Wall Street analysts expect Occidental Petroleum (OXY) to post quarterly earnings of $0.19 per share in its upcoming report, which indicates a year-over-year decline of 76.3%. Revenues are expected to be $5.88 billion, down 14% from the year-ago quarter.
The current level reflects a downward revision of 42.2% 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 investors typically use consensus earnings and revenue estimates as a yardstick to evaluate the company's quarterly performance, scrutinizing analysts' projections for some of the company's key metrics can offer a more comprehensive perspective.
Given this perspective, it's time to examine the average forecasts of specific Occidental metrics that are routinely monitored and predicted by Wall Street analysts.
Analysts' assessment points toward 'Net sales- Oil and gas' reaching $4.93 billion. The estimate indicates a change of -12.3% from the prior-year quarter.
According to the collective judgment of analysts, 'Net sales- Midstream & marketing' should come in at $359.46 million. The estimate points to a change of +154.9% from the year-ago quarter.
It is projected by analysts that the 'Net sales- Chemical' will reach $941.78 million. The estimate points to a change of -22.6% from the year-ago quarter.
The average prediction of analysts places 'Interest, dividends and other income' at $54.50 million. The estimate indicates a year-over-year change of +32.9%.
The collective assessment of analysts points to an estimated 'Revenue- Oil- United States' of $3.52 billion. The estimate indicates a change of -12.8% from the prior-year quarter.
Analysts expect 'Revenue- NGL- United States' to come in at $454.04 million. The estimate points to a change of -17.6% from the year-ago quarter.
Based on the collective assessment of analysts, 'Revenue- GAS- United States' should arrive at $240.08 million. The estimate points to a change of +20% from the year-ago quarter.
The consensus among analysts is that 'Revenue- Oil & Gas- United States' will reach $4.20 billion. The estimate points to a change of -11.7% from the year-ago quarter.
The consensus estimate for 'Worldwide Sales - Total Continuing Operations Production Per Day' stands at 1,463.94 thousands of barrels of oil equivalent per day. The estimate compares to the year-ago value of 1,463.00 thousands of barrels of oil equivalent per day.
The combined assessment of analysts suggests that 'Net Production Volumes Per Day By Commodity - Oil - Total Worldwide' will likely reach 749.09 thousands of barrels of oil per day. The estimate compares to the year-ago value of 736.00 thousands of barrels of oil per day.
Analysts forecast 'Average Realized Prices - Oil - Total Worldwide' to reach 60 dollars per barrel. Compared to the current estimate, the company reported 70 dollars per barrel in the same quarter of the previous year.
Analysts predict that the 'Average Realized Prices - NGLs - Total Worldwide' will reach 17 dollars per barrel of oil equivalent. The estimate is in contrast to the year-ago figure of 22 dollars per barrel of oil equivalent.
View all Key Company Metrics for Occidental here>>>
Over the past month, Occidental shares have recorded returns of +7.9% versus the Zacks S&P 500 composite's -1.7% change. Based on its Zacks Rank #4 (Sell), OXY will likely underperform the overall market in the upcoming period. 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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