Occidental Petroleum Co. (NYSE:OXY) Expected to Announce Quarterly Sales of $4.80 Billion


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Brokerages predict that Occidental Petroleum Co. (NYSE:OXY) will announce sales of $4.80 billion for the current quarter, Zacks reports. Five analysts have issued estimates for Occidental Petroleum’s earnings, with the highest sales estimate coming in at $5.06 billion and the lowest estimate coming in at $4.29 billion. Occidental Petroleum posted sales of $6.45 billion in the same quarter last year, which would indicate a negative year over year growth rate of 25.6%. The business is expected to report its next quarterly earnings results after the market closes on Monday, May 10th.

On average, analysts expect that Occidental Petroleum will report full year sales of $20.39 billion for the current fiscal year, with estimates ranging from $18.20 billion to $21.76 billion. For the next fiscal year, analysts forecast that the firm will report sales of $20.29 billion, with estimates ranging from $18.44 billion to $21.90 billion. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Occidental Petroleum.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Sunday, February 21st. The oil and gas producer reported ($0.78) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.59) by ($0.19). Occidental Petroleum had a negative net margin of 76.17% and a negative return on equity of 15.55%. The business had revenue of $3.35 billion for the quarter, compared to analysts’ expectations of $4.47 billion. During the same period last year, the firm earned ($0.30) EPS.

Several brokerages recently commented on OXY. Jefferies Financial Group raised Occidental Petroleum from an “underperform” rating to a “hold” rating in a research note on Thursday, January 21st. Truist Financial boosted their price target on Occidental Petroleum from $11.00 to $25.00 in a research note on Thursday, January 21st. Bank of America boosted their target price on Occidental Petroleum from $29.00 to $31.00 and gave the stock a “buy” rating in a report on Monday, February 8th. Zacks Investment Research upgraded Occidental Petroleum from a “sell” rating to a “hold” rating and set a $27.00 target price for the company in a report on Tuesday, February 9th. Finally, Wolfe Research restated an “underperform” rating and issued a $20.00 target price on shares of Occidental Petroleum in a report on Monday, April 19th. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $23.70.

In other news, major shareholder Carl C. Icahn sold 2,600,000 shares of the stock in a transaction on Wednesday, March 31st. The stock was sold at an average price of $26.88, for a total transaction of $69,888,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Carl C. Icahn sold 3,500,000 shares of the stock in a transaction on Monday, April 5th. The stock was sold at an average price of $25.60, for a total value of $89,600,000.00. The disclosure for this sale can be found here. Insiders own 0.21% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Meyer Handelman Co. grew its holdings in shares of Occidental Petroleum by 10.1% during the first quarter. Meyer Handelman Co. now owns 73,690 shares of the oil and gas producer’s stock worth $1,962,000 after purchasing an additional 6,753 shares during the last quarter. Symmetry Partners LLC grew its holdings in shares of Occidental Petroleum by 34.0% during the first quarter. Symmetry Partners LLC now owns 30,120 shares of the oil and gas producer’s stock worth $802,000 after purchasing an additional 7,636 shares during the last quarter. Daiwa Securities Group Inc. grew its holdings in shares of Occidental Petroleum by 4.8% during the first quarter. Daiwa Securities Group Inc. now owns 46,182 shares of the oil and gas producer’s stock worth $1,229,000 after purchasing an additional 2,122 shares during the last quarter. Hussman Strategic Advisors Inc. bought a new stake in shares of Occidental Petroleum during the first quarter worth $767,000. Finally, IFP Advisors Inc grew its holdings in shares of Occidental Petroleum by 86.6% during the first quarter. IFP Advisors Inc now owns 5,608 shares of the oil and gas producer’s stock worth $150,000 after purchasing an additional 2,602 shares during the last quarter. Institutional investors own 66.64% of the company’s stock.

NYSE:OXY traded down $0.28 on Thursday, hitting $25.86. 14,999,971 shares of the company’s stock traded hands, compared to its average volume of 19,600,791. The company has a current ratio of 1.02, a quick ratio of 0.86 and a debt-to-equity ratio of 3.56. Occidental Petroleum has a 1 year low of $8.52 and a 1 year high of $32.52. The firm has a 50-day moving average price of $26.00 and a 200-day moving average price of $20.90. The company has a market cap of $24.14 billion, a PE ratio of -1.51 and a beta of 2.35.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 15th. Stockholders of record on Wednesday, March 10th were given a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.15%. The ex-dividend date was Tuesday, March 9th. Occidental Petroleum’s dividend payout ratio is presently 2.76%.

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, Africa, and Latin America. The company operates through three segments: Oil and Gas, Chemical, and Marketing and Midstream.

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

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