Capital One Financial Predicts OXY FY2024 Earnings

Occidental Petroleum Co. (NYSE:OXY) – Research analysts at Capital One Financial upped their FY2024 EPS estimates for shares of Occidental Petroleum in a report released on Wednesday, January 8th. Capital One Financial analyst B. Velie now forecasts that the oil and gas producer will post earnings per share of $3.27 for the year, up from their previous estimate of $3.25. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.35 per share. Capital One Financial also issued estimates for Occidental Petroleum’s Q4 2024 earnings at $0.59 EPS and FY2026 earnings at $2.93 EPS.

Several other equities analysts have also weighed in on the company. Truist Financial cut their target price on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a research note on Monday, September 30th. Susquehanna reduced their price objective on Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating for the company in a research report on Thursday, November 14th. The Goldman Sachs Group initiated coverage on Occidental Petroleum in a report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price objective for the company. TD Cowen lowered their target price on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a report on Tuesday, November 12th. Finally, Piper Sandler reduced their price target on Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $62.10.

Occidental Petroleum Price Performance

Shares of OXY stock opened at $51.35 on Friday. The firm’s 50 day moving average price is $49.54 and its two-hundred day moving average price is $53.89. The stock has a market cap of $48.18 billion, a PE ratio of 13.37 and a beta of 1.57. Occidental Petroleum has a 52-week low of $45.17 and a 52-week high of $71.18. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.76 and a current ratio of 1.00.

Institutional Investors Weigh In On Occidental Petroleum

A number of institutional investors have recently made changes to their positions in OXY. Fortitude Family Office LLC boosted its holdings in shares of Occidental Petroleum by 160.0% during 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 in the last quarter. Mizuho Securities Co. Ltd. acquired a new stake in shares of Occidental Petroleum in the 3rd quarter valued at about $32,000. Transamerica Financial Advisors Inc. bought a new stake in Occidental Petroleum in the 3rd quarter valued at about $50,000. Exchange Traded Concepts LLC acquired a new position in Occidental Petroleum during the 3rd quarter worth approximately $87,000. Finally, Kennebec Savings Bank acquired a new stake in Occidental Petroleum in the third quarter valued at approximately $93,000. Institutional investors own 88.70% of the company’s stock.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc purchased 3,614,015 shares of the stock in a transaction dated Thursday, December 19th. The stock was bought at an average cost of $45.60 per share, for a total transaction of $164,799,084.00. Following the completion of the acquisition, the insider now owns 264,178,414 shares of the company’s stock, valued at approximately $12,046,535,678.40. This represents a 1.39 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.48% of the stock is currently owned by company insiders.

Occidental Petroleum Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.71%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum’s payout ratio is presently 22.92%.

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.