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Occidental Petroleum Corp. (OXY) Analysis & Forecast for 2024

Occidental Petroleum Corp. (NYSE: OXY) is 11.17% higher on its value in year-to-date trading and has touched a low of $55.12 and a high of $67.67 in the current 52-week trading range. The question becomes, what are the chances the stock will continue to grow shareholders’ wealth in the market. Here’s what analysts think will happen to its price in the coming time. The OXY stock was last observed hovering at around $64.99 in the last trading session, with the day’s gains setting it 1.39%.

Currently trading at $66.38, the stock is 6.09% and 10.48% above its SMA20 and SMA50 respectively. However, with a daily trading volume of 8.02 million and changing 2.14% at the moment leaves the stock 8.80% off its SMA200. OXY registered 6.91% gain for a year compared to 6-month loss of 0.76%. The firm has a 50-day simple moving average (SMA 50) of $3.07 and a 200-day simple moving average (SMA200) of $6.08.

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The stock witnessed a 9.52% gain in the last 1 month and extending the period to 3 months gives it a 10.69%, and is 4.03% up over the last 5 days. If we measure the stock’s price variations over the week and the month, we find that the volatility rates stand at 1.95% over the week and 1.53% over the month.

Occidental Petroleum Corp. (OXY) has around 12570 employees, a market worth around $58.84B and $28.33B in sales. Current P/E ratio is 17.00 and Fwd P/E is 14.71. Profit margin for the company is 13.24%. Distance from 52-week low is 20.43% and -1.90% from its 52-week high. The company has generated returns on investments over the last 12 months (7.57%).

Occidental Petroleum Corp. quarterly earnings per share for the current quarter are estimated at $0.59 with sales reaching $6.61B over the same period.The EPS is expected to shrink by -7.65% this year, but quarterly earnings will post 4.00% year-over-year.

Occidental Petroleum Corp. (OXY) Top Institutional Holders

1,591 institutions hold shares in Occidental Petroleum Corp. (OXY), with institutional investors hold 72.44% of the company’s shares. The shares outstanding are 886.47M, and float is at 883.57M with Short Float at 5.60%. Institutions hold 51.94% of the Float.

The top institutional shareholder in the company is Berkshire Hathaway, Inc with over 224.13 million shares valued at $13.18 billion. The investor’s holdings represent 25.33% of the OXY Shares outstanding. As of Jun 29, 2023, the second largest holder is Dodge & Cox Inc with 91.3 million shares valued at $5.37 billion to account for 10.32% of the shares outstanding. The other top investors are Vanguard Group Inc which holds 60.05 million shares representing 6.79% and valued at over $3.53 billion, while State Street Corporation holds 5.02% of the shares totaling 44.38 million with a market value of $2.61 billion.

Occidental Petroleum Corp. (OXY) Insider Activity

The most recent transaction is an insider purchase by BERKSHIRE HATHAWAY INC,the company’s10% Owner. SEC filings show that BERKSHIRE HATHAWAY INC bought 1,405,827 shares of the company’s common stock on Feb 05 ’24 at a price of $56.81 per share for a total of $79.86 million. Following the purchase, the insider now owns 248.02 million shares.

Occidental Petroleum Corp. disclosed in a document filed with the SEC on Feb 02 ’24 that BERKSHIRE HATHAWAY INC (10% Owner) bought a total of 1,246,920 shares of the company’s common stock. The trade occurred on Feb 02 ’24 and was made at $57.14 per share for $71.25 million. Following the transaction, the insider now directly holds 246.61 million shares of the OXY stock.

Still, SEC filings show that on Feb 01 ’24, BERKSHIRE HATHAWAY INC (10% Owner) acquired 1,649,577 shares at an average price of $57.45 for $94.77 million. The insider now directly holds 245,365,381 shares of Occidental Petroleum Corp. (OXY).

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