Roth Capital Has Negative Forecast for OXY FY2024 Earnings

Occidental Petroleum Co. (NYSE:OXY) – Equities research analysts at Roth Capital cut their FY2024 EPS estimates for shares of Occidental Petroleum in a report released on Tuesday, February 11th. Roth Capital analyst L. Mariani now forecasts that the oil and gas producer will post earnings of $3.44 per share for the year, down from their previous estimate of $3.50. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.34 per share. Roth Capital also issued estimates for Occidental Petroleum’s Q4 2024 earnings at $0.77 EPS.

Several other analysts also recently weighed in on the stock. Stephens lifted their target price on shares of Occidental Petroleum from $70.00 to $71.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Jefferies Financial Group upped their price target on Occidental Petroleum from $53.00 to $54.00 and gave the stock a “hold” rating in a report on Tuesday, November 12th. Mizuho decreased their price objective on Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating for the company in a research note on Monday, December 16th. Susquehanna lowered their price objective on Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating for the company in a research report on Thursday, November 14th. Finally, The Goldman Sachs Group cut shares of Occidental Petroleum from a “neutral” rating to a “sell” rating and reduced their target price for the company from $54.00 to $45.00 in a report on Friday, January 31st. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $61.71.

Occidental Petroleum Trading Down 1.6 %

Shares of OXY stock opened at $47.83 on Thursday. The company has a 50-day moving average of $49.01 and a two-hundred day moving average of $51.82. The firm has a market cap of $44.88 billion, a PE ratio of 12.46 and a beta of 1.55. Occidental Petroleum has a 1-year low of $45.17 and a 1-year high of $71.18. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.00 and a quick ratio of 0.76.

Insider Buying and Selling

In other news, major shareholder Berkshire Hathaway Inc acquired 3,614,015 shares of the business’s stock in a transaction on Thursday, December 19th. The stock was bought at an average price of $45.60 per share, for a total transaction of $164,799,084.00. Following the transaction, the insider now owns 264,178,414 shares in the company, valued at $12,046,535,678.40. This represents a 1.39 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders purchased a total of 6,854,394 shares of company stock valued at $315,101,532 over the last three months. 0.31% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Fortitude Family Office LLC increased its position in Occidental Petroleum by 160.0% during the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 304 shares during the period. Whipplewood Advisors LLC acquired a new position in Occidental Petroleum during the fourth quarter worth $27,000. VSM Wealth Advisory LLC purchased a new position in Occidental Petroleum in the fourth quarter worth $27,000. Mizuho Securities Co. Ltd. acquired a new stake in Occidental Petroleum in the third quarter valued at $32,000. Finally, Atala Financial Inc purchased a new stake in shares of Occidental Petroleum during the 4th quarter worth $40,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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.