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Why Is Occidental Petroleum (OXY) Up 4.3% Since the Last Earnings Report?
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It has been about a month since the last earnings report for Occidental Petroleum Corporation (OXY - Free Report) . Shares have added about 4.3% in that time frame, outperforming the market.
Will the recent positive trend continue leading up to the stock's next earnings release, or is it due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.
Occidental Petroleum Beats Q1 Earnings Estimates
Occidental Petroleum reported first-quarter 2017 earnings of $0.15 per share, beating the Zacks Consensus Estimate of $0.14 by 7.1%. In the year-ago quarter, the company had posted a loss of $0.56.
Total Revenue
Occidental Petroleum's total revenue came in at $2,978 million, missing the Zacks Consensus Estimate of $3,011.4 million. Revenues increased 30.6% year over year from $2,281 million a year ago.
Production
Occidental Petroleum’s average daily net oil, liquids and gas production volume decreased 11.1% year over year to 584,000 barrels of oil equivalents per day (Boe/d). This decrease in the production volume was due to Colombia pipeline disruptions and planned maintenance at the Al Hosn Gas and Dolphin operations.
Realized Prices
Realized prices for worldwide crude oil increased 66.7% year over year to $49.04 per barrel.
Worldwide realized NGL prices increased 98.8% to $21.59 per barrel.
Natural gas prices were up 65.6% to $2.07 per thousand cubic feet.
Financial Position
As of Mar 31, 2017, Occidental Petroleum had cash and cash equivalents of $1,494 million compared with $2,233 million as of Dec 31, 2016.
As of Mar 31, 2017, the company had long-term debt (net of current portion) of $9,322 million compared with $9,819 million as of Dec 31, 2016.
In the reported quarter, its cash from operations was $652 million, up 369% from $139 million in the prior-year period.
Occidental Petroleum’s total capital expenditure was $752 million in the quarter under review, up 9.5% from $687 million a year ago.
How Have Estimates Been Moving Since Then?
Following the release, investors have witnessed an upward trend in fresh estimates. There have been two revisions higher and one lower for the current quarter.
Occidental Petroleum Corporation Price and Consensus
At this time, the stock has a nice Growth Score of 'B', though it is lagging a lot on the momentum front with an 'D'. The stock was allocated a grade of 'F' on the value side, putting it in the lowest quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of 'D'. If you aren't focused on one strategy, this score is the one you should be interested in.
The company's stock is suitable solely for growth based on our styles scores.
Outlook
While estimates have been trending upward for the stock, the magnitude of these revisions indicates a downward shift. The stock has a Zacks Rank #3 (Hold). We are expecting an inline return from the stock in the next few months.
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Why Is Occidental Petroleum (OXY) Up 4.3% Since the Last Earnings Report?
It has been about a month since the last earnings report for Occidental Petroleum Corporation (OXY - Free Report) . Shares have added about 4.3% in that time frame, outperforming the market.
Will the recent positive trend continue leading up to the stock's next earnings release, or is it due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.
Occidental Petroleum Beats Q1 Earnings Estimates
Occidental Petroleum reported first-quarter 2017 earnings of $0.15 per share, beating the Zacks Consensus Estimate of $0.14 by 7.1%. In the year-ago quarter, the company had posted a loss of $0.56.
Total Revenue
Occidental Petroleum's total revenue came in at $2,978 million, missing the Zacks Consensus Estimate of $3,011.4 million. Revenues increased 30.6% year over year from $2,281 million a year ago.
Production
Occidental Petroleum’s average daily net oil, liquids and gas production volume decreased 11.1% year over year to 584,000 barrels of oil equivalents per day (Boe/d). This decrease in the production volume was due to Colombia pipeline disruptions and planned maintenance at the Al Hosn Gas and Dolphin operations.
Realized Prices
Realized prices for worldwide crude oil increased 66.7% year over year to $49.04 per barrel.
Worldwide realized NGL prices increased 98.8% to $21.59 per barrel.
Natural gas prices were up 65.6% to $2.07 per thousand cubic feet.
Financial Position
As of Mar 31, 2017, Occidental Petroleum had cash and cash equivalents of $1,494 million compared with $2,233 million as of Dec 31, 2016.
As of Mar 31, 2017, the company had long-term debt (net of current portion) of $9,322 million compared with $9,819 million as of Dec 31, 2016.
In the reported quarter, its cash from operations was $652 million, up 369% from $139 million in the prior-year period.
Occidental Petroleum’s total capital expenditure was $752 million in the quarter under review, up 9.5% from $687 million a year ago.
How Have Estimates Been Moving Since Then?
Following the release, investors have witnessed an upward trend in fresh estimates. There have been two revisions higher and one lower for the current quarter.
Occidental Petroleum Corporation Price and Consensus
Occidental Petroleum Corporation Price and Consensus | Occidental Petroleum Corporation Quote
VGM Scores
At this time, the stock has a nice Growth Score of 'B', though it is lagging a lot on the momentum front with an 'D'. The stock was allocated a grade of 'F' on the value side, putting it in the lowest quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of 'D'. If you aren't focused on one strategy, this score is the one you should be interested in.
The company's stock is suitable solely for growth based on our styles scores.
Outlook
While estimates have been trending upward for the stock, the magnitude of these revisions indicates a downward shift. The stock has a Zacks Rank #3 (Hold). We are expecting an inline return from the stock in the next few months.