Occidental (OXY) Up 5.6% Since Last Earnings Report: Can It Continue?
It has been about a month since the last earnings report for Occidental Petroleum (OXY). Shares have added about 5.6% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Occidental due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
Occidental Q1 Earnings and Revenues Lag Estimates
Occidental Petroleum Corporation reported first-quarter 2023 earnings of $1.09 per share, which missed the Zacks Consensus Estimate of $1.30 by 16.15%. In the year-ago quarter, the company recorded earnings of $2.12 per share.
GAAP earnings in the quarter were $1.00 per share compared with $4.65 in the prior-year period.
Occidental's total revenues came in at $7,258 million, which missed the Zacks Consensus Estimate of $7,617 million by 3.7%. The top line also declined 14.9% from the year-ago quarters figure of $8,533 million.