Capital One Financial Comments on Occidental Petroleum Co.’s Q1 2024 Earnings (NYSE:OXY)

Occidental Petroleum Co. (NYSE:OXY) – Research analysts at Capital One Financial cut their Q1 2024 EPS estimates for shares of Occidental Petroleum in a research report issued to clients and investors on Monday, April 15th. Capital One Financial analyst B. Velie now forecasts that the oil and gas producer will post earnings per share of $0.52 for the quarter, down from their prior forecast of $0.59. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.74 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) last posted its quarterly earnings data on Thursday, February 15th. The oil and gas producer reported $0.74 EPS for the quarter, hitting the consensus estimate of $0.74. The business had revenue of $7.53 billion during the quarter, compared to the consensus estimate of $6.93 billion. Occidental Petroleum had a net margin of 16.24% and a return on equity of 20.63%. The business’s revenue for the quarter was down 9.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.61 earnings per share.

A number of other research firms have also issued reports on OXY. Raymond James reduced 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 research report on Wednesday, January 24th. Barclays assumed coverage on Occidental Petroleum in a report on Wednesday, April 10th. They issued an “equal weight” rating and a $73.00 price target for the company. Stephens reaffirmed an “overweight” rating and set a $74.00 price objective on shares of Occidental Petroleum in a research note on Thursday, February 15th. StockNews.com upgraded shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Friday, March 15th. Finally, Scotiabank upgraded shares of 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. Nine investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $72.06.

Occidental Petroleum Stock Up 0.1 %

Occidental Petroleum stock opened at $66.04 on Wednesday. The business’s 50-day simple moving average is $63.21 and its two-hundred day simple moving average is $61.13. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.69 and a current ratio of 0.92. The company has a market cap of $58.54 billion, a PE ratio of 16.89 and a beta of 1.64. Occidental Petroleum has a fifty-two week low of $55.12 and a fifty-two week high of $71.18.

Occidental Petroleum Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 8th were issued a dividend of $0.22 per share. The ex-dividend date was Thursday, March 7th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.33%. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.18. Occidental Petroleum’s dividend payout ratio is presently 22.51%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Investment Research & Advisory Group Inc. lifted its stake 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 worth $25,000 after buying an additional 167 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Occidental Petroleum during the 3rd quarter worth approximately $26,000. Orion Capital Management LLC purchased a new stake in shares of Occidental Petroleum in the third quarter valued at 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 lifted its position in Occidental Petroleum by 86.0% during the fourth quarter. Grove Bank & Trust now owns 519 shares of the oil and gas producer’s stock worth $31,000 after buying an additional 240 shares in the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

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.