Based in Houston, Texas, Occidental Petroleum Corporation (OXY) is a leading international energy company committed to delivering sustainable growth in oil, gas, and chemical production. With a market cap of $55.97 billion, Occidental is renowned for its innovative approach to energy production and its extensive portfolio of assets. The company is set to announce its fiscal Q2 earnings results after the market closes on Wednesday, Aug. 7.
Ahead of the event, analysts expect OXY to report a profit of $0.86 per share, up 26.5% from $0.68 per share in the year-ago quarter. In the last four quarters, the company has surpassed and matched Wall Street’s bottom-line estimates in three and missed on another occasion.
Its adjusted earnings of $0.65 per share for the last quarter surpassed the consensus estimate by 16.1%. Effective cost management and higher production volumes drove the company's performance.
For fiscal 2024, analysts expect OXY to report EPS of $3.82, up 3.2% from $3.70 in fiscal 2023.
OXY stock is up 5.7% on a YTD basis, underperforming the broader S&P 500 Index's ($SPX) 15.4% gains and the SPDR S&P Oil & Gas Exploration & Production ETF’s (XOP) 7% returns over the same time frame.
Occidental Petroleum reported its Q1 results on May 7. Revenue of $6.01 billion fell short of the $6.66 billion forecasted by analysts. Following the release of these results, the stock declined by over 2.1% in the next trading session.
The consensus opinion on OXY stock is optimistic, with an overall “Moderate Buy” rating. Out of 21 analysts covering the stock, seven advise a “Strong Buy” rating, 13 suggest a “Hold” rating, and one recommend a “Strong Sell.” OXY's average analyst price target is $72.05, indicating a potential upside of 14.1% from the current levels.
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