Brokerages forecast that Occidental Petroleum (NYSE:OXY) will announce $3.85 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for Occidental Petroleum’s earnings, with estimates ranging from $3.78 billion to $3.92 billion. Occidental Petroleum posted sales of $3.60 billion in the same quarter last year, which would indicate a positive year over year growth rate of 6.9%. The business is scheduled to announce its next quarterly earnings results on Wednesday, August 1st.
On average, analysts expect that Occidental Petroleum will report full-year sales of $16.00 billion for the current fiscal year, with estimates ranging from $15.38 billion to $16.61 billion. For the next financial year, analysts forecast that the firm will post sales of $16.55 billion per share, with estimates ranging from $15.11 billion to $17.99 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Occidental Petroleum.
Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings results on Tuesday, May 8th. The oil and gas producer reported $0.92 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.21. Occidental Petroleum had a return on equity of 6.15% and a net margin of 13.47%. The company had revenue of $3.83 billion during the quarter, compared to the consensus estimate of $3.63 billion. During the same period last year, the business earned $0.15 EPS. The business’s quarterly revenue was up 28.4% on a year-over-year basis.
A number of equities research analysts have recently weighed in on OXY shares. Citigroup raised Occidental Petroleum from a “sell” rating to a “neutral” rating and set a $73.00 price target for the company in a research note on Monday, January 22nd. Morgan Stanley raised their price target on Occidental Petroleum from $66.00 to $84.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 24th. JPMorgan Chase raised their price target on Occidental Petroleum from $74.00 to $75.00 and gave the stock a “neutral” rating in a research note on Thursday, February 15th. BMO Capital Markets reaffirmed a “hold” rating and set a $75.00 price target on shares of Occidental Petroleum in a research note on Tuesday, February 27th. Finally, ValuEngine downgraded Occidental Petroleum from a “hold” rating to a “sell” rating in a research note on Thursday, March 1st. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $76.94.
OXY opened at $85.42 on Monday. Occidental Petroleum has a fifty-two week low of $57.84 and a fifty-two week high of $86.24. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.26 and a quick ratio of 1.11. The stock has a market cap of $65.41 billion, a PE ratio of 95.98, a PEG ratio of 3.47 and a beta of 0.60.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 16th. Investors of record on Monday, June 11th will be paid a $0.77 dividend. This represents a $3.08 dividend on an annualized basis and a dividend yield of 3.61%. The ex-dividend date is Friday, June 8th. Occidental Petroleum’s payout ratio is 346.07%.
Several hedge funds have recently modified their holdings of the stock. Levin Capital Strategies L.P. increased its position in Occidental Petroleum by 6.5% in the 1st quarter. Levin Capital Strategies L.P. now owns 3,108,664 shares of the oil and gas producer’s stock worth $201,939,000 after buying an additional 189,197 shares during the period. Rational Advisors LLC increased its position in Occidental Petroleum by 251.1% in the 1st quarter. Rational Advisors LLC now owns 20,715 shares of the oil and gas producer’s stock worth $1,346,000 after buying an additional 14,815 shares during the period. CIBC World Markets Inc. increased its position in Occidental Petroleum by 7.3% in the 1st quarter. CIBC World Markets Inc. now owns 52,609 shares of the oil and gas producer’s stock worth $3,417,000 after buying an additional 3,568 shares during the period. Xact Kapitalforvaltning AB increased its position in Occidental Petroleum by 8.7% in the 1st quarter. Xact Kapitalforvaltning AB now owns 83,295 shares of the oil and gas producer’s stock worth $5,411,000 after buying an additional 6,653 shares during the period. Finally, OLD Republic International Corp increased its position in Occidental Petroleum by 18.7% in the 1st quarter. OLD Republic International Corp now owns 349,000 shares of the oil and gas producer’s stock worth $22,671,000 after buying an additional 55,000 shares during the period. 82.63% 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 and internationally. The company operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.
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