gas producer’s stock worth $35,000 after purchasing an additional 600 shares during the period. Institutional investors and hedge funds own 86.15% of the company’s stock.

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 185,419 shares of the stock in a transaction on Thursday, May 12th. The stock was purchased at an average price of $57.34 per share, for a total transaction of $10,631,925.46. Following the completion of the purchase, the insider now directly owns 143,162,392 shares in the company, valued at $8,208,931,557.28. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Vicki A. Hollub bought 14,191 shares of the stock in a transaction on Monday, March 28th. The shares were acquired at an average price of $56.24 per share, with a total value of $798,101.84. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 6,783,083 shares of company stock valued at $387,503,934. 0.31% of the stock is owned by insiders.

The business also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Friday, June 10th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Thursday, June 9th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.82%. Occidental Petroleum’s dividend payout ratio (DPR) is presently 7.91%.

Occidental Petroleum Company Profile (Get Rating)

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, Africa, and Latin America. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing.

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