What is Zacks Research's Forecast for OXY FY2024 Earnings?

Occidental Petroleum Co. (NYSE:OXY - Free Report) - Equities research analysts at Zacks Research raised their FY2024 earnings estimates for shares of Occidental Petroleum in a report released on Thursday, January 30th. Zacks Research analyst J. Saha now forecasts that the oil and gas producer will post earnings of $3.30 per share for the year, up from their previous forecast of $3.29. The consensus estimate for Occidental Petroleum's current full-year earnings is $3.34 per share. Zacks Research also issued estimates for Occidental Petroleum's Q4 2024 earnings at $0.64 EPS, Q1 2025 earnings at $0.83 EPS, Q3 2025 earnings at $0.84 EPS, FY2025 earnings at $2.89 EPS, Q2 2026 earnings at $0.81 EPS, Q3 2026 earnings at $0.75 EPS, Q4 2026 earnings at $0.62 EPS and FY2026 earnings at $2.93 EPS.

A number of other equities analysts have also commented on OXY. Citigroup cut their price target on shares of Occidental Petroleum from $57.00 to $56.00 and set a "neutral" rating on the stock in a report on Tuesday, November 26th. Wells Fargo & Company decreased their price target on Occidental Petroleum from $56.00 to $53.00 and set an "equal weight" rating for the company in a research note on Monday, December 9th. Raymond James lifted their price objective on Occidental Petroleum from $77.00 to $78.00 and gave the stock a "strong-buy" rating in a research note on Thursday, November 21st. Truist Financial raised their price target on shares of Occidental Petroleum from $56.00 to $58.00 and gave the stock a "hold" rating in a report on Monday, January 13th. Finally, UBS Group reduced their price objective on shares of Occidental Petroleum from $58.00 to $51.00 and set a "neutral" rating on the stock in a research note on Monday, December 9th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $61.71.

Occidental Petroleum Price Performance

Shares of OXY stock traded down $0.43 during trading hours on Monday, reaching $47.16. The company's stock had a trading volume of 2,481,643 shares, compared to its average volume of 9,752,412. The firm's 50 day simple moving average is $49.31 and its 200-day simple moving average is $52.31. The company has a market capitalization of $44.25 billion, a price-to-earnings ratio of 12.27 and a beta of 1.55. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96. Occidental Petroleum has a fifty-two week low of $45.17 and a fifty-two week high of $71.18.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Segment Wealth Management LLC grew its stake in shares of Occidental Petroleum by 5.2% in the 3rd quarter. Segment Wealth Management LLC now owns 3,973 shares of the oil and gas producer's stock worth $205,000 after buying an additional 196 shares in the last quarter. Wealth Alliance Advisory Group LLC lifted its holdings in shares of Occidental Petroleum by 2.2% in the 3rd quarter. Wealth Alliance Advisory Group LLC now owns 9,191 shares of the oil and gas producer's stock valued at $474,000 after acquiring an additional 200 shares during the last quarter. Leavell Investment Management Inc. increased its stake in Occidental Petroleum by 3.3% during the third quarter. Leavell Investment Management Inc. now owns 6,241 shares of the oil and gas producer's stock worth $323,000 after acquiring an additional 200 shares during the last quarter. Howard Capital Management Inc. raised its position in Occidental Petroleum by 5.4% during the fourth quarter. Howard Capital Management Inc. now owns 4,234 shares of the oil and gas producer's stock valued at $209,000 after purchasing an additional 216 shares during the period. Finally, Deseret Mutual Benefit Administrators lifted its stake in shares of Occidental Petroleum by 27.1% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,164 shares of the oil and gas producer's stock valued at $58,000 after purchasing an additional 248 shares during the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc purchased 2,477,362 shares of the firm's stock in a transaction on Tuesday, December 17th. The shares were acquired at an average price of $46.25 per share, for a total transaction of $114,577,992.50. Following the purchase, the insider now directly owns 257,758,886 shares in the company, valued at $11,921,348,477.50. This trade represents a 0.97 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.48% 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.