Q1 2024 Earnings Forecast for Occidental Petroleum Co. (NYSE:OXY) Issued By Zacks Research

Occidental Petroleum Co. (NYSE:OXY) – Investment analysts at Zacks Research decreased their Q1 2024 earnings estimates for Occidental Petroleum in a research note issued to investors on Monday, April 29th. Zacks Research analyst J. Saha now forecasts that the oil and gas producer will earn $0.61 per share for the quarter, down from their previous forecast of $0.76. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.81 per share. Zacks Research also issued estimates for Occidental Petroleum’s Q2 2024 earnings at $0.84 EPS, FY2024 earnings at $3.40 EPS, Q1 2025 earnings at $0.92 EPS, Q2 2025 earnings at $1.15 EPS, Q3 2025 earnings at $0.96 EPS, Q4 2025 earnings at $0.88 EPS, FY2025 earnings at $3.91 EPS, Q1 2026 earnings at $1.20 EPS and FY2026 earnings at $4.88 EPS.

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

Several other analysts have also recently commented on the stock. Morgan Stanley raised their price objective on shares of Occidental Petroleum from $66.00 to $72.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Truist Financial boosted their target price on Occidental Petroleum from $77.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, April 5th. Mizuho boosted their price objective on shares of Occidental Petroleum from $69.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. StockNews.com raised shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Friday, March 15th. Finally, Wells Fargo & Company increased their target price on Occidental Petroleum from $62.00 to $70.00 and gave the company an “equal weight” rating in a report on Thursday, April 11th. Nine investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $71.94.

Occidental Petroleum Trading Down 0.4 %

NYSE OXY opened at $64.39 on Thursday. The stock has a market capitalization of $57.08 billion, a P/E ratio of 16.47 and a beta of 1.64. The firm has a 50-day moving average price of $64.72 and a 200 day moving average price of $61.43. Occidental Petroleum has a 52-week low of $55.12 and a 52-week high of $71.18. The company has a quick ratio of 0.69, a current ratio of 0.92 and a debt-to-equity ratio of 0.84.

Occidental Petroleum Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, June 10th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.37%. The ex-dividend date is Monday, June 10th. Occidental Petroleum’s payout ratio is 22.51%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of OXY. Berkshire Hathaway Inc increased its holdings in shares of Occidental Petroleum by 8.7% during the fourth 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 purchasing an additional 19,586,612 shares during the period. Bank of New York Mellon Corp raised its position in shares of Occidental Petroleum by 24.1% during the 3rd 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. lifted its stake in shares of Occidental Petroleum by 600.4% in the 3rd quarter. American Century Companies Inc. now owns 2,242,910 shares of the oil and gas producer’s stock worth $145,520,000 after acquiring an additional 1,922,656 shares during the period. Pacer Advisors Inc. boosted its holdings in shares of Occidental Petroleum by 22.2% in the fourth quarter. Pacer Advisors Inc. now owns 5,995,258 shares of the oil and gas producer’s stock valued at $357,977,000 after acquiring an additional 1,088,052 shares in the last quarter. Finally, ANTIPODES PARTNERS Ltd increased its stake in shares of Occidental Petroleum by 51.7% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 2,340,465 shares of the oil and gas producer’s stock valued at $139,749,000 after acquiring an additional 797,894 shares during the period. 88.70% of the stock is owned by institutional investors and hedge funds.

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.