Occidental Petroleum Co. (OXY) Expected to Post Quarterly Sales of $4.03 Billion

Analysts forecast that Occidental Petroleum Co. (NYSE:OXY) will announce $4.03 billion in sales for the current quarter, according to Zacks Investment Research. Six analysts have provided estimates for Occidental Petroleum’s earnings, with the lowest sales estimate coming in at $3.50 billion and the highest estimate coming in at $4.64 billion. Occidental Petroleum posted sales of $3.83 billion in the same quarter last year, which would indicate a positive year over year growth rate of 5.2%. The firm is expected to issue its next earnings results on Tuesday, May 14th.

On average, analysts expect that Occidental Petroleum will report full-year sales of $16.58 billion for the current financial year, with estimates ranging from $14.35 billion to $19.90 billion. For the next financial year, analysts anticipate that the business will post sales of $15.99 billion, with estimates ranging from $14.35 billion to $17.52 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for Occidental Petroleum.

Occidental Petroleum (NYSE:OXY) last announced its earnings results on Tuesday, February 12th. The oil and gas producer reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.10. The company had revenue of $4.80 billion during the quarter, compared to analysts’ expectations of $4.39 billion. Occidental Petroleum had a net margin of 21.87% and a return on equity of 18.17%. The firm’s quarterly revenue was up 33.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.41 earnings per share.

A number of brokerages have issued reports on OXY. Zacks Investment Research upgraded shares of Occidental Petroleum from a “strong sell” rating to a “hold” rating in a research report on Tuesday, March 5th. ValuEngine upgraded shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research report on Wednesday, February 20th. Citigroup lowered shares of Occidental Petroleum from a “buy” rating to a “neutral” rating and cut their price objective for the company from $80.00 to $72.00 in a research report on Tuesday, February 19th. Barclays lowered shares of Occidental Petroleum from an “overweight” rating to an “underweight” rating and cut their price objective for the company from $77.00 to $70.00 in a research report on Friday, February 15th. Finally, Morgan Stanley set a $72.00 price objective on shares of Occidental Petroleum and gave the company a “buy” rating in a research report on Thursday, February 14th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $84.53.

A number of hedge funds have recently modified their holdings of the stock. Norges Bank acquired a new position in Occidental Petroleum during the fourth quarter worth approximately $475,929,000. Actinver Wealth Management Inc. acquired a new position in Occidental Petroleum during the fourth quarter worth approximately $305,000. Financial Advocates Investment Management increased its position in Occidental Petroleum by 1,049.0% during the fourth quarter. Financial Advocates Investment Management now owns 24,060 shares of the oil and gas producer’s stock worth $2,787,000 after purchasing an additional 21,966 shares during the last quarter. Ashburton Jersey Ltd increased its position in Occidental Petroleum by 22.5% during the fourth quarter. Ashburton Jersey Ltd now owns 17,600 shares of the oil and gas producer’s stock worth $1,473,000 after purchasing an additional 3,230 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV increased its position in Occidental Petroleum by 390.1% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 1,436 shares of the oil and gas producer’s stock worth $88,000 after purchasing an additional 1,143 shares during the last quarter. 82.58% of the stock is owned by hedge funds and other institutional investors.

OXY traded up $0.38 during midday trading on Tuesday, reaching $65.59. 42,192 shares of the company’s stock were exchanged, compared to its average volume of 4,403,438. The company has a current ratio of 1.34, a quick ratio of 1.17 and a debt-to-equity ratio of 0.48. The stock has a market cap of $48.77 billion, a P/E ratio of 13.06, a PEG ratio of 1.27 and a beta of 0.83. Occidental Petroleum has a 1-year low of $56.83 and a 1-year high of $87.67.

The business also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Monday, March 11th will be given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 4.76%. The ex-dividend date of this dividend is Friday, March 8th. Occidental Petroleum’s dividend payout ratio (DPR) is 62.28%.

Occidental Petroleum Company Profile

Occidental Petroleum Corp. engages in the exploration and production of oil and natural gas. It operates through the following segments: Oil & Gas, Chemical and Midstream & Marketing. The Oil & Gas segment explores for, develops and produces oil and condensate, natural gas liquids and natural gas. The Chemical segment manufactures and markets basic chemicals and vinyls.

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

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