Occidental Petroleum Co. (NYSE:OXY – Free Report) reported that Capital One Financial lowered their Q3 2024 earnings estimates from $0.70 to $0.64 per share. The current full-year earnings estimate is $3.49 per share. Q4 2024 earnings are projected at $0.53 EPS, and FY 2024 earnings at $2.84 EPS.
Various analysts have revised their price targets for Occidental. Evercore ISI cut their target from $67.00 to $63.00, maintaining an “underperform” rating. Scotiabank lowered theirs from $80.00 to $65.00 with a “sector outperform” rating. BMO also reduced their target to $65.00, and UBS decreased it to $59.00. Bank of America set a target of $57.00. Currently, two analysts rate it as a sell, eleven as hold, five as buy, and one as strong buy, with an average rating of “Hold” at a consensus target price of $65.78.
Get Our Latest Stock Analysis on Occidental Petroleum
Occidental Petroleum Stock Overview
Occidental Petroleum stock opened at $51.73. The company has a market cap of $45.87 billion, a PE ratio of 14.13, and a beta of 1.57. The stock reached a low of $49.75 and a high of $71.18 in the past year.
On August 7th, Occidental reported $1.03 EPS, surpassing the expected $0.77. Revenue was $6.88 billion, slightly below the $6.93 billion forecast, but up 2.2% from the same quarter last year.
Dividend Announcement
Occidental announced a quarterly dividend of $0.22, paid on October 15th. This annualizes to $0.88, with a yield of 1.70%. The ex-dividend date was September 10th, and the current payout ratio is 24.04%.
Insider Activity
On August 14th, a major shareholder sold 19.5 million shares at an average price of $35.75, totaling about $697 million, leaving them with 165.68 million shares. Insider ownership is at 0.31%.
Institutional Trading
Hedge funds have been active with Occidental, as Czech National Bank increased its stake by 8.3%. Other firms like Discovery Capital and Empyrean Capital also purchased new positions recently. Institutional investors hold 88.70% of the stock.
Company Profile
Occidental Petroleum engages in exploring and developing oil and gas properties in the U.S., Middle East, and North Africa, operating mainly in Oil and Gas, Chemicals, and Midstream and Marketing sectors.
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