FY2024 EPS Estimates for OXY Increased by Analyst

Occidental Petroleum Co. (NYSE:OXY - Free Report) - Capital One Financial raised their FY2024 earnings per share estimates for Occidental Petroleum in a research note issued on Wednesday, January 8th. Capital One Financial analyst B. Velie now expects that the oil and gas producer will post earnings per share of $3.27 for the year, up from their prior estimate of $3.25. The consensus estimate for Occidental Petroleum's current full-year earnings is $3.35 per share. Capital One Financial also issued estimates for Occidental Petroleum's Q4 2024 earnings at $0.59 EPS and FY2026 earnings at $2.93 EPS.

A number of other equities research analysts have also recently weighed in on the company. Wells Fargo & Company cut their price target on Occidental Petroleum from $56.00 to $53.00 and set an "equal weight" rating on the stock in a report on Monday, December 9th. Stephens lifted their price target on Occidental Petroleum from $70.00 to $71.00 and gave the company an "overweight" rating in a report on Wednesday, November 13th. BMO Capital Markets cut their price target on Occidental Petroleum from $70.00 to $65.00 and set a "market perform" rating on the stock in a report on Friday, October 4th. Piper Sandler cut their price target on Occidental Petroleum from $57.00 to $51.00 and set a "neutral" rating on the stock in a report on Thursday, December 19th. Finally, StockNews.com raised Occidental Petroleum from a "sell" rating to a "hold" rating in a report on Sunday, January 5th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $62.10.

Occidental Petroleum Stock Performance

OXY stock traded up $0.16 during midday trading on Friday, reaching $51.35. The company had a trading volume of 10,902,197 shares, compared to its average volume of 10,133,670. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96. The stock has a 50 day moving average price of $49.54 and a 200 day moving average price of $53.89. Occidental Petroleum has a fifty-two week low of $45.17 and a fifty-two week high of $71.18. The firm has a market capitalization of $48.18 billion, a PE ratio of 13.37 and a beta of 1.57.

Hedge Funds Weigh In On Occidental Petroleum

Institutional investors and hedge funds have recently modified their holdings of the stock. Victory Capital Management Inc. boosted its holdings in shares of Occidental Petroleum by 24.1% during the 2nd quarter. Victory Capital Management Inc. now owns 385,387 shares of the oil and gas producer's stock worth $24,291,000 after buying an additional 74,750 shares during the period. Acadian Asset Management LLC acquired a new stake in Occidental Petroleum in the 2nd quarter valued at approximately $1,563,000. Dorsey & Whitney Trust CO LLC lifted its holdings in shares of Occidental Petroleum by 16.8% during the second quarter. Dorsey & Whitney Trust CO LLC now owns 5,457 shares of the oil and gas producer's stock worth $344,000 after buying an additional 783 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in shares of Occidental Petroleum by 11.0% in the second quarter. Daiwa Securities Group Inc. now owns 72,286 shares of the oil and gas producer's stock valued at $4,556,000 after acquiring an additional 7,174 shares during the period. Finally, American Century Companies Inc. grew its stake in shares of Occidental Petroleum by 16.8% in the second quarter. American Century Companies Inc. now owns 3,707,555 shares of the oil and gas producer's stock worth $233,687,000 after acquiring an additional 532,318 shares during the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc purchased 3,614,015 shares of the stock in a transaction dated Thursday, December 19th. The shares were acquired at an average cost of $45.60 per share, for a total transaction of $164,799,084.00. Following the acquisition, the insider now directly owns 264,178,414 shares in the company, valued at approximately $12,046,535,678.40. The trade was a 1.39 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.48% of the company's stock.

Occidental Petroleum Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.71%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum's payout ratio is 22.92%.

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.