Wall Street analysts forecast that Occidental Petroleum (OXY) will report quarterly earnings of $0.73 per share in its upcoming release, pointing to a year-over-year increase of 12.3%. It is anticipated that revenues will amount to $7.15 billion, exhibiting an increase of 18.9% compared to the year-ago quarter.
The consensus EPS estimate for the quarter has been revised 29.6% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.
Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision 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.
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.
The collective assessment of analysts points to an estimated 'Net sales- Oil and gas' of $5.71 billion. The estimate indicates a year-over-year change of +16.3%.
Analysts forecast 'Net sales- Chemical' to reach $1.24 billion. The estimate indicates a year-over-year change of +4.5%.
Analysts expect 'Net sales- Midstream & marketing' to come in at $429.84 million. The estimate suggests a change of +334.2% year over year.
According to the collective judgment of analysts, 'Interest, dividends and other income' should come in at $38.00 million. The estimate indicates a change of +5.6% from the prior-year quarter.
The combined assessment of analysts suggests that 'Revenue- Oil - United States' will likely reach $3.92 billion. The estimate indicates a year-over-year change of +17.1%.
The consensus among analysts is that 'Revenue- NGL - United States' will reach $545.18 million. The estimate indicates a change of +31.1% from the prior-year quarter.
Analysts' assessment points toward 'Revenue- GAS - United States' reaching $376.86 million. The estimate indicates a year-over-year change of +101.5%.
The average prediction of analysts places 'Revenue- Oil & Gas - United States' at $4.84 billion. The estimate indicates a change of +22.4% from the prior-year quarter.
It is projected by analysts that the 'Worldwide Sales - Total Continuing Operations Production Per Day' will reach 1,395.28 millions of barrels of oil equivalent. The estimate compares to the year-ago value of 1172 millions of barrels of oil equivalent.
Based on the collective assessment of analysts, 'Net Production Volumes Per Day By Commodity - Natural Gas - Total Worldwide' should arrive at 2,237.96 millions of cubic feet. Compared to the current estimate, the company reported 1796 millions of cubic feet in the same quarter of the previous year.
The consensus estimate for 'Net Production Volumes Per Day By Commodity - Oil - Total Worldwide' stands at 706.54 millions of barrels of oil. Compared to the current estimate, the company reported 593 millions of barrels of oil in the same quarter of the previous year.
Analysts predict that the 'Average Realized Prices - NGLs - Total Worldwide' will reach $24.09 per barrel of oil equivalent. The estimate is in contrast to the year-ago figure of $22.14 per barrel of oil equivalent.
View all Key Company Metrics for Occidental here>>>
Shares of Occidental have demonstrated returns of -7.9% over the past month compared to the Zacks S&P 500 composite's -0.5% change. With a Zacks Rank #3 (Hold), OXY is expected to mirror 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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