Wall Street analysts expect Occidental Petroleum (OXY) to post quarterly earnings of $0.48 per share in its upcoming report, which indicates a year-over-year decline of 52%. Revenues are expected to be $6.72 billion, down 6% from the year-ago quarter.
The current level reflects a downward revision of 16.2% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.
Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions and the short-term price performance of a stock.
While it's common for investors to rely on consensus earnings and revenue estimates for assessing how the business may have performed during the quarter, exploring analysts' forecasts for key metrics can yield valuable insights.
With that in mind, let's delve into the average projections of some Occidental metrics that are commonly tracked and projected by analysts on Wall Street.
According to the collective judgment of analysts, 'Net sales- Oil and gas' should come in at $5.35 billion. The estimate points to a change of -6.1% from the year-ago quarter.
Analysts expect 'Net sales- Chemical' to come in at $1.19 billion. The estimate indicates a year-over-year change of -4.2%.
It is projected by analysts that the 'Net sales- Midstream & marketing' will reach $366.62 million. The estimate indicates a change of -16.7% from the prior-year quarter.
The combined assessment of analysts suggests that 'Interest, dividends and other income' will likely reach $44.00 million. The estimate suggests a change of -26.7% year over year.
The consensus estimate for 'Revenue- Oil- United States' stands at $3.75 billion. The estimate indicates a change of -10.7% from the prior-year quarter.
Analysts forecast 'Revenue- NGL- United States' to reach $487.69 million. The estimate indicates a year-over-year change of -1.5%.
The average prediction of analysts places 'Revenue- GAS- United States' at $225.21 million. The estimate points to a change of +275.4% from the year-ago quarter.
Analysts' assessment points toward 'Revenue- Oil & Gas- United States' reaching $4.48 billion. The estimate points to a change of -6.3% from the year-ago quarter.
Based on the collective assessment of analysts, 'Worldwide Sales - Total Continuing Operations Production Per Day' should arrive at 1,436.68 thousands of barrels of oil equivalent per day. The estimate compares to the year-ago value of 1,412.00 thousands of barrels of oil equivalent per day.
The collective assessment of analysts points to an estimated 'Net Production Volumes Per Day By Commodity - Oil - Total Worldwide' of 742.27 thousands of barrels of oil per day. The estimate compares to the year-ago value of 713.00 thousands of barrels of oil per day.
The consensus among analysts is that 'Average Realized Prices - Oil - Total Worldwide' will reach 65 dollars per barrel. The estimate is in contrast to the year-ago figure of 75 dollars per barrel.
Analysts predict that the 'Average Realized Prices - NGLs - Total Worldwide' will reach 20 dollars per barrel of oil equivalent. Compared to the present estimate, the company reported 20 dollars per barrel of oil equivalent in the same quarter last year.
View all Key Company Metrics for Occidental here>>>
Shares of Occidental have demonstrated returns of -11.8% over the past month compared to the Zacks S&P 500 composite's +1.3% change. With a Zacks Rank #4 (Sell), OXY is expected to lag the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
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Occidental Petroleum Corporation (OXY): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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