Occidental Petroleum Co. to Post Q2 2024 Earnings of $0.95 Per Share, Zacks Research Forecasts (NYSE:OXY)

Occidental Petroleum Co. (NYSE:OXYFree Report) – Investment analysts at Zacks Research increased their Q2 2024 EPS estimates for shares of Occidental Petroleum in a research note issued on Tuesday, May 28th. Zacks Research analyst J. Saha now expects that the oil and gas producer will post earnings of $0.95 per share for the quarter, up from their prior forecast of $0.84. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.84 per share. Zacks Research also issued estimates for Occidental Petroleum’s Q3 2024 earnings at $1.11 EPS, Q4 2024 earnings at $1.16 EPS, FY2024 earnings at $3.85 EPS, Q1 2025 earnings at $1.25 EPS, Q3 2025 earnings at $1.16 EPS, Q4 2025 earnings at $1.18 EPS, FY2025 earnings at $4.89 EPS, Q1 2026 earnings at $1.26 EPS and FY2026 earnings at $4.93 EPS.

Occidental Petroleum (NYSE:OXYGet Free Report) last released its quarterly earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.01. Occidental Petroleum had a return on equity of 17.50% and a net margin of 15.62%. The business had revenue of $6.01 billion during the quarter, compared to analyst estimates of $6.70 billion. During the same quarter in the previous year, the company posted $1.09 earnings per share. Occidental Petroleum’s revenue for the quarter was down 17.2% on a year-over-year basis.

Other analysts have also recently issued reports about the stock. Truist Financial cut shares of Occidental Petroleum from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $84.00 to $69.00 in a research note on Thursday, May 16th. Scotiabank upgraded Occidental Petroleum from a “sector perform” rating to a “sector outperform” rating and boosted their price objective for the company from $63.00 to $90.00 in a research report on Thursday, April 11th. StockNews.com upgraded Occidental Petroleum from a “sell” rating to a “hold” rating in a research report on Friday, March 15th. Susquehanna boosted their price target on Occidental Petroleum from $70.00 to $81.00 and gave the stock a “positive” rating in a report on Monday, April 22nd. Finally, Mizuho increased their price objective on shares of Occidental Petroleum from $70.00 to $71.00 and gave the company a “neutral” rating in a report on Wednesday, May 8th. Eleven investment analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $70.94.

View Our Latest Report on Occidental Petroleum

Occidental Petroleum Price Performance

NYSE OXY opened at $62.52 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.71 and a debt-to-equity ratio of 0.82. Occidental Petroleum has a 12 month low of $55.12 and a 12 month high of $71.18. The stock has a market cap of $55.43 billion, a price-to-earnings ratio of 17.08 and a beta of 1.64. The company’s 50 day moving average is $65.27 and its two-hundred day moving average is $61.45.

Hedge Funds Weigh In On Occidental Petroleum

Several institutional investors have recently made changes to their positions in OXY. Oppenheimer & Co. Inc. increased its holdings in shares of Occidental Petroleum by 8.6% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 156,279 shares of the oil and gas producer’s stock valued at $10,139,000 after acquiring an additional 12,349 shares during the period. SeaCrest Wealth Management LLC raised its holdings in Occidental Petroleum by 8.9% in the fourth quarter. SeaCrest Wealth Management LLC now owns 5,825 shares of the oil and gas producer’s stock worth $343,000 after purchasing an additional 474 shares in the last quarter. Cullen Investment Group LTD. purchased a new stake in shares of Occidental Petroleum during the fourth quarter valued at about $1,006,000. J.P. Morgan Private Wealth Advisors LLC bought a new stake in shares of Occidental Petroleum in the 3rd quarter valued at about $29,665,000. Finally, Koshinski Asset Management Inc. grew its position in shares of Occidental Petroleum by 53.9% in the 4th quarter. Koshinski Asset Management Inc. now owns 48,179 shares of the oil and gas producer’s stock worth $2,877,000 after buying an additional 16,871 shares during the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Monday, June 10th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.41%. The ex-dividend date is Monday, June 10th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 24.04%.

Occidental Petroleum Company Profile

(Get Free Report)

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.

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Earnings History and Estimates for Occidental Petroleum (NYSE:OXY)

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