Zacks: Analysts Expect Occidental Petroleum Co. (OXY) Will Announce Quarterly Sales of $4.66 Billion
Wall Street brokerages expect Occidental Petroleum Co. (NYSE:OXY) to announce sales of $4.66 billion for the current fiscal quarter, according to Zacks. Six analysts have made estimates for Occidental Petroleum’s earnings, with the lowest sales estimate coming in at $4.47 billion and the highest estimate coming in at $4.85 billion. Occidental Petroleum posted sales of $3.11 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 49.8%. The company is expected to issue its next quarterly earnings report after the market closes on Monday, November 5th.
On average, analysts expect that Occidental Petroleum will report full-year sales of $17.50 billion for the current financial year, with estimates ranging from $17.07 billion to $18.19 billion. For the next financial year, analysts forecast that the firm will post sales of $19.85 billion, with estimates ranging from $18.55 billion to $21.88 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Occidental Petroleum.
Occidental Petroleum (NYSE:OXY) last issued its earnings results on Wednesday, August 8th. The oil and gas producer reported $1.10 EPS for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.11). Occidental Petroleum had a return on equity of 9.68% and a net margin of 15.36%. The company had revenue of $4.13 billion during the quarter, compared to analysts’ expectations of $4.13 billion. During the same quarter in the previous year, the company earned $0.15 EPS. The firm’s quarterly revenue was up 14.7% compared to the same quarter last year.
In other news, Director William R. Klesse bought 5,000 shares of Occidental Petroleum stock in a transaction on Monday, August 13th. The stock was acquired at an average price of $78.55 per share, with a total value of $392,750.00. Following the completion of the acquisition, the director now directly owns 77,963 shares of the company’s stock, valued at $6,123,993.65. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.32% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the business. Congress Asset Management Co. MA raised its holdings in shares of Occidental Petroleum by 2.2% during the third quarter. Congress Asset Management Co. MA now owns 67,755 shares of the oil and gas producer’s stock valued at $5,567,000 after acquiring an additional 1,451 shares during the last quarter. Barings LLC raised its holdings in shares of Occidental Petroleum by 16.5% during the third quarter. Barings LLC now owns 78,499 shares of the oil and gas producer’s stock valued at $6,451,000 after acquiring an additional 11,118 shares during the last quarter. State Treasurer State of Michigan raised its holdings in shares of Occidental Petroleum by 0.5% during the third quarter. State Treasurer State of Michigan now owns 227,856 shares of the oil and gas producer’s stock valued at $18,723,000 after acquiring an additional 1,100 shares during the last quarter. Advanced Asset Management Advisors Inc raised its holdings in shares of Occidental Petroleum by 24.0% during the third quarter. Advanced Asset Management Advisors Inc now owns 23,700 shares of the oil and gas producer’s stock valued at $1,947,000 after acquiring an additional 4,590 shares during the last quarter. Finally, Blue Chip Partners Inc. raised its holdings in shares of Occidental Petroleum by 7.7% during the third quarter. Blue Chip Partners Inc. now owns 98,870 shares of the oil and gas producer’s stock valued at $8,124,000 after acquiring an additional 7,045 shares during the last quarter. 80.52% of the stock is owned by institutional investors and hedge funds.
Shares of OXY traded down $0.74 during mid-day trading on Tuesday, reaching $67.91. The company had a trading volume of 6,326,458 shares, compared to its average volume of 5,286,773. Occidental Petroleum has a 52-week low of $62.47 and a 52-week high of $87.67. The company has a quick ratio of 1.19, a current ratio of 1.36 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $51.93 billion, a price-to-earnings ratio of 76.30, a PEG ratio of 1.85 and a beta of 0.58.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Monday, December 10th will be given a dividend of $0.78 per share. The ex-dividend date is Friday, December 7th. This represents a $3.12 dividend on an annualized basis and a yield of 4.59%. Occidental Petroleum’s dividend payout ratio is currently 350.56%.
About Occidental Petroleum
Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States and internationally. The company operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.
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