Wall Street analysts forecast that Occidental Petroleum (OXY) will report quarterly earnings of $1.96 per share in its upcoming release, pointing to a year-over-year increase of 402.6%. It is anticipated that revenues will amount to $7.18 billion, exhibiting an increase of 11.2% compared to the year-ago quarter.
The consensus EPS estimate for the quarter has been revised 9.7% 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.
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 usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.
That said, let's delve into the average estimates of some Occidental metrics that Wall Street analysts commonly model and monitor.
Analysts' assessment points toward 'Revenues and Other Income- Net Sales- Oil and Gas' reaching $6.67 billion. The estimate suggests a change of +33.2% year over year.
The consensus among analysts is that 'Revenues and Other Income- Net Sales- Midstream & Marketing' will reach $701.28 million. The estimate points to a change of +64.6% from the year-ago quarter.
It is projected by analysts that the 'Daily Production Volumes - Worldwide Production' will reach 1,415.74 thousands of barrels of oil equivalent per day. The estimate is in contrast to the year-ago figure of 1,400.00 thousands of barrels of oil equivalent per day.
The consensus estimate for 'Net Production Volumes Per Day By Commodity - Natural Gas - Total Worldwide' stands at . Compared to the current estimate, the company reported in the same quarter of the previous year.
Analysts forecast 'Net Production Volumes Per Day By Commodity - Oil - Total Worldwide' to reach 714.30 thousands of barrels of oil per day. Compared to the current estimate, the company reported 717.00 thousands of barrels of oil per day in the same quarter of the previous year.
The average prediction of analysts places 'Average Realized Prices - NGLs - Total Worldwide' at 25 dollars per barrel. The estimate compares to the year-ago value of 21 dollars per barrel.
According to the collective judgment of analysts, 'Average Realized Prices - Oil - Total Worldwide' should come in at 96 dollars per barrel. Compared to the present estimate, the company reported 64 dollars per barrel in the same quarter last year.
Based on the collective assessment of analysts, 'Average Realized Prices - Oil - United States' should arrive at 96 dollars per barrel. Compared to the current estimate, the company reported 63 dollars per barrel in the same quarter of the previous year.
The combined assessment of analysts suggests that 'Average Realized Prices - Oil - International' will likely reach 96 dollars per barrel. Compared to the present estimate, the company reported 69 dollars per barrel in the same quarter last year.
Analysts predict that the 'Average Realized Prices - NGLs - United States' will reach 24 dollars per barrel. Compared to the present estimate, the company reported 20 dollars per barrel in the same quarter last year.
Analysts expect 'Average Realized Prices - NGLs - International' to come in at 33 dollars per barrel. The estimate compares to the year-ago value of 26 dollars per barrel.
The collective assessment of analysts points to an estimated 'Net Production Volumes Per Day By Commodity - NGLs - United States' of 290.50 thousands of barrels of oil per day. Compared to the present estimate, the company reported 279.00 thousands of barrels of oil per day in the same quarter last year.
View all Key Company Metrics for Occidental here>>>Occidental shares have witnessed a change of +13.7% in the past month, in contrast to the Zacks S&P 500 composite's +1.7% move. With a Zacks Rank #3 (Hold), OXY is expected closely follow the overall market performance in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
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