Analysts Expect Occidental Petroleum Corporation (OXY) Will Post Quarterly Sales of $3.20 Billion
Brokerages predict that Occidental Petroleum Corporation (NYSE:OXY) will post $3.20 billion in sales for the current quarter, according to Zacks. Four analysts have made estimates for Occidental Petroleum Corporation’s earnings, with the highest sales estimate coming in at $3.27 billion and the lowest estimate coming in at $3.05 billion. Occidental Petroleum Corporation reported sales of $2.73 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 17.2%. The business is expected to announce its next quarterly earnings results after the market closes on Wednesday, November 1st.
According to Zacks, analysts expect that Occidental Petroleum Corporation will report full-year sales of $3.20 billion for the current year, with estimates ranging from $12.31 billion to $13.55 billion. For the next fiscal year, analysts expect that the business will post sales of $14.05 billion per share, with estimates ranging from $13.34 billion to $16.05 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that follow Occidental Petroleum Corporation.
Occidental Petroleum Corporation (NYSE:OXY) last announced its quarterly earnings data on Wednesday, August 2nd. The oil and gas producer reported $0.15 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.03. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3 billion. Occidental Petroleum Corporation had a return on equity of 0.13% and a net margin of 0.91%. The firm’s revenue was up 40.9% on a year-over-year basis. During the same period in the previous year, the company posted ($0.18) EPS.
Several analysts recently commented on OXY shares. Credit Suisse Group reaffirmed a “buy” rating and set a $80.00 target price on shares of Occidental Petroleum Corporation in a report on Friday, May 19th. Cowen and Company reaffirmed a “buy” rating and set a $80.00 target price on shares of Occidental Petroleum Corporation in a report on Tuesday, May 23rd. Mitsubishi UFJ Financial Group started coverage on Occidental Petroleum Corporation in a report on Monday, May 29th. They set a “hold” rating and a $69.00 target price on the stock. Zacks Investment Research lowered Occidental Petroleum Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, June 14th. Finally, BMO Capital Markets reaffirmed a “hold” rating and set a $65.00 target price on shares of Occidental Petroleum Corporation in a report on Thursday, June 22nd. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $65.14.
Shares of Occidental Petroleum Corporation (NYSE:OXY) traded down 0.37% on Friday, hitting $61.35. The company had a trading volume of 5,291,423 shares. Occidental Petroleum Corporation has a 52 week low of $57.20 and a 52 week high of $75.60. The stock’s 50-day moving average is $60.60 and its 200 day moving average is $61.35. The company has a market capitalization of $46.91 billion, a price-to-earnings ratio of 432.04 and a beta of 0.66.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, September 11th will be given a $0.77 dividend. This represents a $3.08 annualized dividend and a dividend yield of 5.02%. The ex-dividend date is Friday, September 8th. This is an increase from Occidental Petroleum Corporation’s previous quarterly dividend of $0.76. Occidental Petroleum Corporation’s dividend payout ratio (DPR) is 2,369.23%.
In other news, Director William R. Klesse bought 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 9th. The shares were acquired at an average price of $61.58 per share, for a total transaction of $615,800.00. Following the completion of the transaction, the director now directly owns 70,692 shares in the company, valued at approximately $4,353,213.36. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.32% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in OXY. BlackRock Inc. lifted its position in shares of Occidental Petroleum Corporation by 3,198.5% in the first quarter. BlackRock Inc. now owns 58,991,369 shares of the oil and gas producer’s stock valued at $3,737,692,000 after acquiring an additional 57,202,942 shares in the last quarter. Capital Research Global Investors purchased a new position in shares of Occidental Petroleum Corporation in the second quarter valued at approximately $179,610,000. Morgan Stanley lifted its position in shares of Occidental Petroleum Corporation by 22.1% in the first quarter. Morgan Stanley now owns 9,249,261 shares of the oil and gas producer’s stock valued at $586,034,000 after acquiring an additional 1,672,384 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Occidental Petroleum Corporation by 119.6% in the second quarter. Principal Financial Group Inc. now owns 2,372,784 shares of the oil and gas producer’s stock valued at $142,058,000 after acquiring an additional 1,292,162 shares in the last quarter. Finally, Federated Investors Inc. PA lifted its position in shares of Occidental Petroleum Corporation by 18.0% in the second quarter. Federated Investors Inc. PA now owns 7,569,462 shares of the oil and gas producer’s stock valued at $453,184,000 after acquiring an additional 1,152,152 shares in the last quarter. Institutional investors and hedge funds own 80.85% of the company’s stock.
About Occidental Petroleum Corporation
Occidental Petroleum Corporation (Occidental) is an oil and gas exploration and production company. The Company operates through three segments: oil and gas, chemical (OxyChem), 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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