Occidental Petroleum Co. to Post Q1 2023 Earnings of $1.29 Per Share, Zacks Research Forecasts (NYSE:OXY)

Occidental Petroleum Co. (NYSE:OXY – Get Rating) – Stock analysts at Zacks Research decreased their Q1 2023 earnings per share (EPS) estimates for Occidental Petroleum in a research note issued on Monday, March 13th. Zacks Research analyst J. Saha now expects that the oil and gas producer will earn $1.29 per share for the quarter, down from their prior forecast of $1.33. The consensus estimate for Occidental Petroleum’s current full-year earnings is $6.12 per share. Zacks Research also issued estimates for Occidental Petroleum’s Q4 2024 earnings at $1.57 EPS and FY2025 earnings at $4.33 EPS.

OXY has been the topic of a number of other reports. Roth Capital reiterated a “neutral” rating on shares of Occidental Petroleum in a research report on Monday, February 27th. The Goldman Sachs Group upgraded Occidental Petroleum from a “neutral” rating to a “buy” rating and set a $81.00 target price on the stock in a report on Tuesday, February 14th. Piper Sandler decreased their target price on Occidental Petroleum from $76.00 to $69.00 and set a “neutral” rating on the stock in a report on Monday, December 19th. Wells Fargo & Company decreased their target price on Occidental Petroleum from $67.00 to $63.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 1st. Finally, Mizuho increased their target price on Occidental Petroleum from $82.00 to $83.00 in a report on Friday, March 10th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Occidental Petroleum presently has an average rating of “Hold” and an average target price of $75.72.

Occidental Petroleum Stock Performance

Shares of NYSE:OXY opened at $56.80 on Wednesday. The business’s fifty day moving average price is $62.70 and its two-hundred day moving average price is $65.56. Occidental Petroleum has a fifty-two week low of $51.53 and a fifty-two week high of $77.13. The stock has a market capitalization of $51.12 billion, a price-to-earnings ratio of 4.59, a price-to-earnings-growth ratio of 0.43 and a beta of 1.77. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.15 and a quick ratio of 0.88.

Occidental Petroleum (NYSE:OXY – Get Rating) last announced its quarterly earnings results on Monday, February 27th. The oil and gas producer reported $1.61 earnings per share for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.22). Occidental Petroleum had a net margin of 35.87% and a return on equity of 52.68%. The company had revenue of $8.22 billion during the quarter, compared to the consensus estimate of $8.21 billion. During the same quarter last year, the company earned $1.48 earnings per share. The business’s revenue was up 97.6% on a year-over-year basis.

Institutional Trading of Occidental Petroleum

A number of institutional investors have recently modified their holdings of the stock. Signaturefd LLC lifted its holdings in shares of Occidental Petroleum by 1.5% during the 4th quarter. Signaturefd LLC now owns 10,622 shares of the oil and gas producer’s stock worth $669,000 after acquiring an additional 158 shares during the period. Alpha Cubed Investments LLC lifted its stake in Occidental Petroleum by 3.0% in the 4th quarter. Alpha Cubed Investments LLC now owns 5,532 shares of the oil and gas producer’s stock valued at $348,000 after purchasing an additional 159 shares during the last quarter. Madison Wealth Management lifted its stake in Occidental Petroleum by 1.1% in the 4th quarter. Madison Wealth Management now owns 15,260 shares of the oil and gas producer’s stock valued at $961,000 after purchasing an additional 160 shares during the last quarter. Newbridge Financial Services Group Inc. lifted its stake in Occidental Petroleum by 6.1% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 2,816 shares of the oil and gas producer’s stock valued at $177,000 after purchasing an additional 163 shares during the last quarter. Finally, Smith Moore & CO. lifted its stake in Occidental Petroleum by 4.6% in the 3rd quarter. Smith Moore & CO. now owns 3,789 shares of the oil and gas producer’s stock valued at $233,000 after purchasing an additional 165 shares during the last quarter. 78.45% of the stock is currently owned by institutional investors.

Insider Activity at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc acquired 1,518,001 shares of the company’s stock in a transaction on Wednesday, March 15th. The stock was acquired at an average price of $56.70 per share, for a total transaction of $86,070,656.70. Following the purchase, the insider now directly owns 208,040,405 shares of the company’s stock, valued at $11,795,890,963.50. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last three months, insiders have acquired 8,705,002 shares of company stock worth $519,305,954. Corporate insiders own 0.31% of the company’s stock.

Occidental Petroleum Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 17th. Stockholders of record on Friday, March 10th will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date is Thursday, March 9th. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.13. Occidental Petroleum’s payout ratio is presently 5.82%.

Occidental Petroleum Company Profile

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Occidental Petroleum Corp. engages in the exploration and production of oil and natural gas. It operates through the following segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops and produces oil and condensate, natural gas liquids and natural gas.