Scotiabank Expects Lower Earnings for Occidental Petroleum

Occidental Petroleum Co. (NYSE:OXY - Free Report) - Scotiabank lowered their FY2024 EPS estimates for shares of Occidental Petroleum in a note issued to investors on Wednesday, January 8th. Scotiabank analyst P. Cheng now forecasts that the oil and gas producer will post earnings per share of $3.55 for the year, down from their previous forecast of $4.10. Scotiabank has a "Sector Outperform" rating and a $65.00 price target on the stock. The consensus estimate for Occidental Petroleum's current full-year earnings is $3.35 per share. Scotiabank also issued estimates for Occidental Petroleum's FY2025 earnings at $3.40 EPS.

Several other research analysts also recently commented on the company. Stephens lifted their target price on Occidental Petroleum from $70.00 to $71.00 and gave the stock an "overweight" rating in a report on Wednesday, November 13th. Raymond James upped their target price on Occidental Petroleum from $77.00 to $78.00 and gave the company a "strong-buy" rating in a report on Thursday, November 21st. Piper Sandler lowered their price target on shares of Occidental Petroleum from $57.00 to $51.00 and set a "neutral" rating for the company in a report on Thursday, December 19th. StockNews.com raised shares of Occidental Petroleum from a "sell" rating to a "hold" rating in a research note on Sunday, January 5th. Finally, Bank of America assumed coverage on shares of Occidental Petroleum in a research note on Thursday, October 17th. They set a "neutral" rating and a $57.00 target price for the company. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $62.10.

Occidental Petroleum Price Performance

Shares of NYSE:OXY opened at $51.35 on Monday. The firm has a market cap of $48.18 billion, a PE ratio of 13.37 and a beta of 1.57. Occidental Petroleum has a 52 week low of $45.17 and a 52 week high of $71.18. The firm's fifty day moving average is $49.54 and its 200-day moving average is $53.76. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.76 and a current ratio of 1.00.

Occidental Petroleum Announces Dividend

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

Insider Buying and Selling

In other news, major shareholder Berkshire Hathaway Inc bought 3,614,015 shares of the company's stock in a transaction on Thursday, December 19th. The shares were purchased at an average price of $45.60 per share, with a total value of $164,799,084.00. Following the transaction, the insider now directly owns 264,178,414 shares in the company, valued at $12,046,535,678.40. This represents a 1.39 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.31% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of OXY. Rule One Partners LLC purchased a new position in shares of Occidental Petroleum in the 3rd quarter worth about $14,199,000. Stephens Inc. AR boosted its stake in Occidental Petroleum by 221.0% in the third quarter. Stephens Inc. AR now owns 15,079 shares of the oil and gas producer's stock valued at $777,000 after acquiring an additional 10,382 shares during the last quarter. Weiss Asset Management LP bought a new position in shares of Occidental Petroleum during the 3rd quarter valued at approximately $2,509,000. Cerity Partners LLC increased its stake in shares of Occidental Petroleum by 27.7% during the 3rd quarter. Cerity Partners LLC now owns 70,580 shares of the oil and gas producer's stock worth $3,638,000 after purchasing an additional 15,316 shares during the last quarter. Finally, Synovus Financial Corp raised its holdings in shares of Occidental Petroleum by 1,247.7% in the 3rd quarter. Synovus Financial Corp now owns 50,486 shares of the oil and gas producer's stock worth $2,602,000 after purchasing an additional 46,740 shares during the period. 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.