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What to Expect From Occidental Petroleum's (OXY) Q3 Earnings?
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Occidental Petroleum Corporation (OXY - Free Report) is scheduled to release third-quarter 2022 results on Nov 8. In the last reported quarter, the company delivered an earnings surprise of 7.9%.
Let’s discuss the factors that are likely to get reflected in the upcoming quarterly results.
Factors to Consider
Occidental’s third-quarter earnings are expected to have benefited from share repurchases initiated in the last quarter. The repayment of outstanding debts would reduce capital servicing cost and boost margins.
Strong production from domestic assets may have given a boost to total production volumes in the quarter. However, lower sulfur prices are likely to have impacted the midstream business in the third quarter.
Expectations
The Zacks Consensus Estimate for third-quarter earnings per share and total revenues are pegged at $2.48 per share and $9.35 billion, reflecting a year-over-year increase of 185% and 37.3%, respectively.
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. You can see the complete list of today’s Zacks #1 Rank stocks here.
Occidental Petroleum Corporation Price and EPS Surprise
Earnings ESP: Occidental’s Earnings ESP is -1.77%.
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 in the same sector that have the right combination of elements to beat on earnings in the upcoming releases.
Gevo Inc. (GEVO - Free Report) is likely to come up with an earnings beat when it reports third-quarter results on Nov 8. Gevo has an Earnings ESP of +21.05% and sports a Zacks Rank #1 at present.
The Zacks Consensus Estimate for GEVO’s 2022 EPS implies a year-over-year increase of 16.7%.
Calumet Specialty Products Partners, L.P. (CLMT - Free Report) is likely to come up with an earnings beat when it reports third-quarter results on Nov 9. CLMT has an Earnings ESP of +40.14% and carry a Zacks Rank #3 at present.
The Zacks Consensus Estimate for CLMT’s 2022 EPU implies a year-over-year increase of 73.4%.
Helmerich & Payne, Inc. (HP - Free Report) is likely to come up with an earnings beat when it reports fourth-quarter fiscal 2022 results on Nov 17. HP has an Earnings ESP of +14.32% and sports a Zacks Rank #1 at present.
The Zacks Consensus Estimate for HP’s fourth-quarter fiscal 2022 EPS implies a year-over-year increase of 169.4%.
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What to Expect From Occidental Petroleum's (OXY) Q3 Earnings?
Occidental Petroleum Corporation (OXY - Free Report) is scheduled to release third-quarter 2022 results on Nov 8. In the last reported quarter, the company delivered an earnings surprise of 7.9%.
Let’s discuss the factors that are likely to get reflected in the upcoming quarterly results.
Factors to Consider
Occidental’s third-quarter earnings are expected to have benefited from share repurchases initiated in the last quarter. The repayment of outstanding debts would reduce capital servicing cost and boost margins.
Strong production from domestic assets may have given a boost to total production volumes in the quarter. However, lower sulfur prices are likely to have impacted the midstream business in the third quarter.
Expectations
The Zacks Consensus Estimate for third-quarter earnings per share and total revenues are pegged at $2.48 per share and $9.35 billion, reflecting a year-over-year increase of 185% and 37.3%, respectively.
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. You can see the complete list of today’s Zacks #1 Rank stocks here.
Occidental Petroleum Corporation Price and EPS Surprise
Occidental Petroleum Corporation price-eps-surprise | Occidental Petroleum Corporation Quote
Earnings ESP: Occidental’s Earnings ESP is -1.77%.
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 in the same sector that have the right combination of elements to beat on earnings in the upcoming releases.
Gevo Inc. (GEVO - Free Report) is likely to come up with an earnings beat when it reports third-quarter results on Nov 8. Gevo has an Earnings ESP of +21.05% and sports a Zacks Rank #1 at present.
The Zacks Consensus Estimate for GEVO’s 2022 EPS implies a year-over-year increase of 16.7%.
Calumet Specialty Products Partners, L.P. (CLMT - Free Report) is likely to come up with an earnings beat when it reports third-quarter results on Nov 9. CLMT has an Earnings ESP of +40.14% and carry a Zacks Rank #3 at present.
The Zacks Consensus Estimate for CLMT’s 2022 EPU implies a year-over-year increase of 73.4%.
Helmerich & Payne, Inc. (HP - Free Report) is likely to come up with an earnings beat when it reports fourth-quarter fiscal 2022 results on Nov 17. HP has an Earnings ESP of +14.32% and sports a Zacks Rank #1 at present.
The Zacks Consensus Estimate for HP’s fourth-quarter fiscal 2022 EPS implies a year-over-year increase of 169.4%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.