Occidental Petroleum Co. (NYSE:OXY) Expected to Post Q1 2024 Earnings of $0.61 Per Share

Occidental Petroleum Co. (NYSE:OXY) – Research analysts at Zacks Research lowered their Q1 2024 earnings estimates for Occidental Petroleum in a report released on Monday, April 29th. Zacks Research analyst J. Saha now anticipates that the oil and gas producer will post earnings of $0.61 per share for the quarter, down from their previous forecast of $0.76. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.85 per share. Zacks Research also issued estimates for Occidental Petroleum’s Q2 2024 earnings at $0.84 EPS, FY2024 earnings at $3.40 EPS, Q1 2025 earnings at $0.92 EPS, Q2 2025 earnings at $1.15 EPS, Q3 2025 earnings at $0.96 EPS, Q4 2025 earnings at $0.88 EPS, FY2025 earnings at $3.91 EPS, Q1 2026 earnings at $1.20 EPS and FY2026 earnings at $4.88 EPS.

Several other brokerages have also recently issued reports on OXY. Scotiabank raised shares of Occidental Petroleum from a “sector perform” rating to a “sector outperform” rating and lifted their target price for the stock from $63.00 to $90.00 in a report on Thursday, April 11th. Truist Financial lifted their target price on shares of Occidental Petroleum from $77.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, April 5th. Wells Fargo & Company lifted their target price on shares of Occidental Petroleum from $62.00 to $70.00 and gave the stock an “equal weight” rating in a report on Thursday, April 11th. Barclays assumed coverage on shares of Occidental Petroleum in a report on Wednesday, April 10th. They set an “equal weight” rating and a $73.00 price objective for the company. Finally, Mizuho boosted their price objective on shares of Occidental Petroleum from $69.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. Nine investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $71.94.

Occidental Petroleum Trading Up 0.3 %

NYSE:OXY opened at $64.66 on Thursday. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.92 and a quick ratio of 0.69. The firm has a market capitalization of $57.32 billion, a P/E ratio of 16.54 and a beta of 1.64. Occidental Petroleum has a one year low of $55.12 and a one year high of $71.18. The company’s 50-day simple moving average is $64.72 and its 200 day simple moving average is $61.43.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings data on Thursday, February 15th. The oil and gas producer reported $0.74 EPS for the quarter, hitting the consensus estimate of $0.74. Occidental Petroleum had a net margin of 16.24% and a return on equity of 20.63%. The business had revenue of $7.53 billion for the quarter, compared to analyst estimates of $6.93 billion. During the same quarter in the previous year, the firm posted $1.61 earnings per share. Occidental Petroleum’s quarterly revenue was down 9.6% on a year-over-year basis.

Occidental Petroleum Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, June 10th will be given a dividend of $0.22 per share. The ex-dividend date is Monday, June 10th. This represents a $0.88 annualized dividend and a yield of 1.36%. Occidental Petroleum’s dividend payout ratio (DPR) is 22.51%.

Hedge Funds Weigh In On Occidental Petroleum

A number of hedge funds have recently modified their holdings of OXY. Brookstone Capital Management boosted its position in shares of Occidental Petroleum by 6.9% in the third quarter. Brookstone Capital Management now owns 13,085 shares of the oil and gas producer’s stock worth $870,000 after purchasing an additional 845 shares during the period. Pinnacle Associates Ltd. boosted its position in shares of Occidental Petroleum by 8.2% in the third quarter. Pinnacle Associates Ltd. now owns 89,536 shares of the oil and gas producer’s stock worth $5,809,000 after purchasing an additional 6,813 shares during the period. Mission Wealth Management LP bought a new position in shares of Occidental Petroleum in the third quarter worth approximately $214,000. Arlington Trust Co LLC bought a new position in shares of Occidental Petroleum in the third quarter worth approximately $66,000. Finally, Capital Advisors Inc. OK boosted its position in shares of Occidental Petroleum by 8.3% in the third quarter. Capital Advisors Inc. OK now owns 7,044 shares of the oil and gas producer’s stock worth $457,000 after purchasing an additional 542 shares during the period. 88.70% of the stock is currently owned by institutional investors.

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.