Occidental Petroleum Co. (NYSE:OXY – Get Rating) – Equities researchers at Zacks Research lowered their Q2 2023 earnings estimates for shares of Occidental Petroleum in a report issued on Tuesday, May 23rd. Zacks Research analyst J. Saha now anticipates that the oil and gas producer will post earnings per share of $1.20 for the quarter, down from their previous estimate of $1.37. The consensus estimate for Occidental Petroleum’s current full-year earnings is $5.19 per share. Zacks Research also issued estimates for Occidental Petroleum’s Q3 2023 earnings at $1.30 EPS, Q4 2023 earnings at $1.27 EPS, Q1 2024 earnings at $1.46 EPS, Q2 2024 earnings at $1.01 EPS, Q3 2024 earnings at $1.32 EPS, Q4 2024 earnings at $1.44 EPS, FY2024 earnings at $5.22 EPS and Q1 2025 earnings at $1.12 EPS.
Several other brokerages have also recently issued reports on OXY. Wells Fargo & Company lifted their target price on Occidental Petroleum from $64.00 to $65.00 in a research report on Friday, April 7th. Mizuho reduced their target price on shares of Occidental Petroleum from $79.00 to $67.00 in a research note on Friday, May 19th. UBS Group assumed coverage on shares of Occidental Petroleum in a research report on Wednesday, April 19th. They set a “neutral” rating and a $68.00 price target on the stock. Evercore ISI downgraded shares of Occidental Petroleum from an “in-line” rating to an “underperform” rating and reduced their price objective for the stock from $74.00 to $60.00 in a research report on Wednesday, February 22nd. Finally, Barclays lifted their target price on shares of Occidental Petroleum from $70.00 to $78.00 in a research report on Friday, March 17th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $70.94.
Occidental Petroleum Stock Performance
Occidental Petroleum (NYSE:OXY – Get Rating) last issued its quarterly earnings data on Tuesday, May 9th. The oil and gas producer reported $1.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.21). Occidental Petroleum had a net margin of 27.06% and a return on equity of 45.10%. The business had revenue of $7.23 billion for the quarter, compared to analyst estimates of $7.37 billion. During the same quarter in the prior year, the business earned $2.12 earnings per share. The firm’s quarterly revenue was down 15.3% compared to the same quarter last year.
Institutional Investors Weigh In On Occidental Petroleum
A number of institutional investors and hedge funds have recently modified their holdings of the company. Orion Capital Management LLC purchased a new position in Occidental Petroleum during the fourth quarter worth about $26,000. Wolff Wiese Magana LLC increased its position in shares of Occidental Petroleum by 5,000.0% in the first quarter. Wolff Wiese Magana LLC now owns 510 shares of the oil and gas producer’s stock worth $32,000 after purchasing an additional 500 shares during the last quarter. Hanseatic Management Services Inc. purchased a new stake in Occidental Petroleum in the fourth quarter valued at approximately $33,000. Cyrus J. Lawrence LLC bought a new stake in Occidental Petroleum during the first quarter valued at approximately $33,000. Finally, Strengthening Families & Communities LLC purchased a new position in Occidental Petroleum in the 1st quarter worth approximately $35,000. 78.45% of the stock is owned by hedge funds and other institutional investors.
Insider Activity at Occidental Petroleum
In related news, major shareholder Berkshire Hathaway Inc purchased 1,678,017 shares of the business’s stock in a transaction dated Monday, March 6th. The stock was purchased at an average cost of $61.56 per share, with a total value of $103,298,726.52. Following the completion of the acquisition, the insider now directly owns 198,392,755 shares of the company’s stock, valued at $12,213,057,997.80. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders acquired 14,781,466 shares of company stock worth $875,880,626. Corporate insiders own 0.31% of the company’s stock.
Occidental Petroleum Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 14th. Investors of record on Friday, June 9th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.22%. The ex-dividend date is Thursday, June 8th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 8.25%.
Occidental Petroleum Company Profile
Occidental Petroleum Corp. engages in the exploration and production of oil and natural gas. It operates through the following segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops and produces oil and condensate, natural gas liquids and natural gas.
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