Occidental Petroleum Co. (NYSE:OXY) Forecasted to Post Q3 2024 Earnings of $0.70 Per Share

Occidental Petroleum Co. (NYSE:OXY) – Capital One Financial dropped their Q3 2024 earnings estimates for shares of Occidental Petroleum in a report released on Tuesday, September 17th. Capital One Financial analyst B. Velie now expects that the oil and gas producer will post earnings of $0.70 per share for the quarter, down from their previous estimate of $1.02. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.71 per share. Capital One Financial also issued estimates for Occidental Petroleum’s Q4 2024 earnings at $0.58 EPS, FY2024 earnings at $2.95 EPS, Q1 2025 earnings at $0.39 EPS, Q2 2025 earnings at $0.38 EPS, Q3 2025 earnings at $0.38 EPS, Q4 2025 earnings at $0.37 EPS, FY2025 earnings at $1.52 EPS and FY2026 earnings at $1.67 EPS.

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

OXY has been the subject of a number of other research reports. Susquehanna dropped their target price on Occidental Petroleum from $81.00 to $78.00 and set a “positive” rating for the company in a report on Wednesday, September 4th. Wolfe Research initiated coverage on shares of Occidental Petroleum in a report on Thursday, July 18th. They issued an “outperform” rating and a $81.00 price objective for the company. Mizuho lowered their target price on shares of Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. StockNews.com downgraded shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a research report on Thursday. Finally, Truist Financial reduced their price target on Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating on the stock in a research report on Monday, August 12th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Occidental Petroleum currently has a consensus rating of “Hold” and a consensus target price of $71.60.

Occidental Petroleum Stock Performance

OXY opened at $51.64 on Friday. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.04 and a quick ratio of 0.75. The business has a fifty day simple moving average of $56.91 and a 200 day simple moving average of $61.26. Occidental Petroleum has a 1 year low of $49.90 and a 1 year high of $71.18. The company has a market capitalization of $45.79 billion, a PE ratio of 14.11 and a beta of 1.58.

Occidental Petroleum Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, September 10th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.70%. The ex-dividend date is Tuesday, September 10th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 24.04%.

Insider Buying and Selling at Occidental Petroleum

In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total value of $697,125,000.00. Following the completion of the transaction, the insider now owns 165,681,578 shares of the company’s stock, valued at $5,923,116,413.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Investment Research & Advisory Group Inc. grew its position in Occidental Petroleum by 75.2% during the 1st quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock worth $25,000 after acquiring an additional 167 shares during the last quarter. LifeSteps Financial Inc. acquired a new position in shares of Occidental Petroleum in the first quarter valued at approximately $34,000. Able Wealth Management LLC bought a new position in Occidental Petroleum in the 4th quarter valued at approximately $38,000. New Covenant Trust Company N.A. bought a new stake in Occidental Petroleum during the 1st quarter worth approximately $44,000. Finally, LRI Investments LLC acquired a new position in Occidental Petroleum in the 1st quarter valued at approximately $44,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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.