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


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Wall Street analysts expect Occidental Petroleum Co. (NYSE:OXY) to announce $4.80 billion in sales for the current fiscal quarter, Zacks reports. Five analysts have made estimates for Occidental Petroleum’s earnings, with estimates ranging from $4.29 billion to $5.06 billion. Occidental Petroleum posted sales of $6.45 billion in the same quarter last year, which suggests a negative year-over-year growth rate of 25.6%. The firm is expected to report its next quarterly earnings report 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 year, analysts expect that the firm will post sales of $20.29 billion, with estimates ranging from $18.44 billion to $21.90 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research firms that cover Occidental Petroleum.

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

A number of equities analysts have commented on OXY shares. Morgan Stanley upped their target price on shares of Occidental Petroleum from $31.00 to $32.00 and gave the stock an “equal weight” rating in a research note on Monday, April 26th. Truist upped their target price on shares of Occidental Petroleum from $11.00 to $25.00 in a research note on Thursday, January 21st. Susquehanna upped their target price on shares of Occidental Petroleum from $28.00 to $31.00 and gave the stock a “positive” rating in a research note on Wednesday, February 24th. Jefferies Financial Group upgraded shares of Occidental Petroleum from an “underperform” rating to a “hold” rating in a research note on Thursday, January 21st. Finally, Mizuho raised shares of Occidental Petroleum from a “neutral” rating to a “buy” rating and upped their price target for the stock from $11.00 to $26.00 in a research report on Tuesday, January 12th. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and ten have issued a buy rating to the company. Occidental Petroleum presently has an average rating of “Hold” and an average target price of $23.70.

NYSE:OXY traded down $0.28 during mid-day trading on Thursday, hitting $25.86. 14,999,971 shares of the stock traded hands, compared to its average volume of 19,600,791. The stock has a market capitalization of $24.14 billion, a price-to-earnings ratio of -1.51 and a beta of 2.35. Occidental Petroleum has a 52 week low of $8.52 and a 52 week high of $32.52. The firm’s 50 day moving average is $26.00 and its two-hundred day moving average is $20.90. The company has a quick ratio of 0.86, a current ratio of 1.02 and a debt-to-equity ratio of 3.56.

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

In related news, major shareholder Carl C. Icahn sold 2,600,000 shares of the firm’s stock in a transaction on Wednesday, March 31st. The shares were sold at an average price of $26.88, for a total transaction of $69,888,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Carl C. Icahn sold 3,500,000 shares of the firm’s stock in a transaction on Monday, April 5th. The shares were sold at an average price of $25.60, for a total transaction of $89,600,000.00. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of OXY. Schonfeld Strategic Advisors LLC purchased a new position in Occidental Petroleum during the third quarter valued at $4,769,000. Jeppson Wealth Management LLC purchased a new position in Occidental Petroleum during the third quarter valued at $384,000. Townsquare Capital LLC purchased a new position in Occidental Petroleum during the third quarter valued at $145,000. Van ECK Associates Corp lifted its holdings in Occidental Petroleum by 37.5% during the third quarter. Van ECK Associates Corp now owns 56,498 shares of the oil and gas producer’s stock valued at $565,000 after purchasing an additional 15,410 shares in the last quarter. Finally, Virtu Financial LLC purchased a new position in shares of Occidental Petroleum in the third quarter worth about $841,000. 66.64% of the stock is currently owned by institutional investors and hedge funds.

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

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