Capital One Financial Research Analysts Decrease Earnings Estimates for Occidental Petroleum Co. (NYSE:OXY)

Occidental Petroleum Co. (NYSE:OXY) – Analysts at Capital One Financial cut their Q1 2024 earnings per share (EPS) estimates for Occidental Petroleum in a note issued to investors on Monday, April 15th. Capital One Financial analyst B. Velie now expects that the oil and gas producer will post earnings per share of $0.52 for the quarter, down from their prior forecast 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 announced its quarterly earnings results on Thursday, February 15th. The oil and gas producer reported $0.74 EPS for the quarter, meeting analysts’ consensus estimates of $0.74. Occidental Petroleum had a net margin of 16.24% and a return on equity of 20.63%. The firm had revenue of $7.53 billion during the quarter, compared to the consensus estimate of $6.93 billion. During the same quarter last year, the firm earned $1.61 EPS. The firm’s revenue for the quarter was down 9.6% compared to the same quarter last year.

A number of other research analysts also recently commented on OXY. Stephens reaffirmed an “overweight” rating and issued a $74.00 price target on shares of Occidental Petroleum in a report on Thursday, February 15th. HSBC started coverage on shares of Occidental Petroleum in a research note on Monday, April 8th. They issued a “hold” rating and a $65.00 price objective for the company. Morgan Stanley raised their price objective on shares of Occidental Petroleum from $66.00 to $72.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. StockNews.com raised shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Friday, March 15th. Finally, Scotiabank raised shares of Occidental Petroleum from a “sector perform” rating to a “sector outperform” rating and raised their price objective for the stock from $63.00 to $90.00 in a research note on Thursday, April 11th. Nine equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $72.06.

Occidental Petroleum Stock Down 1.3 %

Shares of NYSE:OXY opened at $65.98 on Wednesday. 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 has a 12 month low of $55.12 and a 12 month high of $71.18. The company has a 50-day moving average price of $63.05 and a 200 day moving average price of $61.09. The company has a market cap of $58.49 billion, a price-to-earnings ratio of 16.87 and a beta of 1.64.

Occidental Petroleum Increases Dividend

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

Hedge Funds Weigh In On Occidental Petroleum

Several institutional investors have recently bought and sold shares of the business. Avalon Capital Management purchased a new position in Occidental Petroleum in the first quarter worth $317,000. Fox Hill Wealth Management grew its holdings in Occidental Petroleum by 3.0% in the first quarter. Fox Hill Wealth Management now owns 9,896 shares of the oil and gas producer’s stock worth $643,000 after purchasing an additional 290 shares during the last quarter. Investment Research & Advisory Group Inc. grew its holdings in Occidental Petroleum by 75.2% in the first quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 167 shares during the last quarter. Grimes & Company Inc. purchased a new position in Occidental Petroleum in the first quarter worth $204,000. Finally, Sendero Wealth Management LLC grew its holdings in Occidental Petroleum by 50.5% in the first quarter. Sendero Wealth Management LLC now owns 10,688 shares of the oil and gas producer’s stock worth $695,000 after purchasing an additional 3,585 shares during the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

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.