What is Scotiabank’s Estimate for OXY FY2024 Earnings?

Occidental Petroleum Co. (NYSE:OXY) – Analysts at Scotiabank reduced their FY2024 EPS estimates for shares of Occidental Petroleum in a research note issued to investors on Wednesday, January 8th. Scotiabank analyst P. Cheng now anticipates that the oil and gas producer will earn $3.55 per share for the year, down from their prior forecast of $4.10. Scotiabank has a “Sector Outperform” rating and a $65.00 price objective on the stock. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.35 per share. Scotiabank also issued estimates for Occidental Petroleum’s FY2025 earnings at $3.40 EPS.

A number of other brokerages have also issued reports on OXY. Stephens upped their target price on Occidental Petroleum from $70.00 to $71.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Barclays reduced their price objective on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Mizuho cut their target price on shares of Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating on the stock in a research note on Monday, December 16th. UBS Group decreased their price target on Occidental Petroleum from $58.00 to $51.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. Finally, The Goldman Sachs Group assumed coverage on Occidental Petroleum in a research report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 target price for the company. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $62.19.

Occidental Petroleum Trading Down 1.1 %

NYSE:OXY opened at $52.11 on Monday. Occidental Petroleum has a one year low of $45.17 and a one year high of $71.18. The business’s 50-day simple moving average is $49.62 and its 200 day simple moving average is $53.61. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.76 and a current ratio of 1.00. The stock has a market cap of $48.90 billion, a price-to-earnings ratio of 13.57 and a beta of 1.57.

Institutional Trading of Occidental Petroleum

A number of hedge funds have recently bought and sold shares of OXY. Fortitude Family Office LLC raised its position in Occidental Petroleum by 160.0% during the third quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock valued at $25,000 after buying an additional 304 shares during the period. Mizuho Securities Co. Ltd. acquired a new position in shares of Occidental Petroleum in the 3rd quarter valued at about $32,000. Transamerica Financial Advisors Inc. purchased a new stake in shares of Occidental Petroleum in the third quarter worth approximately $50,000. Exchange Traded Concepts LLC purchased a new position in Occidental Petroleum during the third quarter valued at approximately $87,000. Finally, Kennebec Savings Bank acquired a new position in Occidental Petroleum in the 3rd quarter valued at approximately $93,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc purchased 2,477,362 shares of the firm’s stock in a transaction on Tuesday, December 17th. The shares were purchased at an average price of $46.25 per share, for a total transaction of $114,577,992.50. Following the completion of the transaction, the insider now owns 257,758,886 shares in the company, valued at $11,921,348,477.50. This represents a 0.97 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.31% of the stock is owned by corporate insiders.

Occidental Petroleum Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio is currently 22.92%.

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.