Investment analysts at Capital One Financial lowered their Q3 2024 earnings forecast for Occidental Petroleum Co. (NYSE: OXY) from $0.70 to $0.64 per share. The full-year earnings estimate is now $3.49 per share. The Q4 2024 estimate is $0.53 EPS, and FY2024 is $2.84 EPS.
Several firms adjusted their price targets for OXY:
- Evercore ISI: decreased from $67 to $63, rating “underperform”
- Scotiabank: cut from $80 to $65, rating “sector outperform”
- BMO Capital: lowered from $70 to $65, rating “market perform”
- UBS Group: revised from $70 to $59, rating “neutral”
- Bank of America: initiated coverage with a $57 target and “neutral” rating.
Overall, two analysts recommend selling, eleven suggest holding, five advise buying, and one strongly buys. The average recommendation is “Hold” with a target price of $65.78.
Get Our Latest Stock Analysis on Occidental Petroleum
Stock Performance
OXY opened at $51.73, with a market cap of $45.87 billion, PE ratio of 14.13, and beta of 1.57. The stock’s range has been $49.75 (low) to $71.18 (high) in the past year.
In its latest earnings report, Occidental Petroleum posted $1.03 EPS, exceeding the estimate of $0.77. Revenue was reported at $6.88 billion, which is up 2.2% from the previous year.
Dividends
The company paid a quarterly dividend of $0.22 on October 15, with an annual yield of 1.70%.
Insider Sales
On August 14, a major shareholder sold 19.5 million shares at an average price of $35.75, totaling $697 million. The insider holds about 165.68 million shares post-transaction.
Institutional Holdings
Recent trading activity includes increased stakes by Czech National Bank and new positions from Discovery Capital Management and Empyrean Capital Partners. Over 88% of OXY shares are held by institutional investors.
Company Overview
Occidental Petroleum Corporation focuses on acquiring, exploring, and developing oil and gas properties mainly in the U.S., Middle East, and North Africa, operating through segments like Oil and Gas, Chemical, and Midstream and Marketing.
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