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Friday, August 05, 2022 1:40:53 PM
By: Stock News | August 5, 2022
On Wednesday, oil prices slipped about 4% to hit almost six-month lows. Brent crude futures settled down 3.7% at $96.78 a barrel. The decline was mainly driven by U.S. data showing an unexpected rise in crude and gasoline stockpiles and OPEC+ agreeing to raise its oil output target by 100,000 barrels per day (bpd).
On the other hand, OPEC has provided an optimistic outlook on global oil demand. The cartel expects total world demand in 2023 to average a record high of 103 million bpd, up from the 100.29 million bpd expected for 2022. OPEC sees a fourth-quarter demand as high as 105.4 million bpd.
According to Neal Dingmann, Truist’s managing director of energy research, oil prices could climb over $150 per barrel if the tight supply created by the ban on Russian oil and gas is not mitigated.
Given this backdrop, we think the fundamentally strong oil and gas stocks Occidental Petroleum Corporation (OXY) and Devon Energy Corporation (DVN) might be ideal additions to one’s watchlist.
Occidental Petroleum Corporation (OXY)
OXY is an oil and gas exploration company primarily operating in the United States, the Middle East, Africa, and Latin America??.? The company operates through three segments: Oil and Gas; Chemical; and Marketing and Midstream.
On July 27, OXY announced a regular quarterly dividend of $0.13 per share on its common stock, payable to shareholders on October 17. This reflects upon the company’s ability to return back to its shareholders.
On June 27, 1PointFive, a subsidiary of OXY’s Low Carbon Ventures (OLCV) business, and Manulife Investment Management announced that they had entered into a lease agreement for approximately 27,000 acres of timberland in Western Louisiana. This is expected to advance the company’s commercial-scale decarbonization solutions.
For the fiscal second quarter of 2022, OXY’s total revenues and other income increased 78.6% year-over-year to $10.74 billion. Adjusted income attributable to common stockholders and adjusted EPS came in at $3.24 billion and $3.16, up 941.8% and 887.5% from the prior-year quarter.
The consensus revenue estimate for the quarter ending September 2022 of $10.26 billion reflects a 56.6% year-over-year improvement. Additionally, OXY has beaten consensus EPS estimates in each of the trailing four quarters, which is impressive.
The stock has gained 130.8% over the past year and 110.4% year-to-date to close its last trading session at $60.99.
OXY’s strong fundamentals are reflected in its POWR Ratings. The POWR Ratings are calculated by considering 118 different factors, with each factor weighted to an optimal degree. The stock has a Momentum grade of A and a Growth and Quality grade of B.
In the 97-stock Energy – Oil & Gas industry, it is ranked #42. The industry is rated B. Click here to see the additional POWR Ratings for OXY (Value, Stability, and Sentiment)...
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