Oil and gas producer Occidental Petroleum (NYSE: OXY) will be announcing earnings results this Wednesday after the bell. Here’s what to look for.
Occidental Petroleum missed analysts’ revenue expectations last quarter, reporting revenues of $5.11 billion, down 11% year on year. It was a satisfactory 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 36.2% year on year, a reversal from the 22.9% 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 upstream & integrated segment, some have already reported their Q2 results, giving us a hint as to what we can expect. ExxonMobil delivered year-on-year revenue growth of 42.3%, beating analysts’ expectations by 6.8%, and Chevron reported revenues up 56.3%, topping estimates by 6.2%. ExxonMobil traded down 1.3% following the results while Chevron’s stock price was unchanged.
Read our full analysis of ExxonMobil’s results here and Chevron’s results here.
There has been positive sentiment among investors in the upstream & integrated segment, with share prices up 6% on average over the last month. Occidental Petroleum is up 13.9% during the same time and is heading into earnings with an average analyst price target of $64.52 (compared to the current share price of $55.60).
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