Scotiabank Cuts Earnings Estimates for Occidental Petroleum

Occidental Petroleum Co. (NYSE:OXY - Free Report) - Scotiabank dropped their FY2025 earnings estimates for shares of Occidental Petroleum in a report released on Wednesday, March 19th. Scotiabank analyst P. Cheng now anticipates that the oil and gas producer will post earnings of $2.85 per share for the year, down from their previous estimate of $3.40. The consensus estimate for Occidental Petroleum's current full-year earnings is $3.58 per share.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its quarterly earnings results on Tuesday, February 18th. The oil and gas producer reported $0.80 earnings per share for the quarter, topping analysts' consensus estimates of $0.67 by $0.13. Occidental Petroleum had a net margin of 11.37% and a return on equity of 16.33%. The firm had revenue of $6.84 billion during the quarter, compared to analysts' expectations of $7.14 billion.

Several other equities research analysts also recently weighed in on the stock. The Goldman Sachs Group downgraded shares of Occidental Petroleum from a "neutral" rating to a "sell" rating and dropped their target price for the stock from $54.00 to $45.00 in a research report on Friday, January 31st. Piper Sandler reduced their price objective on Occidental Petroleum from $51.00 to $50.00 and set a "neutral" rating on the stock in a research note on Thursday, March 6th. Roth Capital set a $54.00 price target on shares of Occidental Petroleum in a research report on Thursday, January 23rd. Truist Financial boosted their price objective on Occidental Petroleum from $56.00 to $58.00 and gave the company a "hold" rating in a research report on Monday, January 13th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Occidental Petroleum from $59.00 to $52.00 and set a "neutral" rating for the company in a report on Thursday, March 13th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $60.45.

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Occidental Petroleum Stock Up 1.8 %

Shares of NYSE OXY traded up $0.86 during midday trading on Monday, reaching $48.78. 5,144,788 shares of the company's stock were exchanged, compared to its average volume of 9,989,019. The business's fifty day moving average price is $48.51 and its two-hundred day moving average price is $49.93. Occidental Petroleum has a 52-week low of $44.70 and a 52-week high of $71.19. The stock has a market capitalization of $45.78 billion, a PE ratio of 19.96 and a beta of 1.51. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.76 and a current ratio of 0.95.

Occidental Petroleum Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 10th will be given a $0.24 dividend. This is a positive change from Occidental Petroleum's previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Monday, March 10th. This represents a $0.96 annualized dividend and a yield of 1.97%. Occidental Petroleum's payout ratio is 39.34%.

Insider Transactions at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc acquired 763,017 shares of the firm's stock in a transaction that occurred on Friday, February 7th. The stock was purchased at an average price of $46.82 per share, with a total value of $35,724,455.94. Following the purchase, the insider now owns 264,941,431 shares of the company's stock, valued at approximately $12,404,557,799.42. This trade represents a 0.29 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.31% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP raised its position in Occidental Petroleum by 5.0% during the fourth quarter. Wellington Management Group LLP now owns 108,232 shares of the oil and gas producer's stock valued at $5,348,000 after acquiring an additional 5,160 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Occidental Petroleum by 25.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 95,888 shares of the oil and gas producer's stock valued at $4,738,000 after acquiring an additional 19,734 shares in the last quarter. PKO Investment Management Joint Stock Co acquired a new stake in Occidental Petroleum in the 4th quarter worth approximately $1,144,000. Northstar Financial Companies Inc. bought a new stake in Occidental Petroleum during the fourth quarter worth approximately $486,000. Finally, Siemens Fonds Invest GmbH grew its holdings in Occidental Petroleum by 30.0% during the fourth quarter. Siemens Fonds Invest GmbH now owns 43,293 shares of the oil and gas producer's stock valued at $2,139,000 after purchasing an additional 10,003 shares during the last quarter. Hedge funds and other institutional investors own 88.70% of the company's stock.

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.