Oil & Gas - Energy - Commodities - Resources (OILBRENT)

[DiscoverGold]

Earnings Previews: Occidental Petroleum Corp. (NYSE: OXY)
By: 24/7 Wall St. | May 9, 2022

• Here is a look at four companies set to report results after markets close on Tuesday.

Occidental Petroleum

Like virtually every other oil producer, shares of Occidental Petroleum Corp. (NYSE: OXY) have posted a big gain (141%) over the past 12 months, thanks to the soaring cost of crude. The stock saw a boost last Friday following the news that Berkshire Hathaway acquired about $350 million worth of Oxy stock to lift Warren Buffett’s stake in the company to 15.2%. Buffett also owns 100,000 shares of Oxy preferred stock, which he received for contributing $10 billion to Oxy’s purchase of Anadarko in 2020. Those preferred shares also come with a coupon of 8%.

Of 26 brokerages covering the stock, 12 rate the shares at Hold and 12 have Buy or Strong Buy ratings. At a share price of around $64.90, the upside potential based on a median price target of $70.50 is 8.6%. At the high price target of $90.00, the upside potential is 38.7%.

First-quarter revenue is forecast at $8.06 billion, up 0.6% sequentially and 47.1% higher year over year. Adjusted EPS are pegged at $2.03, up 37.2% sequentially and up from a loss per share of $0.15 last year. For full fiscal 2022, analysts currently expect Oxy to report EPS of $9.12, up 258%, on revenue of $33.88 billion, up 28.7%.

The stock trades at 7.1 times expected 2022 EPS, 10.1 times estimated 2023 earnings of $6.40 and 14.2 times estimated 2024 earnings of $4.57 per share. The stock’s 52-week range is $21.62 to $64.98, and the high was posted last Friday. Occidental has raised its annual dividend from $0.04 per share to $0.13 (yield of 0.8%). Total shareholder return for the past year is 144.5%.

Read Full Story »»»

DiscoverGold