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Occidental (OXY) to Post Q1 Earnings: What's in the Offing?
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Occidental Petroleum Corporation (OXY - Free Report) is scheduled to release first-quarter 2021 results on May 10. In the last reported quarter, the company delivered a negative earnings surprise of 47.2%.
Let’s discuss the factors that are likely to get reflected in the upcoming quarterly results.
Factors to Consider
Occidental’s first-quarter production is expected to have been driven by domestic basin assets, offset to some extent by the unprecedented weather conditions in Texas in February.
Courtesy of the company’s cost-management initiatives, first-quarter operating and overhead costs are likely to have remained low. Proper management and reduction of debts are likely to have further lowered capital servicing cost in the first quarter. It is also expected to have gained from improving commodity prices as was the case with Devon Energy Corporation (DVN - Free Report) , which also benefited from higher realized commodity prices in the first quarter.
Expectations
The Zacks Consensus Estimate for first-quarter production is pegged at 1,111 thousand barrels of oil equivalent (MBOE) per day. The company expects production in the range of 1,085-1,155 MBOE/d and output from Permian Resources within 450-460 MBOE/d.
The Zacks Consensus Estimate for the bottom line for the first quarter is pegged at a loss of 33 cents per share, indicating a 36.5% improvement from the prior-year loss.
What Our Quantitative Model Predicts
Our proven model does not conclusively predict an earnings beat for Occidental this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. This is not the case here as you see below.
Occidental Petroleum Corporation Price and EPS Surprise
Earnings ESP: The company’s Earnings ESP is 0.00%.
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Occidental currently carries a Zacks Rank #3.
Stocks to Consider
Here are a few companies worth considering that have the right combination of elements to beat on earnings in the upcoming releases.
Western Midstream Partners (WES - Free Report) is likely to release first-quarter 2021 results on May 10. It has an Earnings ESP of +5.25% and a Zacks Rank #3.
Duke Energy Corporation (DUK - Free Report) is likely to release first-quarter 2021 results on May 10. It has an Earnings ESP of +0.16% and a Zacks Rank #3.
+1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.
Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.
Image: Bigstock
Occidental (OXY) to Post Q1 Earnings: What's in the Offing?
Occidental Petroleum Corporation (OXY - Free Report) is scheduled to release first-quarter 2021 results on May 10. In the last reported quarter, the company delivered a negative earnings surprise of 47.2%.
Let’s discuss the factors that are likely to get reflected in the upcoming quarterly results.
Factors to Consider
Occidental’s first-quarter production is expected to have been driven by domestic basin assets, offset to some extent by the unprecedented weather conditions in Texas in February.
Courtesy of the company’s cost-management initiatives, first-quarter operating and overhead costs are likely to have remained low. Proper management and reduction of debts are likely to have further lowered capital servicing cost in the first quarter. It is also expected to have gained from improving commodity prices as was the case with Devon Energy Corporation (DVN - Free Report) , which also benefited from higher realized commodity prices in the first quarter.
Expectations
The Zacks Consensus Estimate for first-quarter production is pegged at 1,111 thousand barrels of oil equivalent (MBOE) per day. The company expects production in the range of 1,085-1,155 MBOE/d and output from Permian Resources within 450-460 MBOE/d.
The Zacks Consensus Estimate for the bottom line for the first quarter is pegged at a loss of 33 cents per share, indicating a 36.5% improvement from the prior-year loss.
What Our Quantitative Model Predicts
Our proven model does not conclusively predict an earnings beat for Occidental this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. This is not the case here as you see below.
Occidental Petroleum Corporation Price and EPS Surprise
Occidental Petroleum Corporation price-eps-surprise | Occidental Petroleum Corporation Quote
Earnings ESP: The company’s Earnings ESP is 0.00%.
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Occidental currently carries a Zacks Rank #3.
Stocks to Consider
Here are a few companies worth considering that have the right combination of elements to beat on earnings in the upcoming releases.
Western Midstream Partners (WES - Free Report) is likely to release first-quarter 2021 results on May 10. It has an Earnings ESP of +5.25% and a Zacks Rank #3.
Duke Energy Corporation (DUK - Free Report) is likely to release first-quarter 2021 results on May 10. It has an Earnings ESP of +0.16% and a Zacks Rank #3.
+1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.
Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.
Click here to download this report FREE >>