Occidental Petroleum Co. (NYSE:OXY) to Post Q1 2024 Earnings of $0.61 Per Share, Zacks Research Forecasts

Occidental Petroleum Co. (NYSE:OXY) – Research analysts at Zacks Research lowered their Q1 2024 earnings per share estimates for shares of Occidental Petroleum in a research note issued to investors on Monday, April 29th. Zacks Research analyst J. Saha now anticipates that the oil and gas producer will earn $0.61 per share for the quarter, down from their previous estimate of $0.76. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.85 per share. Zacks Research also issued estimates for Occidental Petroleum’s Q2 2024 earnings at $0.84 EPS, FY2024 earnings at $3.40 EPS, Q1 2025 earnings at $0.92 EPS, Q2 2025 earnings at $1.15 EPS, Q3 2025 earnings at $0.96 EPS, Q4 2025 earnings at $0.88 EPS, FY2025 earnings at $3.91 EPS, Q1 2026 earnings at $1.20 EPS and FY2026 earnings at $4.88 EPS.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings data on Thursday, February 15th. The oil and gas producer reported $0.74 earnings per share for the quarter, meeting the consensus estimate of $0.74. Occidental Petroleum had a net margin of 16.24% and a return on equity of 20.63%. The firm had revenue of $7.53 billion for the quarter, compared to analyst estimates of $6.93 billion. During the same quarter in the prior year, the business earned $1.61 EPS. The company’s revenue for the quarter was down 9.6% compared to the same quarter last year.

Several other brokerages have also issued reports on OXY. Morgan Stanley lifted their price target on Occidental Petroleum from $66.00 to $72.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. Scotiabank raised Occidental Petroleum from a “sector perform” rating to a “sector outperform” rating and raised their price target for the company from $63.00 to $90.00 in a research report on Thursday, April 11th. Susquehanna increased their target price on Occidental Petroleum from $70.00 to $81.00 and gave the company a “positive” rating in a research note on Monday, April 22nd. StockNews.com upgraded Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Friday, March 15th. Finally, Barclays started coverage on shares of Occidental Petroleum in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $73.00 price objective on the stock. Nine equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $71.94.

Occidental Petroleum Price Performance

Shares of NYSE:OXY opened at $64.45 on Thursday. The business has a fifty day simple moving average of $64.63 and a 200 day simple moving average of $61.40. The company has a current ratio of 0.92, a quick ratio of 0.69 and a debt-to-equity ratio of 0.84. Occidental Petroleum has a 1 year low of $55.12 and a 1 year high of $71.18. The firm has a market cap of $57.13 billion, a price-to-earnings ratio of 16.48 and a beta of 1.64.

Occidental Petroleum Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 8th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.37%. The ex-dividend date was Thursday, March 7th. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.18. Occidental Petroleum’s payout ratio is currently 22.51%.

Institutional Trading of Occidental Petroleum

Several large investors have recently added to or reduced their stakes in OXY. Investment Research & Advisory Group Inc. raised its holdings in shares of Occidental Petroleum by 75.2% in the first quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock valued at $25,000 after buying an additional 167 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Occidental Petroleum in the third quarter worth about $26,000. Orion Capital Management LLC acquired a new position in shares of Occidental Petroleum during the third quarter worth approximately $27,000. TLW Wealth Management LLC acquired a new stake in shares of Occidental Petroleum in the fourth quarter valued at approximately $28,000. Finally, Grove Bank & Trust raised its position in Occidental Petroleum by 86.0% in the 4th quarter. Grove Bank & Trust now owns 519 shares of the oil and gas producer’s stock worth $31,000 after purchasing an additional 240 shares during the last quarter. 88.70% of the stock is owned by institutional investors.

About Occidental Petroleum

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.