FY2024 Earnings Forecast for OXY Issued By Roth Capital

Occidental Petroleum Co. (NYSE:OXY) – Equities researchers at Roth Capital cut their FY2024 earnings estimates for shares of Occidental Petroleum in a research note issued to investors on Wednesday, November 13th. Roth Capital analyst L. Mariani now anticipates that the oil and gas producer will post earnings per share of $3.50 for the year, down from their prior estimate of $4.00. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.24 per share. Roth Capital also issued estimates for Occidental Petroleum’s Q4 2024 earnings at $0.83 EPS, Q1 2025 earnings at $0.80 EPS, Q2 2025 earnings at $0.67 EPS, Q3 2025 earnings at $0.79 EPS, Q4 2025 earnings at $0.98 EPS and FY2025 earnings at $3.24 EPS.

A number of other brokerages have also issued reports on OXY. Truist Financial reduced their target price on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a research note on Monday, September 30th. Bank of America assumed coverage on Occidental Petroleum in a research note on Thursday, October 17th. They issued a “neutral” rating and a $57.00 target price for the company. TD Cowen reduced their target price on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. Wells Fargo & Company reduced their target price on Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating for the company in a research note on Friday, September 27th. Finally, JPMorgan Chase & Co. restated a “neutral” rating and issued a $56.00 target price on shares of Occidental Petroleum in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $63.70.

Occidental Petroleum Trading Down 1.4 %

Shares of Occidental Petroleum stock opened at $49.97 on Monday. The firm’s 50 day simple moving average is $51.80 and its two-hundred day simple moving average is $57.38. The firm has a market capitalization of $46.89 billion, a price-to-earnings ratio of 13.01 and a beta of 1.58. Occidental Petroleum has a 12-month low of $48.42 and a 12-month high of $71.18. The company has a current ratio of 1.00, a quick ratio of 0.75 and a debt-to-equity ratio of 0.96.

Institutional Investors Weigh In On Occidental Petroleum

Institutional investors have recently bought and sold shares of the company. Fortitude Family Office LLC boosted its holdings in Occidental Petroleum by 160.0% in the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock worth $25,000 after buying an additional 304 shares during the last quarter. Mizuho Securities Co. Ltd. purchased a new position in Occidental Petroleum in the 3rd quarter worth approximately $32,000. New Covenant Trust Company N.A. purchased a new position in Occidental Petroleum in the 1st quarter worth approximately $44,000. LRI Investments LLC purchased a new position in Occidental Petroleum in the 1st quarter worth approximately $44,000. Finally, Transamerica Financial Advisors Inc. purchased a new position in Occidental Petroleum in the 3rd quarter worth approximately $50,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Occidental Petroleum Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.76%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum’s payout ratio is 22.92%.

Occidental Petroleum Company Profile

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.