Q3 2024 EPS Estimates for Occidental Petroleum Co. Decreased by Analyst (NYSE:OXY)

Occidental Petroleum Co. (NYSE:OXYFree Report) – Research analysts at Zacks Research decreased their Q3 2024 earnings per share (EPS) estimates for shares of Occidental Petroleum in a report issued on Tuesday, March 19th. Zacks Research analyst J. Saha now expects that the oil and gas producer will post earnings of $1.10 per share for the quarter, down from their previous estimate of $1.11. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.56 per share.

A number of other analysts have also weighed in on the company. Morgan Stanley upgraded Occidental Petroleum from an “equal weight” rating to an “overweight” rating and set a $68.00 target price for the company in a research note on Monday, December 11th. Raymond James decreased their price target on Occidental Petroleum from $70.00 to $68.00 and set a “strong-buy” rating on the stock in a report on Wednesday, January 24th. Truist Financial reduced their target price on Occidental Petroleum from $80.00 to $77.00 and set a “buy” rating on the stock in a report on Friday, February 16th. JPMorgan Chase & Co. reduced their target price on Occidental Petroleum from $78.00 to $73.00 and set a “neutral” rating on the stock in a report on Friday, December 8th. Finally, Wells Fargo & Company raised their target price on Occidental Petroleum from $59.00 to $62.00 and gave the stock an “equal weight” rating in a report on Friday, February 16th. Eight investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $69.56.

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Occidental Petroleum Stock Performance

Shares of NYSE OXY opened at $63.92 on Thursday. The business has a fifty day simple moving average of $59.32 and a 200 day simple moving average of $60.86. The company has a current ratio of 0.92, a quick ratio of 0.69 and a debt-to-equity ratio of 0.84. The firm has a market capitalization of $56.22 billion, a price-to-earnings ratio of 16.35, a PEG ratio of 2.10 and a beta of 1.63. Occidental Petroleum has a one year low of $55.12 and a one year high of $67.67.

Occidental Petroleum (NYSE:OXYGet Free Report) last announced its earnings results on Thursday, February 15th. The oil and gas producer reported $0.74 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.74. Occidental Petroleum had a return on equity of 20.63% and a net margin of 16.24%. The firm had revenue of $7.53 billion during the quarter, compared to analysts’ expectations of $6.93 billion. During the same quarter in the prior year, the business earned $1.61 earnings per share. The company’s revenue was down 9.6% on a year-over-year basis.

Occidental Petroleum Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, March 8th will be paid a dividend of $0.22 per share. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.18. This represents a $0.88 annualized dividend and a dividend yield of 1.38%. The ex-dividend date is Thursday, March 7th. Occidental Petroleum’s payout ratio is currently 22.51%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Annis Gardner Whiting Capital Advisors LLC bought a new stake in Occidental Petroleum in the 3rd quarter valued at $26,000. Orion Capital Management LLC bought a new stake in Occidental Petroleum during the third quarter worth $27,000. TLW Wealth Management LLC bought a new stake in Occidental Petroleum during the fourth quarter worth $28,000. Grove Bank & Trust raised its holdings in shares of Occidental Petroleum by 86.0% during the 4th quarter. Grove Bank & Trust now owns 519 shares of the oil and gas producer’s stock worth $31,000 after buying an additional 240 shares in the last quarter. Finally, Resurgent Financial Advisors LLC bought a new stake in shares of Occidental Petroleum during the 4th quarter worth $35,000. 77.54% of the stock is currently owned by institutional investors.

About Occidental Petroleum

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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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