Zacks: Analysts Expect Occidental Petroleum Corporation (OXY) Will Post Quarterly Sales of $3.20 Billion
Equities analysts expect Occidental Petroleum Corporation (NYSE:OXY) to announce $3.20 billion in sales for the current fiscal quarter, according to Zacks. Four analysts have issued estimates for Occidental Petroleum Corporation’s earnings, with estimates ranging from $3.05 billion to $3.27 billion. Occidental Petroleum Corporation posted sales of $2.73 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 17.2%. The business is scheduled to issue its next earnings results after the market closes on Wednesday, November 1st.
On average, analysts expect that Occidental Petroleum Corporation will report full year sales of $3.20 billion for the current financial year, with estimates ranging from $12.31 billion to $13.55 billion. For the next fiscal year, analysts forecast that the firm will post sales of $14.05 billion per share, with estimates ranging from $13.34 billion to $16.05 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that cover Occidental Petroleum Corporation.
Occidental Petroleum Corporation (NYSE:OXY) last announced its quarterly earnings results on Wednesday, August 2nd. The oil and gas producer reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. Occidental Petroleum Corporation had a return on equity of 0.13% and a net margin of 0.91%. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3 billion. During the same period in the prior year, the business posted ($0.18) earnings per share. The business’s revenue was up 40.9% compared to the same quarter last year.
OXY has been the subject of several recent research reports. Cowen and Company reiterated a “buy” rating and issued a $80.00 price target on shares of Occidental Petroleum Corporation in a research note on Thursday, September 28th. Zacks Investment Research upgraded Occidental Petroleum Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, September 12th. Jefferies Group LLC set a $58.00 price objective on Occidental Petroleum Corporation and gave the stock a “hold” rating in a research note on Tuesday, August 29th. Piper Jaffray Companies set a $55.00 price objective on Occidental Petroleum Corporation and gave the stock a “hold” rating in a research note on Friday, August 25th. Finally, BidaskClub cut Occidental Petroleum Corporation from a “sell” rating to a “strong sell” rating in a report on Thursday, August 24th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $65.50.
Occidental Petroleum Corporation (OXY) opened at 63.98 on Wednesday. The company has a market capitalization of $48.92 billion, a PE ratio of 450.56 and a beta of 0.67. The firm’s 50 day moving average price is $61.27 and its 200-day moving average price is $61.27. Occidental Petroleum Corporation has a one year low of $57.20 and a one year high of $75.60.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, September 11th will be given a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a yield of 4.81%. This is a boost from Occidental Petroleum Corporation’s previous quarterly dividend of $0.76. The ex-dividend date is Friday, September 8th. Occidental Petroleum Corporation’s dividend payout ratio is currently 2,369.23%.
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In related news, Director William R. Klesse bought 10,000 shares of the firm’s stock in a transaction on Wednesday, August 9th. The shares were purchased at an average price of $61.58 per share, with a total value of $615,800.00. Following the completion of the purchase, the director now owns 70,692 shares in the company, valued at approximately $4,353,213.36. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.32% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Occidental Petroleum Corporation in the 1st quarter worth about $102,000. Grove Bank & Trust boosted its stake in shares of Occidental Petroleum Corporation by 54.8% during the second quarter. Grove Bank & Trust now owns 1,758 shares of the oil and gas producer’s stock valued at $105,000 after purchasing an additional 622 shares in the last quarter. Oakworth Capital Inc. boosted its stake in shares of Occidental Petroleum Corporation by 14.7% during the second quarter. Oakworth Capital Inc. now owns 1,952 shares of the oil and gas producer’s stock valued at $117,000 after purchasing an additional 250 shares in the last quarter. Parallel Advisors LLC boosted its stake in shares of Occidental Petroleum Corporation by 15.6% during the first quarter. Parallel Advisors LLC now owns 1,961 shares of the oil and gas producer’s stock valued at $118,000 after purchasing an additional 264 shares in the last quarter. Finally, Mosaic Family Wealth LLC boosted its stake in shares of Occidental Petroleum Corporation by 4.0% during the first quarter. Mosaic Family Wealth LLC now owns 1,887 shares of the oil and gas producer’s stock valued at $120,000 after purchasing an additional 72 shares in the last quarter. Institutional investors own 80.60% 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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