What is Zacks Research’s Forecast for OXY Q3 Earnings?

Occidental Petroleum Co. (NYSE:OXY) – Research analysts at Zacks Research lowered their Q3 2024 earnings estimates for Occidental Petroleum in a report released on Tuesday, October 29th. Zacks Research analyst J. Saha now anticipates that the oil and gas producer will post earnings of $0.83 per share for the quarter, down from their previous forecast of $0.86. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.31 per share. Zacks Research also issued estimates for Occidental Petroleum’s Q4 2024 earnings at $0.91 EPS, FY2024 earnings at $3.41 EPS, Q1 2025 earnings at $1.06 EPS, Q2 2025 earnings at $1.12 EPS, Q3 2025 earnings at $1.06 EPS, Q4 2025 earnings at $0.94 EPS, FY2025 earnings at $4.17 EPS, Q1 2026 earnings at $1.05 EPS, Q2 2026 earnings at $1.17 EPS, Q3 2026 earnings at $1.07 EPS and FY2026 earnings at $4.22 EPS.

Other research analysts also recently issued research reports about the stock. Wells Fargo & Company dropped their target price on shares of Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating on the stock in a research note on Friday, September 27th. Scotiabank dropped their target price on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. BMO Capital Markets dropped their target price on shares of Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating on the stock in a research note on Friday, October 4th. Wolfe Research started coverage on shares of Occidental Petroleum in a research note on Thursday, July 18th. They issued an “outperform” rating and a $81.00 target price on the stock. Finally, Stephens reissued an “overweight” rating and set a $76.00 price objective on shares of Occidental Petroleum in a report on Thursday, August 8th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $65.72.

Occidental Petroleum Trading Up 0.2 %

Shares of NYSE OXY opened at $50.18 on Thursday. The firm’s 50 day moving average price is $53.09 and its 200-day moving average price is $58.83. The company has a market cap of $45.44 billion, a PE ratio of 12.36 and a beta of 1.57. Occidental Petroleum has a 52-week low of $49.75 and a 52-week high of $71.18. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.75 and a current ratio of 1.04.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, topping the consensus estimate of $0.77 by $0.26. The business had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.93 billion. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. Occidental Petroleum’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.68 earnings per share.

Institutional Trading of Occidental Petroleum

A number of hedge funds and other institutional investors have recently modified their holdings of OXY. First Trust Direct Indexing L.P. boosted its position in shares of Occidental Petroleum by 9.9% during the first quarter. First Trust Direct Indexing L.P. now owns 20,755 shares of the oil and gas producer’s stock worth $1,349,000 after acquiring an additional 1,865 shares during the last quarter. Everett Harris & Co. CA increased its stake in Occidental Petroleum by 16.7% in the 1st quarter. Everett Harris & Co. CA now owns 5,195 shares of the oil and gas producer’s stock worth $338,000 after buying an additional 742 shares during the period. SpiderRock Advisors LLC purchased a new position in Occidental Petroleum during the 1st quarter valued at about $276,000. J.W. Cole Advisors Inc. increased its position in Occidental Petroleum by 7.1% during the 1st quarter. J.W. Cole Advisors Inc. now owns 9,167 shares of the oil and gas producer’s stock valued at $596,000 after purchasing an additional 609 shares during the period. Finally, Lodestone Wealth Management LLC boosted its holdings in shares of Occidental Petroleum by 0.4% in the 1st quarter. Lodestone Wealth Management LLC now owns 50,256 shares of the oil and gas producer’s stock valued at $3,266,000 after buying an additional 206 shares in the last quarter. 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 Petroleum Corp /De/ Occidental sold 19,500,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the completion of the sale, the insider now directly owns 165,681,578 shares of the company’s stock, valued at approximately $5,923,116,413.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.48% of the stock is owned by corporate insiders.

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.