Occidental Petroleum Co. (NYSE:OXY) Forecasted to Post Q3 2019 Earnings of $0.60 Per Share

Occidental Petroleum Co. (NYSE:OXY) – Analysts at Oppenheimer lowered their Q3 2019 earnings per share (EPS) estimates for Occidental Petroleum in a note issued to investors on Wednesday, October 23rd. Oppenheimer analyst T. Rezvan now expects that the oil and gas producer will earn $0.60 per share for the quarter, down from their previous estimate of $0.72. Oppenheimer also issued estimates for Occidental Petroleum’s Q4 2019 earnings at $0.47 EPS, FY2019 earnings at $2.82 EPS, Q1 2020 earnings at $0.37 EPS, Q2 2020 earnings at $0.35 EPS, Q3 2020 earnings at $0.38 EPS, Q4 2020 earnings at $0.38 EPS and FY2020 earnings at $1.48 EPS.

Several other equities analysts also recently commented on the company. ValuEngine upgraded Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Wells Fargo & Co lowered their price target on Occidental Petroleum from $53.00 to $48.00 and set a “market perform” rating on the stock in a report on Friday, August 16th. Raymond James lowered their price target on Occidental Petroleum from $80.00 to $70.00 and set a “strong-buy” rating on the stock in a report on Thursday, October 17th. Morgan Stanley lowered their price target on Occidental Petroleum from $55.00 to $51.00 and set an “equal weight” rating on the stock in a report on Friday, October 4th. Finally, Goldman Sachs Group started coverage on Occidental Petroleum in a report on Tuesday, August 27th. They set a “neutral” rating and a $52.50 price target on the stock. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Occidental Petroleum has an average rating of “Hold” and an average price target of $61.55.

NYSE:OXY opened at $42.28 on Monday. The stock’s 50 day moving average price is $43.44 and its 200 day moving average price is $49.56. Occidental Petroleum has a 52 week low of $39.97 and a 52 week high of $75.79. The company has a market capitalization of $31.65 billion, a P/E ratio of 8.44, a P/E/G ratio of 3.43 and a beta of 0.84. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.00 and a current ratio of 1.20.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings data on Wednesday, July 31st. The oil and gas producer reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.06. Occidental Petroleum had a return on equity of 17.06% and a net margin of 19.65%. The firm had revenue of $4.48 billion for the quarter, compared to the consensus estimate of $4.39 billion. During the same quarter in the prior year, the company posted $1.10 earnings per share. The firm’s revenue was up 8.4% on a year-over-year basis.

Institutional investors and hedge funds have recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Occidental Petroleum by 238.1% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,150,909 shares of the oil and gas producer’s stock valued at $57,868,000 after acquiring an additional 810,550 shares during the period. Covenant Multifamily Offices LLC bought a new position in Occidental Petroleum in the second quarter worth $1,667,000. Alexandria Capital LLC lifted its position in Occidental Petroleum by 7.5% in the second quarter. Alexandria Capital LLC now owns 43,823 shares of the oil and gas producer’s stock worth $2,203,000 after purchasing an additional 3,071 shares during the period. Clal Insurance Enterprises Holdings Ltd bought a new position in Occidental Petroleum in the second quarter worth $21,620,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Occidental Petroleum by 20.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 206,006 shares of the oil and gas producer’s stock worth $9,161,000 after purchasing an additional 34,560 shares during the period. 85.26% of the stock is owned by institutional investors.

In other Occidental Petroleum news, Director Bob Shearer acquired 15,000 shares of Occidental Petroleum stock in a transaction dated Monday, August 5th. The stock was bought at an average cost of $50.22 per share, with a total value of $753,300.00. Following the completion of the transaction, the director now owns 19,218 shares of the company’s stock, valued at $965,127.96. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Margaret M. Foran acquired 1,000 shares of Occidental Petroleum stock in a transaction dated Wednesday, August 14th. The stock was acquired at an average cost of $43.15 per share, with a total value of $43,150.00. The disclosure for this purchase can be found here. Insiders bought 38,500 shares of company stock valued at $1,793,075 over the last three months. 0.15% of the stock is owned by company insiders.

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 and internationally. The company operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.

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Earnings History and Estimates for Occidental Petroleum (NYSE:OXY)

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