Capital One Financial Weighs in on Occidental Petroleum Co.’s Q3 2024 Earnings (NYSE:OXY)

Occidental Petroleum Co. (NYSE:OXYFree Report) – Equities research analysts at Capital One Financial upped their Q3 2024 earnings per share estimates for Occidental Petroleum in a report issued on Wednesday, July 3rd. Capital One Financial analyst B. Velie now forecasts that the oil and gas producer will earn $1.07 per share for the quarter, up from their prior estimate of $1.04. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.88 per share. Capital One Financial also issued estimates for Occidental Petroleum’s Q4 2024 earnings at $1.25 EPS, Q1 2025 earnings at $1.01 EPS, Q2 2025 earnings at $1.01 EPS, Q3 2025 earnings at $1.01 EPS, Q4 2025 earnings at $1.01 EPS and FY2026 earnings at $3.07 EPS.

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

Other research analysts have also issued reports about the company. Morgan Stanley lifted their target price on Occidental Petroleum from $66.00 to $72.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Barclays began coverage on shares of Occidental Petroleum in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $73.00 price target on the stock. HSBC initiated coverage on shares of Occidental Petroleum in a report on Monday, April 8th. They set a “hold” rating and a $65.00 price objective on the stock. Citigroup reduced their target price on shares of Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating for the company in a research note on Friday, May 24th. Finally, Truist Financial downgraded Occidental Petroleum from a “buy” rating to a “hold” rating and dropped their price target for the company from $84.00 to $69.00 in a research note on Thursday, May 16th. Eleven investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $71.56.

Check Out Our Latest Research Report on OXY

Occidental Petroleum Trading Down 0.9 %

Shares of NYSE OXY opened at $61.79 on Monday. The company has a quick ratio of 0.71, a current ratio of 0.95 and a debt-to-equity ratio of 0.82. Occidental Petroleum has a twelve month low of $55.12 and a twelve month high of $71.18. The company’s fifty day moving average is $62.42 and its 200-day moving average is $61.87. The stock has a market cap of $54.79 billion, a price-to-earnings ratio of 16.88 and a beta of 1.61.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in OXY. Investment Research & Advisory Group Inc. boosted its holdings in Occidental Petroleum by 75.2% in the 1st quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock valued at $25,000 after purchasing an additional 167 shares during the period. Orion Capital Management LLC acquired a new position in Occidental Petroleum during the third quarter valued at approximately $27,000. TLW Wealth Management LLC acquired a new position in shares of Occidental Petroleum during the 4th quarter worth $28,000. Grove Bank & Trust raised its stake in Occidental Petroleum by 86.0% during the fourth quarter. Grove Bank & Trust now owns 519 shares of the oil and gas producer’s stock worth $31,000 after acquiring an additional 240 shares in the last quarter. Finally, LifeSteps Financial Inc. acquired a new position in shares of Occidental Petroleum in the first quarter valued at approximately $34,000. 88.70% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc bought 1,386,844 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were bought at an average cost of $59.67 per share, with a total value of $82,752,981.48. Following the acquisition, the insider now owns 250,583,605 shares in the company, valued at $14,952,323,710.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders bought a total of 4,656,747 shares of company stock worth $278,664,028 over the last quarter. 0.48% of the stock is currently owned by insiders.

Occidental Petroleum Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, June 10th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.42%. The ex-dividend date is Monday, June 10th. Occidental Petroleum’s dividend payout ratio (DPR) is currently 24.04%.

Occidental Petroleum Company Profile

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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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