Oil and gas producer Occidental Petroleum (NYSE: OXY) will be reporting results this Tuesday after market close. Here’s what you need to know.
Occidental Petroleum missed analysts’ revenue expectations last quarter, reporting revenues of $5.42 billion, down 20.7% year on year. It was a slower quarter for the company, with a miss of analysts’ EBITDA estimates.
Is Occidental Petroleum a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Occidental Petroleum’s revenue to decline 3.7% year on year, in line with the 4.5% decrease it recorded in the same quarter last year.
Heading into earnings, analysts covering the company have grown increasingly bearish with revenue estimates seeing in majority downward revisions over the last 30 days.
Looking at Occidental Petroleum’s peers in the diversified upstream e&p segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Chevron delivered year-on-year revenue growth of 2.1%, beating analysts’ expectations by 2.3%, and ConocoPhillips reported a revenue decline of 6.1%, topping estimates by 12.1%. ConocoPhillips traded down 3.9% following the results.
Read our full analysis of Chevron’s results here and ConocoPhillips’s results here.
There has been positive sentiment among investors in the diversified upstream e&p segment, with share prices up 4.1% on average over the last month. Occidental Petroleum is down 6.8% during the same time and is heading into earnings with an average analyst price target of $63.88 (compared to the current share price of $58.62).
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