Occidental Petroleum Corporation (OXY), headquartered in Houston, Texas, is an integrated oil and gas company involved in acquiring, exploring, and developing oil and gas assets. With a market cap of $45.6 billion, OXY operates across the United States, the Middle East, and North Africa.
The oil and gas behemoth has significantly underperformed the broader market over the past year. Over the past 52 weeks, OXY stock has declined 16.8%, compared to the S&P 500 Index’s ($SPX) 35.8% returns. In 2024, OXY stock dipped 13.9%, while SPX gained 24.3% on a YTD basis.
Narrowing the focus, OXY's loss appears slightly more pronounced over the past 52 weeks compared to the SPDR Oil & Gas Exploration & Production ETF's (XOP) 2.6% dip. Moreover, it lags behind the exchange-traded fund's 2.2% rise on a YTD basis.
On Nov. 6, OXY declared a regular quarterly dividend of $0.22 per share on common stock, payable on January 15, 2025. Its shares rose 2% following the announcement.
Moreover, on Nov. 4, Occidental Petroleum stock gained more than 2%, driven by a rally in energy stocks as WTI crude oil rose over 2% to a one-week high.
For the current fiscal year, ending in December, analysts expect Occidental Petroleum's EPS to decline 11.1% year over year to $3.29. The company exceeded or matched the consensus EPS estimates in the past four quarters.
Among the 24 analysts covering the OXY stock, the consensus rating is a “Moderate Buy.” That’s based on six “Strong Buy” ratings, one “Moderate Buy,” 16 “Holds,” and one “Strong Sell.”
This configuration is slightly less bullish than two months ago, with seven analysts recommending a “Strong Buy.”
On October 18, Susquehanna Community Financial, Inc. (SQCF) lowered Occidental Petroleum's price target from $78 to $77, which is also the Street-high target, while maintaining a "Positive" rating on the stock, indicating a potential upside of 49.8%.
OXY’s mean price target of $63.84 represents a premium of 24.2% from current price levels.
On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
