$7.96 Billion in Sales Expected for Occidental Petroleum Co. (NYSE:OXY) This Quarter

Wall Street brokerages predict that Occidental Petroleum Co. (NYSE:OXYGet Rating) will post sales of $7.96 billion for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have issued estimates for Occidental Petroleum’s earnings, with the lowest sales estimate coming in at $7.12 billion and the highest estimate coming in at $8.52 billion. Occidental Petroleum reported sales of $5.48 billion in the same quarter last year, which indicates a positive year over year growth rate of 45.3%. The firm is scheduled to announce its next earnings results after the market closes on Monday, January 1st.

On average, analysts expect that Occidental Petroleum will report full year sales of $35.43 billion for the current year, with estimates ranging from $28.65 billion to $40.21 billion. For the next financial year, analysts anticipate that the business will post sales of $33.93 billion, with estimates ranging from $28.33 billion to $40.49 billion. Zacks’ sales averages are an average based on a survey of analysts that follow Occidental Petroleum.

Occidental Petroleum (NYSE:OXYGet Rating) last announced its quarterly earnings data on Thursday, February 24th. The oil and gas producer reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.40. Occidental Petroleum had a net margin of 8.82% and a return on equity of 31.13%. The company had revenue of $7.91 billion during the quarter, compared to analysts’ expectations of $7.39 billion. During the same period in the previous year, the company earned ($0.78) EPS. The business’s quarterly revenue was up 136.4% compared to the same quarter last year.

OXY has been the topic of a number of recent analyst reports. Stifel Nicolaus assumed coverage on shares of Occidental Petroleum in a report on Tuesday, April 5th. They issued a “buy” rating and a $84.00 price objective on the stock. Mizuho upped their target price on shares of Occidental Petroleum from $78.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, March 31st. StockNews.com cut shares of Occidental Petroleum from a “buy” rating to a “hold” rating in a report on Tuesday, May 3rd. Zacks Investment Research raised shares of Occidental Petroleum from a “hold” rating to a “strong-buy” rating and set a $46.00 target price for the company in a research note on Tuesday, February 8th. Finally, Morgan Stanley increased their target price on shares of Occidental Petroleum from $52.00 to $70.00 and gave the company an “equal weight” rating in a research note on Friday, April 22nd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $61.42.

Shares of NYSE OXY opened at $64.94 on Monday. The company has a quick ratio of 1.00, a current ratio of 1.23 and a debt-to-equity ratio of 2.79. The stock has a market capitalization of $60.84 billion, a PE ratio of 41.63, a P/E/G ratio of 0.20 and a beta of 1.94. The firm has a fifty day moving average of $57.32 and a 200-day moving average of $42.04. Occidental Petroleum has a 52-week low of $21.62 and a 52-week high of $64.98.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Friday, June 10th will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 0.80%. Occidental Petroleum’s dividend payout ratio is 33.33%.

In related news, major shareholder Berkshire Hathaway Inc acquired 5,867,118 shares of the company’s stock in a transaction on Monday, May 2nd. The shares were acquired at an average cost of $57.10 per share, for a total transaction of $335,012,437.80. Following the purchase, the insider now owns 142,240,118 shares in the company, valued at $8,121,910,737.80. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Avedick Baruyr Poladian sold 20,000 shares of the firm’s stock in a transaction on Friday, March 11th. The shares were sold at an average price of $57.23, for a total value of $1,144,600.00. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Exchange Traded Concepts LLC purchased a new position in Occidental Petroleum during the 4th quarter valued at about $25,000. Moors & Cabot Inc. boosted its position in shares of Occidental Petroleum by 91.6% during the 3rd quarter. Moors & Cabot Inc. now owns 25,000 shares of the oil and gas producer’s stock valued at $27,000 after acquiring an additional 11,955 shares during the last quarter. Richwood Investment Advisors LLC bought a new stake in Occidental Petroleum in the 4th quarter worth approximately $27,000. Arlington Partners LLC bought a new stake in Occidental Petroleum in the 4th quarter worth approximately $29,000. Finally, Addison Advisors LLC lifted its position in Occidental Petroleum by 407.6% in the 1st quarter. Addison Advisors LLC now owns 533 shares of the oil and gas producer’s stock worth $30,000 after buying an additional 428 shares during the last quarter. 86.15% of the stock is owned by institutional investors.

About Occidental Petroleum (Get Rating)

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, Africa, and Latin America. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing.

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