Zacks Research Weighs in on Occidental Petroleum Co.'s Q1 2024 Earnings (NYSE:OXY)

Occidental Petroleum Co. (NYSE:OXY - Free Report) - Stock analysts at Zacks Research decreased their Q1 2024 EPS estimates for shares of Occidental Petroleum in a research report issued to clients and investors on Tuesday, April 2nd. Zacks Research analyst J. Saha now expects that the oil and gas producer will post earnings per share of $0.76 for the quarter, down from their previous forecast of $0.93. The consensus estimate for Occidental Petroleum's current full-year earnings is $3.60 per share. Zacks Research also issued estimates for Occidental Petroleum's FY2024 earnings at $3.70 EPS, Q1 2025 earnings at $1.00 EPS, Q2 2025 earnings at $1.21 EPS, Q3 2025 earnings at $1.01 EPS, Q4 2025 earnings at $0.93 EPS, FY2025 earnings at $4.15 EPS, Q1 2026 earnings at $1.27 EPS and FY2026 earnings at $5.18 EPS.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its quarterly earnings results on Thursday, February 15th. The oil and gas producer reported $0.74 EPS 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 during the quarter, compared to the consensus estimate of $6.93 billion. During the same period last year, the firm earned $1.61 EPS. The business's quarterly revenue was down 9.6% compared to the same quarter last year.

OXY has been the subject of a number of other reports. JPMorgan Chase & Co. dropped their price objective on shares of Occidental Petroleum from $78.00 to $73.00 and set a "neutral" rating for the company in a report on Friday, December 8th. Mizuho boosted their price target on shares of Occidental Petroleum from $63.00 to $69.00 and gave the stock a "neutral" rating in a research note on Friday, March 22nd. Wells Fargo & Company boosted their price target on shares of Occidental Petroleum from $59.00 to $62.00 and gave the stock an "equal weight" rating in a research note on Friday, February 16th. Stephens reissued an "overweight" rating and issued a $74.00 price target on shares of Occidental Petroleum in a research note on Thursday, February 15th. Finally, Truist Financial lowered their price target on shares of Occidental Petroleum from $80.00 to $77.00 and set a "buy" rating for the company in a research note on Friday, February 16th. Eight equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $70.20.

Occidental Petroleum Price Performance

Shares of NYSE OXY traded down $0.08 during mid-day trading on Thursday, reaching $67.63. 7,417,849 shares of the company were exchanged, compared to its average volume of 8,753,889. Occidental Petroleum has a 52 week low of $55.12 and a 52 week high of $68.18. The company has a quick ratio of 0.69, a current ratio of 0.92 and a debt-to-equity ratio of 0.84. The stock has a market capitalization of $59.95 billion, a PE ratio of 17.30 and a beta of 1.64. The company's 50 day moving average price is $60.95 and its 200 day moving average price is $60.83.

Occidental Petroleum Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, March 8th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.30%. The ex-dividend date is Thursday, March 7th. This is an increase from Occidental Petroleum's previous quarterly dividend of $0.18. Occidental Petroleum's dividend payout ratio is currently 22.51%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Berkshire Hathaway Inc lifted its position in Occidental Petroleum by 8.7% during the fourth quarter. Berkshire Hathaway Inc now owns 243,715,804 shares of the oil and gas producer's stock valued at $14,552,271,000 after purchasing an additional 19,586,612 shares during the period. Bank of New York Mellon Corp raised its position in Occidental Petroleum by 24.1% in the third quarter. Bank of New York Mellon Corp now owns 12,021,929 shares of the oil and gas producer's stock worth $779,983,000 after acquiring an additional 2,334,651 shares during the period. Pacer Advisors Inc. raised its position in Occidental Petroleum by 22.2% in the fourth quarter. Pacer Advisors Inc. now owns 5,995,258 shares of the oil and gas producer's stock worth $357,977,000 after acquiring an additional 1,088,052 shares during the period. Charles Schwab Investment Management Inc. raised its position in Occidental Petroleum by 2.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 5,035,799 shares of the oil and gas producer's stock worth $285,732,000 after acquiring an additional 118,928 shares during the period. Finally, Invesco Ltd. raised its position in Occidental Petroleum by 2.8% in the third quarter. Invesco Ltd. now owns 4,665,494 shares of the oil and gas producer's stock worth $302,697,000 after acquiring an additional 125,927 shares during the period. 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.