Q3 EPS Estimates for OXY Decreased by Capital One Financial

Occidental Petroleum Co. (NYSE:OXY - Free Report) - Analysts at Capital One Financial lowered their Q3 2024 earnings per share estimates for shares of Occidental Petroleum in a note issued to investors on Tuesday, October 15th. Capital One Financial analyst B. Velie now forecasts that the oil and gas producer will post earnings of $0.64 per share for the quarter, down from their prior forecast of $0.70. The consensus estimate for Occidental Petroleum's current full-year earnings is $3.49 per share. Capital One Financial also issued estimates for Occidental Petroleum's Q4 2024 earnings at $0.53 EPS and FY2024 earnings at $2.84 EPS.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share for the quarter, beating analysts' consensus estimates of $0.77 by $0.26. The business had revenue of $6.88 billion during the quarter, compared to analyst estimates of $6.93 billion. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The company's quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.68 EPS.

OXY has been the subject of a number of other research reports. StockNews.com downgraded Occidental Petroleum from a "hold" rating to a "sell" rating in a research report on Saturday, October 5th. Susquehanna cut their price target on shares of Occidental Petroleum from $81.00 to $78.00 and set a "positive" rating on the stock in a report on Wednesday, September 4th. Bank of America assumed coverage on Occidental Petroleum in a research report on Thursday. They issued a "neutral" rating and a $57.00 target price for the company. Stephens reissued an "overweight" rating and set a $76.00 price target on shares of Occidental Petroleum in a research report on Thursday, August 8th. Finally, Wolfe Research assumed coverage on shares of Occidental Petroleum in a report on Thursday, July 18th. They issued an "outperform" rating and a $81.00 price objective on the stock. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $65.78.

Occidental Petroleum Price Performance

Shares of OXY traded up $0.47 during trading hours on Thursday, reaching $51.73. 7,636,229 shares of the company's stock traded hands, compared to its average volume of 9,150,332. The stock has a market cap of $45.87 billion, a PE ratio of 14.13 and a beta of 1.57. The company has a current ratio of 1.04, a quick ratio of 0.75 and a debt-to-equity ratio of 0.77. The firm's 50 day simple moving average is $54.21 and its 200-day simple moving average is $59.96. Occidental Petroleum has a 12 month low of $49.75 and a 12 month high of $71.18.

Institutional Trading of Occidental Petroleum

A number of hedge funds and other institutional investors have recently modified their holdings of OXY. Investment Research & Advisory Group Inc. lifted its position in Occidental Petroleum by 75.2% during the first quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer's stock valued at $25,000 after purchasing an additional 167 shares during the last quarter. New Covenant Trust Company N.A. bought a new position in Occidental Petroleum during the first quarter valued at $44,000. LRI Investments LLC bought a new position in Occidental Petroleum during the first quarter valued at $44,000. Strategic Financial Concepts LLC bought a new position in Occidental Petroleum during the second quarter valued at $53,000. Finally, Riverview Trust Co bought a new position in Occidental Petroleum during the first quarter valued at $63,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Occidental Petroleum

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the transaction, the insider now owns 165,681,578 shares in the company, valued at $5,923,116,413.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.31% of the stock is owned by insiders.

Occidental Petroleum Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Tuesday, September 10th were given a dividend of $0.22 per share. The ex-dividend date was Tuesday, September 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.70%. Occidental Petroleum's dividend payout ratio (DPR) is 24.04%.

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.