Occidental Petroleum Co. (NYSE:OXY – Free Report) – Analysts at Capital One Financial decreased their Q2 2023 earnings estimates for Occidental Petroleum in a research note issued to investors on Wednesday, July 19th. Capital One Financial analyst B. Velie now forecasts that the oil and gas producer will earn $0.60 per share for the quarter, down from their previous estimate of $0.96. The consensus estimate for Occidental Petroleum’s current full-year earnings is $4.84 per share. Capital One Financial also issued estimates for Occidental Petroleum’s Q3 2023 earnings at $0.67 EPS, Q4 2023 earnings at $0.77 EPS, FY2023 earnings at $3.12 EPS, Q1 2024 earnings at $0.87 EPS, Q2 2024 earnings at $0.90 EPS, Q3 2024 earnings at $0.90 EPS, Q4 2024 earnings at $0.91 EPS, FY2024 earnings at $3.59 EPS and FY2025 earnings at $2.87 EPS.
OXY has been the subject of several other research reports. Morgan Stanley reduced their price target on shares of Occidental Petroleum from $63.00 to $60.00 and set an “equal weight” rating for the company in a report on Tuesday. 51job reiterated a “maintains” rating on shares of Occidental Petroleum in a report on Tuesday, June 13th. TD Cowen upgraded shares of Occidental Petroleum from a “market perform” rating to an “outperform” rating and upped their price target for the company from $63.00 to $70.00 in a report on Tuesday, March 28th. Mizuho reduced their price target on shares of Occidental Petroleum from $79.00 to $67.00 in a report on Friday, May 19th. Finally, Wells Fargo & Company increased their target price on shares of Occidental Petroleum from $64.00 to $65.00 in a report on Friday, April 7th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $70.00.
Occidental Petroleum Stock Up 0.4 %
Occidental Petroleum (NYSE:OXY – Get Free Report) last issued its earnings results on Tuesday, May 9th. The oil and gas producer reported $1.09 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.21). Occidental Petroleum had a net margin of 27.06% and a return on equity of 45.10%. The firm had revenue of $7.23 billion during the quarter, compared to the consensus estimate of $7.37 billion. During the same period in the previous year, the company posted $2.12 EPS. The firm’s revenue for the quarter was down 15.3% on a year-over-year basis.
Occidental Petroleum Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Friday, June 9th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.19%. The ex-dividend date was Thursday, June 8th. Occidental Petroleum’s dividend payout ratio (DPR) is currently 8.25%.
Insiders Place Their Bets
In related news, major shareholder Berkshire Hathaway Inc acquired 993,494 shares of the company’s stock in a transaction dated Monday, May 15th. The shares were bought at an average cost of $58.46 per share, with a total value of $58,079,659.24. Following the completion of the transaction, the insider now directly owns 213,872,911 shares of the company’s stock, valued at $12,503,010,377.06. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last three months, insiders have bought 6,469,323 shares of company stock valued at $376,269,362. 0.35% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Occidental Petroleum
Several large investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC increased its position in Occidental Petroleum by 55.6% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 6,434 shares of the oil and gas producer’s stock worth $378,000 after acquiring an additional 2,299 shares during the period. Miller Howard Investments Inc. NY increased its position in Occidental Petroleum by 0.5% during the second quarter. Miller Howard Investments Inc. NY now owns 62,022 shares of the oil and gas producer’s stock worth $3,647,000 after acquiring an additional 336 shares during the period. E&G Advisors LP increased its position in Occidental Petroleum by 18.4% during the second quarter. E&G Advisors LP now owns 13,111 shares of the oil and gas producer’s stock worth $771,000 after acquiring an additional 2,036 shares during the period. RBA Wealth Management LLC increased its position in Occidental Petroleum by 135.8% during the second quarter. RBA Wealth Management LLC now owns 8,954 shares of the oil and gas producer’s stock worth $527,000 after acquiring an additional 5,156 shares during the period. Finally, Clear Harbor Asset Management LLC increased its position in Occidental Petroleum by 76.8% during the second quarter. Clear Harbor Asset Management LLC now owns 23,898 shares of the oil and gas producer’s stock worth $1,405,000 after acquiring an additional 10,381 shares during the period. 78.31% of the stock is owned by institutional investors.
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, North Africa, and Latin America. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing.
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