Roth Capital Has Negative Estimate for OXY FY2024 Earnings

Occidental Petroleum Co. (NYSE:OXY) – Analysts at Roth Capital dropped their FY2024 earnings per share estimates for Occidental Petroleum in a research note issued to investors on Wednesday, November 13th. Roth Capital analyst L. Mariani now forecasts that the oil and gas producer will post earnings per share of $3.50 for the year, down from their prior estimate of $4.00. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.24 per share. Roth Capital also issued estimates for Occidental Petroleum’s Q4 2024 earnings at $0.83 EPS, Q1 2025 earnings at $0.80 EPS, Q2 2025 earnings at $0.67 EPS, Q3 2025 earnings at $0.79 EPS, Q4 2025 earnings at $0.98 EPS and FY2025 earnings at $3.24 EPS.

Other analysts also recently issued research reports about the stock. Barclays dropped their target price on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. StockNews.com raised Occidental Petroleum from a “sell” rating to a “hold” rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $56.00 price target on shares of Occidental Petroleum in a research report on Friday, November 8th. Scotiabank cut their price objective on Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Finally, Mizuho decreased their target price on Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating for the company in a report on Monday, September 16th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $63.65.

Occidental Petroleum Price Performance

Shares of OXY stock opened at $50.92 on Monday. The firm has a market capitalization of $47.78 billion, a price-to-earnings ratio of 13.26 and a beta of 1.58. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.75 and a current ratio of 1.00. The stock’s 50-day simple moving average is $51.77 and its 200-day simple moving average is $57.29. Occidental Petroleum has a fifty-two week low of $48.42 and a fifty-two week high of $71.18.

Institutional Trading of Occidental Petroleum

A number of institutional investors and hedge funds have recently made changes to their positions in OXY. Fortitude Family Office LLC lifted its stake in Occidental Petroleum by 160.0% in the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock valued at $25,000 after buying an additional 304 shares in the last quarter. Mizuho Securities Co. Ltd. acquired a new stake in shares of Occidental Petroleum in the third quarter worth approximately $32,000. New Covenant Trust Company N.A. purchased a new stake in shares of Occidental Petroleum during the first quarter worth approximately $44,000. LRI Investments LLC acquired a new position in Occidental Petroleum in the 1st quarter valued at $44,000. Finally, Transamerica Financial Advisors Inc. purchased a new position in Occidental Petroleum in the 3rd quarter valued at $50,000. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Occidental Petroleum Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be paid a $0.22 dividend. The ex-dividend date is Tuesday, December 10th. This represents a $0.88 annualized dividend and a dividend yield of 1.73%. Occidental Petroleum’s dividend payout ratio is presently 22.92%.

About Occidental Petroleum

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.