Capital One Financial Research Analysts Decrease Earnings Estimates for Occidental Petroleum Co. (NYSE:OXY)

Occidental Petroleum Co. (NYSE:OXY) – Equities research analysts at Capital One Financial cut their Q1 2024 earnings per share estimates for shares of Occidental Petroleum in a report released on Monday, April 15th. Capital One Financial analyst B. Velie now anticipates that the oil and gas producer will earn $0.52 per share for the quarter, down from their prior estimate of $0.59. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.81 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 results on Thursday, February 15th. The oil and gas producer reported $0.74 earnings per share 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 business had revenue of $7.53 billion for the quarter, compared to the consensus estimate of $6.93 billion. During the same period in the prior year, the business earned $1.61 EPS. The firm’s revenue for the quarter was down 9.6% on a year-over-year basis.

A number of other analysts have also commented on OXY. Wells Fargo & Company boosted their price objective on Occidental Petroleum from $62.00 to $70.00 and gave the stock an “equal weight” rating in a report on Thursday, April 11th. Barclays initiated coverage on Occidental Petroleum in a report on Wednesday, April 10th. They set an “equal weight” rating and a $73.00 price objective for the company. Mizuho upped their target price on Occidental Petroleum from $69.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. Scotiabank raised Occidental Petroleum from a “sector perform” rating to a “sector outperform” rating and upped their target price for the company from $63.00 to $90.00 in a report on Thursday, April 11th. Finally, StockNews.com raised Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Friday, March 15th. Nine analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Occidental Petroleum presently has a consensus rating of “Moderate Buy” and a consensus price target of $72.06.

Occidental Petroleum Stock Down 1.3 %

OXY stock opened at $65.98 on Wednesday. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.69 and a current ratio of 0.92. The stock’s 50 day simple moving average is $63.05 and its 200 day simple moving average is $61.09. The company has a market cap of $58.49 billion, a P/E ratio of 16.87 and a beta of 1.64. Occidental Petroleum has a fifty-two week low of $55.12 and a fifty-two week high of $71.18.

Institutional Investors Weigh In On Occidental Petroleum

Several institutional investors have recently made changes to their positions in the stock. Berkshire Hathaway Inc raised its position in shares of Occidental Petroleum by 8.7% in the fourth quarter. Berkshire Hathaway Inc now owns 243,715,804 shares of the oil and gas producer’s stock worth $14,552,271,000 after buying an additional 19,586,612 shares in the last quarter. Moneta Group Investment Advisors LLC purchased a new stake in shares of Occidental Petroleum in the fourth quarter worth $267,173,000. Bank of New York Mellon Corp raised its position 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 in the last quarter. American Century Companies Inc. raised its position in shares of Occidental Petroleum by 600.4% in the third quarter. American Century Companies Inc. now owns 2,242,910 shares of the oil and gas producer’s stock worth $145,520,000 after buying an additional 1,922,656 shares in the last quarter. Finally, First Trust Advisors LP raised its position in shares of Occidental Petroleum by 87.9% in the first quarter. First Trust Advisors LP now owns 3,276,078 shares of the oil and gas producer’s stock worth $185,885,000 after buying an additional 1,532,100 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 8th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $0.88 annualized dividend and a dividend yield of 1.33%. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.18. Occidental Petroleum’s dividend payout ratio is currently 22.51%.

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.