Q1 2024 EPS Estimates for Occidental Petroleum Co. (NYSE:OXY) Cut by Capital One Financial

Occidental Petroleum Co. (NYSE:OXY) – Investment analysts at Capital One Financial dropped their Q1 2024 earnings per share estimates for Occidental Petroleum in a report released on Monday, April 15th. Capital One Financial analyst B. Velie now expects that the oil and gas producer will post earnings of $0.52 per share for the quarter, down from their previous forecast of $0.59. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.74 per share. Capital One Financial also issued estimates for Occidental Petroleum’s Q2 2024 earnings at $0.79 EPS, Q3 2024 earnings at $0.81 EPS, Q4 2024 earnings at $0.94 EPS, FY2024 earnings at $3.06 EPS and FY2025 earnings at $2.95 EPS.

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 analysts’ consensus estimates of $0.74. The company had revenue of $7.53 billion for the quarter, compared to the consensus estimate of $6.93 billion. Occidental Petroleum had a return on equity of 20.63% and a net margin of 16.24%. The company’s quarterly revenue was down 9.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.61 EPS.

A number of other analysts have also recently weighed in on OXY. Wells Fargo & Company raised 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. StockNews.com raised Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Friday, March 15th. Mizuho raised their target price on shares of Occidental Petroleum from $69.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. Scotiabank raised shares of Occidental Petroleum from a “sector perform” rating to a “sector outperform” rating and raised their price objective for the stock from $63.00 to $90.00 in a research note on Thursday, April 11th. Finally, Truist Financial boosted their target price on shares of Occidental Petroleum from $77.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, April 5th. Nine investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Occidental Petroleum currently has a consensus rating of “Moderate Buy” and a consensus price target of $72.06.

Occidental Petroleum Price Performance

Shares of NYSE OXY opened at $66.04 on Wednesday. The firm has a 50-day moving average of $63.21 and a two-hundred day moving average of $61.13. The company has a market capitalization of $58.54 billion, a price-to-earnings ratio of 16.89 and a beta of 1.64. The company has a current ratio of 0.92, a quick ratio of 0.69 and a debt-to-equity ratio of 0.84. Occidental Petroleum has a twelve month low of $55.12 and a twelve month high of $71.18.

Occidental Petroleum Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 8th were issued a $0.22 dividend. The ex-dividend date was Thursday, March 7th. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.18. This represents a $0.88 dividend on an annualized basis and a yield of 1.33%. Occidental Petroleum’s dividend payout ratio is currently 22.51%.

Hedge Funds Weigh In On Occidental Petroleum

Several institutional investors have recently bought and sold shares of the stock. Berkshire Hathaway Inc increased its holdings in shares of Occidental Petroleum by 8.7% during the 4th quarter. Berkshire Hathaway Inc now owns 243,715,804 shares of the oil and gas producer’s stock valued at $14,552,271,000 after acquiring an additional 19,586,612 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Occidental Petroleum by 24.1% in the third quarter. Bank of New York Mellon Corp now owns 12,021,929 shares of the oil and gas producer’s stock worth $779,983,000 after buying an additional 2,334,651 shares during the last quarter. Pacer Advisors Inc. lifted its position in Occidental Petroleum by 22.2% during the 4th quarter. Pacer Advisors Inc. now owns 5,995,258 shares of the oil and gas producer’s stock worth $357,977,000 after acquiring an additional 1,088,052 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Occidental Petroleum by 2.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 5,035,799 shares of the oil and gas producer’s stock valued at $285,732,000 after acquiring an additional 118,928 shares during the period. Finally, Invesco Ltd. increased its stake in shares of Occidental Petroleum by 2.8% in the third quarter. Invesco Ltd. now owns 4,665,494 shares of the oil and gas producer’s stock worth $302,697,000 after purchasing an additional 125,927 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.