Occidental Petroleum Co. to Post Q1 2024 Earnings of $0.52 Per Share, Capital One Financial Forecasts (NYSE:OXY)

Occidental Petroleum Co. (NYSE:OXY - Free Report) - Equities research analysts at Capital One Financial reduced their Q1 2024 earnings estimates for shares of Occidental Petroleum in a research report issued on Monday, April 15th. Capital One Financial analyst B. Velie now anticipates that the oil and gas producer will post earnings of $0.52 per share for the quarter, down from their previous forecast of $0.59. The consensus estimate for Occidental Petroleum's current full-year earnings is $3.81 per share. Capital One Financial also issued estimates for Occidental Petroleum's Q2 2024 earnings at $0.79 EPS, Q3 2024 earnings at $0.81 EPS, Q4 2024 earnings at $0.94 EPS, FY2024 earnings at $3.06 EPS and FY2025 earnings at $2.95 EPS.

Occidental Petroleum (NYSE:OXY - Get Free Report) last issued its quarterly earnings data on Thursday, February 15th. The oil and gas producer reported $0.74 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.74. The firm had revenue of $7.53 billion during the quarter, compared to analysts' expectations of $6.93 billion. Occidental Petroleum had a net margin of 16.24% and a return on equity of 20.63%. Occidental Petroleum's revenue for the quarter was down 9.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.61 earnings per share.

A number of other equities research analysts have also recently issued reports on OXY. Raymond James decreased their price target on shares of Occidental Petroleum from $70.00 to $68.00 and set a "strong-buy" rating for the company in a report on Wednesday, January 24th. Stephens restated an "overweight" rating and set a $74.00 price target on shares of Occidental Petroleum in a report on Thursday, February 15th. StockNews.com upgraded shares of Occidental Petroleum from a "sell" rating to a "hold" rating in a report on Friday, March 15th. Barclays assumed coverage on shares of Occidental Petroleum in a report on Wednesday, April 10th. They set an "equal weight" rating and a $73.00 price target for the company. Finally, Mizuho upped their price target on shares of Occidental Petroleum from $69.00 to $70.00 and gave the company a "neutral" rating in a report on Thursday, April 11th. Nine analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $72.06.

Occidental Petroleum Stock Down 1.3 %

NYSE:OXY traded down $0.84 during trading hours on Wednesday, reaching $65.98. The company's stock had a trading volume of 7,000,663 shares, compared to its average volume of 8,820,253. The company has a market cap of $58.49 billion, a price-to-earnings ratio of 16.87 and a beta of 1.64. Occidental Petroleum has a one year low of $55.12 and a one year high of $71.18. The business's 50-day moving average is $63.05 and its 200-day moving average is $61.09. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.92 and a quick ratio of 0.69.

Institutional Trading of Occidental Petroleum

Several large investors have recently added to or reduced their stakes in OXY. Berkshire Hathaway Inc grew its stake 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 worth $14,552,271,000 after buying an additional 19,586,612 shares during the last quarter. Moneta Group Investment Advisors LLC bought a new stake in Occidental Petroleum during the fourth quarter worth about $267,173,000. Bank of New York Mellon Corp grew its stake in Occidental Petroleum by 24.1% during 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 buying an additional 2,334,651 shares during the last quarter. American Century Companies Inc. grew its stake in shares of Occidental Petroleum by 600.4% during the third quarter. American Century Companies Inc. now owns 2,242,910 shares of the oil and gas producer's stock valued at $145,520,000 after purchasing an additional 1,922,656 shares during the last quarter. Finally, First Trust Advisors LP grew its stake in shares of Occidental Petroleum by 87.9% during the first quarter. First Trust Advisors LP now owns 3,276,078 shares of the oil and gas producer's stock valued at $185,885,000 after purchasing an additional 1,532,100 shares during the last quarter. 88.70% of the stock is owned by institutional investors.

Occidental Petroleum Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 8th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.33%. The ex-dividend date of this dividend was Thursday, March 7th. This is a positive change from Occidental Petroleum's previous quarterly dividend of $0.18. Occidental Petroleum's dividend payout ratio is 22.51%.

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.