Workflow
Occidental Petroleum (OXY) Beats Q2 Earnings Estimates
OXYOXY(OXY) ZACKS·2024-08-07 22:30

Earnings Performance - Occidental Petroleum reported quarterly earnings of 1.03pershare,beatingtheZacksConsensusEstimateof1.03 per share, beating the Zacks Consensus Estimate of 0.77 per share, representing a 33.77% earnings surprise [1][2] - This compares to earnings of 0.68pershareayearago[1]−Overthelastfourquarters,thecompanyhassurpassedconsensusEPSestimatesthreetimes[2]RevenuePerformance−Occidentalpostedrevenuesof0.68 per share a year ago [1] - Over the last four quarters, the company has surpassed consensus EPS estimates three times [2] Revenue Performance - Occidental posted revenues of 6.88 billion for the quarter ended June 2024, missing the Zacks Consensus Estimate by 4.14% [3] - This compares to year-ago revenues of 6.73billion[3]−Thecompanyhastoppedconsensusrevenueestimatestwotimesoverthelastfourquarters[3]StockPerformanceandOutlook−Occidentalshareshavelostabout66.73 billion [3] - The company has topped consensus revenue estimates two times over the last four quarters [3] Stock Performance and Outlook - Occidental shares have lost about 6% since the beginning of the year versus the S&P 500's gain of 9.9% [4] - The current consensus EPS estimate is 1.03 on 7.84billioninrevenuesforthecomingquarterand7.84 billion in revenues for the coming quarter and 3.60 on 29.26billioninrevenuesforthecurrentfiscalyear[8]−TheestimaterevisionstrendforOccidentalismixed,translatingintoaZacksRank3(Hold)forthestock[7]IndustryContext−OccidentalbelongstotheZacksOilandGas−Integrated−UnitedStatesindustry,whichiscurrentlyinthebottom3929.26 billion in revenues for the current fiscal year [8] - The estimate revisions trend for Occidental is mixed, translating into a Zacks Rank 3 (Hold) for the stock [7] Industry Context - Occidental belongs to the Zacks Oil and Gas - Integrated - United States industry, which is currently in the bottom 39% of the 250 plus Zacks industries [9] - The top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1 [9] Peer Comparison - Berry Petroleum, another stock from the same industry, is expected to post quarterly earnings of 0.20 per share in its upcoming report, representing a year-over-year change of +33.3% [10] - The consensus EPS estimate for Berry Petroleum has been revised 1.7% higher over the last 30 days [10] - Berry Petroleum's revenues are expected to be $169.35 million, down 26.2% from the year-ago quarter [11]