Scotiabank Cuts Earnings Estimates for Occidental Petroleum

Occidental Petroleum Co. (NYSE:OXY) – Stock analysts at Scotiabank decreased their FY2025 EPS estimates for Occidental Petroleum in a research report issued to clients and investors on Wednesday, March 19th. Scotiabank analyst P. Cheng now expects that the oil and gas producer will earn $2.85 per share for the year, down from their previous forecast of $3.40. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.58 per share.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Tuesday, February 18th. The oil and gas producer reported $0.80 EPS for the quarter, beating the consensus estimate of $0.67 by $0.13. Occidental Petroleum had a return on equity of 16.33% and a net margin of 11.37%. The firm had revenue of $6.84 billion for the quarter, compared to analysts’ expectations of $7.14 billion.

A number of other analysts also recently issued reports on the company. StockNews.com downgraded Occidental Petroleum from a “hold” rating to a “sell” rating in a research report on Thursday, February 27th. UBS Group upped their price objective on Occidental Petroleum from $54.00 to $56.00 and gave the stock a “neutral” rating in a research note on Thursday, February 20th. Roth Capital set a $54.00 target price on shares of Occidental Petroleum in a research note on Thursday, January 23rd. Truist Financial upped their price target on shares of Occidental Petroleum from $56.00 to $58.00 and gave the stock a “hold” rating in a research report on Monday, January 13th. Finally, Citigroup decreased their price objective on shares of Occidental Petroleum from $56.00 to $51.00 and set a “neutral” rating for the company in a research report on Monday, March 17th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Occidental Petroleum currently has an average rating of “Hold” and a consensus target price of $60.45.

Occidental Petroleum Stock Up 2.4 %

Shares of OXY stock opened at $49.05 on Monday. The firm’s fifty day moving average price is $48.45 and its two-hundred day moving average price is $49.91. The company has a current ratio of 0.95, a quick ratio of 0.76 and a debt-to-equity ratio of 0.95. Occidental Petroleum has a 1 year low of $44.70 and a 1 year high of $71.19. The firm has a market capitalization of $46.03 billion, a P/E ratio of 20.10 and a beta of 1.51.

Occidental Petroleum Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 10th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.96%. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.22. The ex-dividend date is Monday, March 10th. Occidental Petroleum’s payout ratio is presently 39.34%.

Insider Activity at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc acquired 763,017 shares of the business’s stock in a transaction that occurred on Friday, February 7th. The stock was acquired at an average price of $46.82 per share, with a total value of $35,724,455.94. Following the completion of the transaction, the insider now directly owns 264,941,431 shares of the company’s stock, valued at $12,404,557,799.42. This trade represents a 0.29 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.31% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Occidental Petroleum

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Certified Advisory Corp bought a new stake in shares of Occidental Petroleum during the 4th quarter worth $476,000. Rule One Partners LLC acquired a new position in Occidental Petroleum during the 3rd quarter worth about $14,199,000. Fisher Asset Management LLC grew its position in shares of Occidental Petroleum by 1.1% in the 4th quarter. Fisher Asset Management LLC now owns 613,647 shares of the oil and gas producer’s stock valued at $30,320,000 after buying an additional 6,461 shares during the last quarter. Sarasin & Partners LLP increased its stake in shares of Occidental Petroleum by 5.4% in the fourth quarter. Sarasin & Partners LLP now owns 990,521 shares of the oil and gas producer’s stock valued at $48,942,000 after buying an additional 50,983 shares during the period. Finally, Weiss Asset Management LP acquired a new position in shares of Occidental Petroleum in the third quarter worth approximately $2,509,000. 88.70% of the stock is currently 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.