Occidental Petroleum Corp Up 3.25% To $59.27 After Earnings Beat

Occidental Petroleum Corp (OXY) surpassed earnings projections on 2/14/2024 for Q4 2023.

Occidental Petroleum Corp’s earnings came in at an EPS of $0.74 per share, 4.00% higher than estimates for an EPS of $0.71 per share. The firm’s earnings are down 54% since reporting $1.61 per share in the same period a year ago. Remember, earnings reported were on an adjusted basis, so they may not be comparable to prior reports and/or analyst estimates.

Consensus estimates for Occidental Petroleum Corp revenue averaged out to $7 billion, with the business managing to beat those expectations with reported fourth-quarter revenue of $7.5 billion. The $579 million (8%) positive revenue surprise led to negative 10% growth year-over-year as the firm reported revenue of $8.3 billion in its year-ago quarter. The lower earnings growth compared to revenue points to Occidental Petroleum Corp not being able to improve its profit margin.

The stock is up 3.25% to $59.27 after the report.

Occidental Petroleum Corp’s profit margins took a hit as earnings fell at a faster pace than revenues.

The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.

Trading in the five days leading up to the report earned Occidental Petroleum Corp a Bearish Sentiment Rank from InvestorsObserver.

Occidental Petroleum Corp has performed poorly during the past few months, garnering a low Long-Term Technical Rank by InvestorsObserver of 19, putting Occidental Petroleum Corp in the bottom 25% of stocks. The firm was recently trading at a 52-week low of $55.12 on December 12, 2023 and set a 52-week high on September 14, 2023 at $67.67.

Occidental Petroleum is an independent exploration and production company with operations in the United States, Latin America, and the Middle East. At the end of 2021, the company reported net proved reserves of 3.5 billion barrels of oil equivalent. Net production averaged 1,174 thousand barrels of oil equivalent per day in 2021 at a ratio of 75% oil and natural gas liquids and 25% natural gas.