Oil and gas giant Occidental Petroleum (OXY Quick QuoteOXY - Free Report) reported disappointing Q3 results earlier this week. It marked the first earnings miss for OXY, a Zacks Rank #3 (Hold), dating back to February 2021. With recent  inflation data coming in lighter than expected, is OXY a buy?

One of Warren Buffett’s preferred energy holdings, OXY posted a profit of $2.44/share during the third quarter, representing a -1.61% surprise versus the $2.48 consensus estimate. Revenues of $9.5 billion slightly beat estimates by 1.58%.

Occidental’s future earnings estimates have begun to decline. Analysts have slashed Q4 projections by -21.3% in the past 60 days. As October’s CPI figures showed inflation slowed more than anticipated, lower prices may put a dent in OXY’s profits moving forward.