Brokerages Expect Occidental Petroleum Co. (NYSE:OXY) Will Post Quarterly Sales of $4.49 Billion
Equities analysts expect Occidental Petroleum Co. (NYSE:OXY) to post sales of $4.49 billion for the current fiscal quarter, Zacks Investment Research reports. Six analysts have made estimates for Occidental Petroleum’s earnings. The lowest sales estimate is $4.32 billion and the highest is $4.70 billion. Occidental Petroleum posted sales of $4.08 billion during the same quarter last year, which would indicate a positive year over year growth rate of 10%. The business is scheduled to announce its next earnings results after the market closes on Wednesday, July 31st.
On average, analysts expect that Occidental Petroleum will report full year sales of $17.11 billion for the current financial year, with estimates ranging from $16.75 billion to $17.61 billion. For the next fiscal year, analysts forecast that the business will report sales of $16.48 billion, with estimates ranging from $15.64 billion to $17.69 billion. Zacks’ sales calculations are an average based on a survey of analysts that that provide coverage for Occidental Petroleum.
Occidental Petroleum (NYSE:OXY) last issued its earnings results on Sunday, May 5th. The oil and gas producer reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.12. Occidental Petroleum had a net margin of 21.17% and a return on equity of 17.70%. The business had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.02 billion. During the same period in the previous year, the business earned $0.92 EPS. The firm’s revenue was up 6.9% on a year-over-year basis.
In related news, insider Vicki A. Hollub bought 37,460 shares of the company’s stock in a transaction on Monday, June 10th. The stock was bought at an average cost of $48.15 per share, with a total value of $1,803,699.00. Following the completion of the purchase, the insider now owns 248,326 shares in the company, valued at approximately $11,956,896.90. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Marcia E. Backus bought 10,000 shares of the company’s stock in a transaction on Monday, June 10th. The stock was bought at an average cost of $48.09 per share, with a total value of $480,900.00. Following the completion of the purchase, the senior vice president now owns 101,248 shares of the company’s stock, valued at approximately $4,869,016.32. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 80,660 shares of company stock valued at $3,893,851. Insiders own 0.15% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in OXY. Norges Bank bought a new position in shares of Occidental Petroleum in the fourth quarter worth about $475,929,000. Millennium Management LLC raised its stake in shares of Occidental Petroleum by 401.0% in the fourth quarter. Millennium Management LLC now owns 3,275,239 shares of the oil and gas producer’s stock worth $201,034,000 after acquiring an additional 2,621,463 shares during the last quarter. Macquarie Group Ltd. raised its stake in shares of Occidental Petroleum by 7.9% in the fourth quarter. Macquarie Group Ltd. now owns 10,146,677 shares of the oil and gas producer’s stock worth $622,804,000 after acquiring an additional 744,802 shares during the last quarter. Nordea Investment Management AB raised its stake in shares of Occidental Petroleum by 293.1% in the fourth quarter. Nordea Investment Management AB now owns 997,521 shares of the oil and gas producer’s stock worth $61,227,000 after acquiring an additional 743,755 shares during the last quarter. Finally, AMF Pensionsforsakring AB bought a new position in shares of Occidental Petroleum in the second quarter worth about $29,186,000. 81.70% of the stock is owned by institutional investors.
Shares of Occidental Petroleum stock traded up $0.20 during trading on Thursday, hitting $50.44. 328,621 shares of the company’s stock traded hands, compared to its average volume of 7,772,174. The company has a current ratio of 1.23, a quick ratio of 1.03 and a debt-to-equity ratio of 0.50. The business’s fifty day simple moving average is $50.11. Occidental Petroleum has a twelve month low of $47.00 and a twelve month high of $85.23. The firm has a market cap of $37.69 billion, a P/E ratio of 10.07, a PEG ratio of 2.65 and a beta of 0.83.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 10th will be paid a $0.79 dividend. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.78. This represents a $3.16 dividend on an annualized basis and a dividend yield of 6.26%. Occidental Petroleum’s payout ratio is currently 62.28%.
Occidental Petroleum Company Profile
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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