Brokerages Expect Occidental Petroleum Co. (NYSE:OXY) Will Post Quarterly Sales of $9.58 Billion

Equities analysts expect Occidental Petroleum Co. (NYSE:OXYGet Rating) to announce $9.58 billion in sales for the current quarter, Zacks reports. Seven analysts have made estimates for Occidental Petroleum’s earnings, with the highest sales estimate coming in at $10.26 billion and the lowest estimate coming in at $8.57 billion. Occidental Petroleum reported sales of $6.01 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 59.4%. The firm is expected to issue its next quarterly earnings report on Monday, January 1st.

On average, analysts expect that Occidental Petroleum will report full-year sales of $36.97 billion for the current financial year, with estimates ranging from $33.50 billion to $40.21 billion. For the next year, analysts expect that the firm will report sales of $34.83 billion, with estimates ranging from $31.01 billion to $40.49 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that follow Occidental Petroleum.

Occidental Petroleum (NYSE:OXYGet Rating) last announced its earnings results on Tuesday, May 10th. The oil and gas producer reported $2.12 EPS for the quarter, beating the consensus estimate of $2.03 by $0.09. Occidental Petroleum had a return on equity of 47.28% and a net margin of 25.01%. The company had revenue of $8.53 billion for the quarter, compared to analyst estimates of $8.06 billion. During the same quarter in the prior year, the company earned ($0.15) EPS. The firm’s revenue for the quarter was up 61.2% compared to the same quarter last year.

Several brokerages have recently commented on OXY. StockNews.com raised Occidental Petroleum from a “hold” rating to a “buy” rating in a research note on Friday. MKM Partners increased their price objective on Occidental Petroleum from $42.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, March 1st. Susquehanna increased their price objective on Occidental Petroleum from $71.00 to $73.00 in a report on Thursday. Barclays increased their price objective on Occidental Petroleum from $69.00 to $74.00 and gave the company an “overweight” rating in a report on Friday, April 22nd. Finally, Raymond James raised their price target on Occidental Petroleum from $85.00 to $90.00 and gave the stock a “strong-buy” rating in a report on Monday, April 25th. Two analysts have rated the stock with a sell rating, three have given a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Occidental Petroleum presently has an average rating of “Buy” and an average target price of $62.00.

In other news, major shareholder Berkshire Hathaway Inc acquired 185,419 shares of the business’s stock in a transaction on Thursday, May 12th. The shares were acquired at an average cost of $57.34 per share, with a total value of $10,631,925.46. Following the transaction, the insider now owns 143,162,392 shares in the company, valued at approximately $8,208,931,557.28. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Avedick Baruyr Poladian sold 20,000 shares of Occidental Petroleum stock in a transaction that occurred on Friday, March 11th. The shares were sold at an average price of $57.23, for a total value of $1,144,600.00. The disclosure for this sale can be found here. Insiders purchased 6,783,083 shares of company stock worth $387,503,934 over the last three months. 0.31% of the stock is owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the company. Addison Advisors LLC boosted its position in shares of Occidental Petroleum by 407.6% in the 1st quarter. Addison Advisors LLC now owns 533 shares of the oil and gas producer’s stock worth $30,000 after purchasing an additional 428 shares in the last quarter. Curi Wealth Management LLC boosted its position in shares of Occidental Petroleum by 3,000.0% in the 1st quarter. Curi Wealth Management LLC now owns 620 shares of the oil and gas producer’s stock worth $35,000 after purchasing an additional 600 shares in the last quarter. Interactive Financial Advisors bought a new stake in shares of Occidental Petroleum in the 1st quarter worth approximately $41,000. Exchange Traded Concepts LLC bought a new stake in shares of Occidental Petroleum in the 4th quarter worth approximately $25,000. Finally, Richwood Investment Advisors LLC bought a new stake in shares of Occidental Petroleum in the 4th quarter worth approximately $27,000. 86.15% of the stock is currently owned by hedge funds and other institutional investors.

OXY stock traded up $4.86 during trading on Monday, reaching $64.08. 35,166,631 shares of the stock were exchanged, compared to its average volume of 26,818,304. The firm has a market cap of $60.04 billion, a P/E ratio of 9.75, a price-to-earnings-growth ratio of 0.20 and a beta of 1.94. Occidental Petroleum has a twelve month low of $21.62 and a twelve month high of $64.98. The firm’s 50 day moving average is $58.25 and its 200 day moving average is $42.83. The company has a current ratio of 1.16, a quick ratio of 1.00 and a debt-to-equity ratio of 1.71.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 15th. Stockholders of record on Friday, June 10th will be issued a $0.13 dividend. The ex-dividend date is Thursday, June 9th. This represents a $0.52 annualized dividend and a dividend yield of 0.81%. Occidental Petroleum’s dividend payout ratio is currently 7.91%.

Occidental Petroleum Company Profile (Get Rating)

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, Africa, and Latin America. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing.

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