Research Analysts Issue Forecasts for OXY FY2024 Earnings

Occidental Petroleum Co. (NYSE:OXYFree Report) – Research analysts at Capital One Financial lowered their FY2024 earnings estimates for Occidental Petroleum in a report released on Thursday, January 16th. Capital One Financial analyst B. Velie now forecasts that the oil and gas producer will earn $3.26 per share for the year, down from their prior estimate of $3.27. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.32 per share.

A number of other equities analysts also recently issued reports on the company. TD Cowen lowered their price target on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a research report on Tuesday, November 12th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $56.00 price objective on shares of Occidental Petroleum in a report on Friday, November 8th. Citigroup reduced their price objective on Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 26th. Raymond James upped their target price on Occidental Petroleum from $77.00 to $78.00 and gave the company a “strong-buy” rating in a report on Thursday, November 21st. Finally, UBS Group reduced their price target on Occidental Petroleum from $58.00 to $51.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $62.19.

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Occidental Petroleum Trading Down 0.6 %

OXY stock opened at $51.98 on Monday. Occidental Petroleum has a 52-week low of $45.17 and a 52-week high of $71.18. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96. The firm has a market cap of $48.78 billion, a P/E ratio of 13.54 and a beta of 1.57. The company’s 50-day simple moving average is $49.70 and its 200-day simple moving average is $53.40.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Mercer Global Advisors Inc. ADV grew its stake in Occidental Petroleum by 8.9% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 50,448 shares of the oil and gas producer’s stock valued at $3,180,000 after acquiring an additional 4,113 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of Occidental Petroleum in the second quarter valued at approximately $256,000. Intech Investment Management LLC increased its stake in shares of Occidental Petroleum by 59.4% during the 2nd quarter. Intech Investment Management LLC now owns 64,283 shares of the oil and gas producer’s stock worth $4,052,000 after purchasing an additional 23,966 shares in the last quarter. Ieq Capital LLC lifted its stake in Occidental Petroleum by 14.8% in the 2nd quarter. Ieq Capital LLC now owns 34,060 shares of the oil and gas producer’s stock valued at $2,147,000 after buying an additional 4,384 shares in the last quarter. Finally, Canada Pension Plan Investment Board grew its holdings in Occidental Petroleum by 48.0% during the 2nd quarter. Canada Pension Plan Investment Board now owns 66,216 shares of the oil and gas producer’s stock valued at $4,174,000 after buying an additional 21,462 shares during the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc acquired 3,614,015 shares of Occidental Petroleum stock in a transaction that occurred on Thursday, December 19th. The stock was purchased at an average price of $45.60 per share, for a total transaction of $164,799,084.00. Following the completion of the transaction, the insider now directly owns 264,178,414 shares in the company, valued at approximately $12,046,535,678.40. This trade represents a 1.39 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.48% of the stock is currently owned by insiders.

Occidental Petroleum Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date was Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio is currently 22.92%.

Occidental Petroleum Company Profile

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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.

Further Reading

Earnings History and Estimates for Occidental Petroleum (NYSE:OXY)

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