Research Analysts Set Expectations for OXY FY2024 Earnings

Occidental Petroleum Co. (NYSE:OXY) – Investment analysts at Zacks Research lowered their FY2024 earnings estimates for Occidental Petroleum in a research note issued on Tuesday, December 3rd. Zacks Research analyst J. Saha now forecasts that the oil and gas producer will post earnings per share of $3.29 for the year, down from their prior estimate of $3.41. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.36 per share.

A number of other brokerages have also recently issued reports on OXY. BMO Capital Markets dropped their target price on shares of Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating for the company in a report on Friday, October 4th. Barclays dropped their price objective on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Scotiabank dropped their price objective on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. StockNews.com cut shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a research note on Monday. Finally, Jefferies Financial Group raised their price objective on shares of Occidental Petroleum from $53.00 to $54.00 and gave the stock a “hold” rating in a research note on Tuesday, November 12th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $63.25.

Occidental Petroleum Trading Down 0.9 %

Shares of Occidental Petroleum stock opened at $48.48 on Thursday. Occidental Petroleum has a 12-month low of $48.42 and a 12-month high of $71.18. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 0.96. The stock has a market cap of $45.49 billion, a PE ratio of 12.63 and a beta of 1.57. The company has a 50-day moving average of $51.49 and a two-hundred day moving average of $56.17.

Occidental Petroleum Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be issued a $0.22 dividend. The ex-dividend date is Tuesday, December 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.82%. Occidental Petroleum’s dividend payout ratio (DPR) is presently 22.92%.

Hedge Funds Weigh In On Occidental Petroleum

A number of hedge funds have recently made changes to their positions in the stock. Commerzbank Aktiengesellschaft FI raised its stake in Occidental Petroleum by 2.0% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 9,088 shares of the oil and gas producer’s stock worth $573,000 after acquiring an additional 175 shares during the period. Atria Wealth Solutions Inc. grew its position in Occidental Petroleum by 0.6% in the 2nd quarter. Atria Wealth Solutions Inc. now owns 27,519 shares of the oil and gas producer’s stock worth $1,735,000 after purchasing an additional 176 shares during the last quarter. Raymond James Trust N.A. grew its position in Occidental Petroleum by 1.0% in the 2nd quarter. Raymond James Trust N.A. now owns 17,592 shares of the oil and gas producer’s stock worth $1,109,000 after purchasing an additional 182 shares during the last quarter. Gateway Advisory LLC grew its position in Occidental Petroleum by 3.9% in the 2nd quarter. Gateway Advisory LLC now owns 4,847 shares of the oil and gas producer’s stock worth $306,000 after purchasing an additional 184 shares during the last quarter. Finally, Joule Financial LLC grew its position in Occidental Petroleum by 2.5% in the 2nd quarter. Joule Financial LLC now owns 7,863 shares of the oil and gas producer’s stock worth $497,000 after purchasing an additional 191 shares during the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

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.