Scotiabank Has Positive Forecast for OXY FY2026 Earnings

Key Points

• Scotiabank raised its FY2026 EPS estimate for Occidental Petroleum to $5.60 from $5.05, while keeping a Sector Perform rating and a $57 price target. That forecast is above the current consensus estimate of $5.14 per share.
• Occidental recently beat quarterly earnings expectations, reporting $1.06 EPS versus the $0.60 consensus, though revenue of $5.11 billion came in below estimates and was down 8.3% year over year.
• The stock is trading near the upper end of its range at $59.66, with a market value of $59.34 billion and a dividend yield of 1.7%. Analyst sentiment remains mixed, with MarketBeat showing an overall Hold rating and a consensus target of $62.43.

Occidental Petroleum Corporation (NYSE:OXY - Free Report) - Equities research analysts at Scotiabank lifted their FY2026 earnings per share (EPS) estimates for Occidental Petroleum in a note issued to investors on Thursday, May 14th. Scotiabank analyst B. Zhang now anticipates that the oil and gas producer will post earnings of $5.60 per share for the year, up from their previous forecast of $5.05. Scotiabank currently has a "Sector Perform" rating and a $57.00 price target on the stock. The consensus estimate for Occidental Petroleum's current full-year earnings is $5.14 per share. Scotiabank also issued estimates for Occidental Petroleum's FY2027 earnings at $4.05 EPS.

Several other brokerages have also commented on OXY. Truist Financial cut their price objective on Occidental Petroleum from $65.00 to $57.00 and set a "hold" rating for the company in a report on Friday, May 8th. Citigroup lowered their target price on Occidental Petroleum from $67.00 to $62.00 and set a "neutral" rating on the stock in a research report on Friday, April 17th. UBS Group lowered their target price on Occidental Petroleum from $67.00 to $65.00 and set a "neutral" rating on the stock in a research report on Thursday, May 7th. Morgan Stanley lifted their target price on Occidental Petroleum from $53.00 to $73.00 and gave the company an "equal weight" rating in a research report on Tuesday, April 28th. Finally, Zacks Research upgraded Occidental Petroleum from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, March 31st. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, fifteen have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, Occidental Petroleum currently has an average rating of "Hold" and a consensus price target of $62.43.

Occidental Petroleum Stock Performance

Shares of OXY opened at $59.66 on Monday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.21 and a quick ratio of 1.01. Occidental Petroleum has a one year low of $38.80 and a one year high of $67.45. The firm has a market capitalization of $59.34 billion, a P/E ratio of 15.03 and a beta of 0.17. The business has a fifty day moving average of $58.42 and a 200 day moving average of $48.78.

Occidental Petroleum (NYSE:OXY - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $1.06 EPS for the quarter, topping the consensus estimate of $0.60 by $0.46. Occidental Petroleum had a return on equity of 9.65% and a net margin of 19.98%.The company had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.44 billion. During the same quarter in the previous year, the company posted $0.14 earnings per share. Occidental Petroleum's revenue was down 8.3% compared to the same quarter last year.

Occidental Petroleum Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Wednesday, June 10th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Wednesday, June 10th. Occidental Petroleum's payout ratio is presently 26.20%.

Institutional Investors Weigh In On Occidental Petroleum

A number of hedge funds have recently made changes to their positions in the company. Whittier Trust Co. of Nevada Inc. lifted its position in shares of Occidental Petroleum by 12.5% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 1,765 shares of the oil and gas producer's stock worth $111,000 after buying an additional 196 shares in the last quarter. Athena Wealth Management LLC lifted its position in shares of Occidental Petroleum by 1.2% in the first quarter. Athena Wealth Management LLC now owns 18,547 shares of the oil and gas producer's stock worth $1,206,000 after buying an additional 214 shares in the last quarter. Carrera Capital Advisors lifted its position in shares of Occidental Petroleum by 0.5% in the fourth quarter. Carrera Capital Advisors now owns 44,279 shares of the oil and gas producer's stock worth $1,831,000 after buying an additional 227 shares in the last quarter. Summit Securities Group LLC lifted its position in shares of Occidental Petroleum by 18.5% in the fourth quarter. Summit Securities Group LLC now owns 1,469 shares of the oil and gas producer's stock worth $60,000 after buying an additional 229 shares in the last quarter. Finally, Apella Capital LLC lifted its position in shares of Occidental Petroleum by 3.4% in the fourth quarter. Apella Capital LLC now owns 7,019 shares of the oil and gas producer's stock worth $289,000 after buying an additional 233 shares in the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Occidental Petroleum Company Profile

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental's operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.

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