Zacks Research Has Optimistic Outlook of OXY FY2024 Earnings

Occidental Petroleum Co. (NYSE:OXY - Free Report) - Zacks Research boosted their FY2024 EPS estimates for shares of Occidental Petroleum in a report issued on Thursday, January 30th. Zacks Research analyst J. Saha now anticipates that the oil and gas producer will post earnings per share of $3.30 for the year, up from their previous forecast of $3.29. The consensus estimate for Occidental Petroleum's current full-year earnings is $3.34 per share. Zacks Research also issued estimates for Occidental Petroleum's Q4 2024 earnings at $0.64 EPS, Q1 2025 earnings at $0.83 EPS, Q3 2025 earnings at $0.84 EPS, FY2025 earnings at $2.89 EPS, Q2 2026 earnings at $0.81 EPS, Q3 2026 earnings at $0.75 EPS, Q4 2026 earnings at $0.62 EPS and FY2026 earnings at $2.93 EPS.

Several other equities research analysts have also commented on the company. Wolfe Research upped their price target on Occidental Petroleum from $73.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, November 12th. Susquehanna cut their price target on shares of Occidental Petroleum from $77.00 to $65.00 and set a "positive" rating on the stock in a report on Thursday, November 14th. Bank of America began coverage on Occidental Petroleum in a report on Thursday, October 17th. They issued a "neutral" rating and a $57.00 price target for the company. Truist Financial upped their target price on Occidental Petroleum from $56.00 to $58.00 and gave the stock a "hold" rating in a research report on Monday, January 13th. Finally, StockNews.com raised Occidental Petroleum from a "sell" rating to a "hold" rating in a research report on Tuesday, January 28th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $61.71.

Occidental Petroleum Trading Down 0.9 %

Shares of NYSE:OXY traded down $0.42 during midday trading on Monday, reaching $46.95. The company's stock had a trading volume of 9,105,352 shares, compared to its average volume of 9,981,271. The firm has a market cap of $44.05 billion, a price-to-earnings ratio of 12.23 and a beta of 1.55. Occidental Petroleum has a 1 year low of $45.17 and a 1 year high of $71.18. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96. The business has a 50 day moving average price of $49.25 and a 200 day moving average price of $52.27.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of OXY. Fortitude Family Office LLC boosted its holdings in Occidental Petroleum by 160.0% in the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer's stock valued at $25,000 after purchasing an additional 304 shares during the period. Whipplewood Advisors LLC bought a new stake in shares of Occidental Petroleum in the fourth quarter valued at about $27,000. Mizuho Securities Co. Ltd. bought a new position in Occidental Petroleum during the third quarter valued at about $32,000. Transamerica Financial Advisors Inc. acquired a new position in Occidental Petroleum in the 3rd quarter valued at approximately $50,000. Finally, Deseret Mutual Benefit Administrators increased its position in shares of Occidental Petroleum by 27.1% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,164 shares of the oil and gas producer's stock valued at $58,000 after purchasing an additional 248 shares during the period. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc acquired 2,477,362 shares of the firm's stock in a transaction that occurred on Tuesday, December 17th. The stock was acquired at an average cost of $46.25 per share, with a total value of $114,577,992.50. Following the acquisition, the insider now owns 257,758,886 shares in the company, valued at approximately $11,921,348,477.50. This represents a 0.97 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.48% 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.