Occidental Petroleum Co. (NYSE:OXY) Expected to Post Earnings of -$0.33 Per Share


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Wall Street analysts forecast that Occidental Petroleum Co. (NYSE:OXY) will post ($0.33) earnings per share for the current quarter, according to Zacks Investment Research. Five analysts have made estimates for Occidental Petroleum’s earnings, with the lowest EPS estimate coming in at ($0.48) and the highest estimate coming in at ($0.18). Occidental Petroleum posted earnings of ($0.52) per share during the same quarter last year, which would suggest a positive year-over-year growth rate of 36.5%. The business is scheduled to announce its next earnings report after the market closes on Monday, May 10th.

According to Zacks, analysts expect that Occidental Petroleum will report full-year earnings of ($1.05) per share for the current financial year, with EPS estimates ranging from ($2.02) to ($0.28). For the next fiscal year, analysts forecast that the business will report earnings of ($0.83) per share, with EPS estimates ranging from ($2.55) to $1.05. Zacks’ earnings per share averages are an average based on a survey of sell-side research firms that cover Occidental Petroleum.

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

Several equities research analysts recently commented on OXY shares. Bank of America boosted their price target on shares of Occidental Petroleum from $29.00 to $31.00 and gave the stock a “buy” rating in a report on Monday, February 8th. Societe Generale started coverage on shares of Occidental Petroleum in a report on Tuesday, January 19th. They issued a “hold” rating and a $24.30 price target for the company. Zacks Investment Research raised shares of Occidental Petroleum from a “sell” rating to a “hold” rating and set a $27.00 price target for the company in a report on Tuesday, February 9th. Morgan Stanley lifted 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. Finally, Barclays lifted their target price on shares of Occidental Petroleum from $18.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 14th. Four analysts have rated the stock with a sell rating, ten have given a hold rating and ten have assigned a buy rating to the company. The company has a consensus 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 that occurred on Wednesday, March 31st. The stock was sold at an average price of $26.88, for a total value of $69,888,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through 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. 0.21% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Reby Advisors LLC acquired a new stake in shares of Occidental Petroleum during the fourth quarter worth $25,000. Patriot Financial Group Insurance Agency LLC increased its position in Occidental Petroleum by 122.1% during the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 1,872 shares of the oil and gas producer’s stock worth $32,000 after purchasing an additional 1,029 shares in the last quarter. CX Institutional increased its position in Occidental Petroleum by 93.9% during the 4th quarter. CX Institutional now owns 2,238 shares of the oil and gas producer’s stock worth $39,000 after purchasing an additional 1,084 shares in the last quarter. Vestor Capital LLC purchased a new stake in Occidental Petroleum during the 4th quarter worth about $42,000. Finally, Berman Capital Advisors LLC boosted its stake in Occidental Petroleum by 43.6% in the 4th quarter. Berman Capital Advisors LLC now owns 2,624 shares of the oil and gas producer’s stock worth $44,000 after buying an additional 797 shares during the last quarter. 66.64% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE:OXY traded down $0.28 during trading on Tuesday, hitting $25.86. 14,999,971 shares of the stock traded hands, compared to its average volume of 19,600,791. 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 has a market cap of $24.14 billion, a price-to-earnings ratio of -1.51 and a beta of 2.35. The company has a fifty day moving average price of $26.00 and a two-hundred day moving average price of $20.90. Occidental Petroleum has a 52-week low of $8.52 and a 52-week high of $32.52.

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

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

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