Oil and gas producer Occidental Petroleum (NYSE: OXY) will be announcing earnings results this Monday after market hours. Here’s what to look for.
Occidental Petroleum beat analysts’ revenue expectations last quarter, reporting revenues of $8.33 billion, up 57.1% year on year. It was an incredible quarter for the company, with a beat of analysts’ EPS estimates.
Is Occidental Petroleum a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Occidental Petroleum’s revenue to grow 21.5% year on year, a reversal from the 5.5% decrease it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings.
Looking at Occidental Petroleum’s peers in the diversified upstream e&p segment, some have already reported their Q3 results, giving us a hint as to what we can expect. ConocoPhillips delivered year-on-year revenue growth of 29.2%, beating analysts’ expectations by 10.7%, and Chevron reported revenues up 36.3%, topping estimates by 11.1%. ConocoPhillips’s stock price was unchanged after the resultswhile Chevron was down 1.6%.
Read our full analysis of ConocoPhillips’s results here and Chevron’s results here.
In the last year or so, investors have shifted their focus from one macro dynamic to the next (AI disintermediation and AI investment to geopolitical conflict, interest rates, and the health of the wider economy). While some of the diversified upstream e&p stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 10.8% on average over the last month. Occidental Petroleum is down 5.7% during the same time and is heading into earnings with an average analyst price target of $70.74 (compared to the current share price of $56.66).
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