Occidental Petroleum

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: Our 12-month target price of $72, up $2, reflects a 6.5x multiple of enterprise value to projected ’24 EBITDA, in line with OXY’s historical forward average. We raise our ’23 EPS estimate by $0.60 to $4.17 and ’24’s by $0.40 to $5.24. Q3 EPS of $1.18 vs. $2.44 beat the consensus view by $0.32. Q3 production averaged 1.22 mmboe/d, up 3.6% year-over-year, and 2.1% above consensus, with outperformance derived from a variety of basins. OXY guided to Q4 production flat to slightly higher sequentially, but we note that OXY’s Delaware Basin productivity from new wells has gradually improved over time, which we believe implies that its target production levels can be achieved at relatively low capex. OXY redeemed an additional 3% of its preferred stock outstanding in […]

Occidental Petroleum (OXY) reported Q3 adjusted diluted earnings late Tuesday of $1.18 per share, down from $2.44 a year ago. Analysts polled by Capital IQ expected $0.86 normalized. Revenue for the quarter that ended Sept. 30 was $7.40 billion, down from $9.50 billion a year earlier. Analysts surveyed by Capital IQ expected $6.96 billion.

Occidental Petroleum (NYSE:OXY) reported Q2 adjusted diluted earnings  of $0.68 per share, down from $3.16 a year earlier. Analysts surveyed by Capital IQ expected $0.76. Revenue for the quarter ended June 30 was $6.73 billion, down from $10.74 billion a year earlier. Analysts polled by Capital IQ expected $6.74 billion.