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Occidental Petroleum (OXY) to Post Q2 Earnings: What to Expect?
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Occidental Petroleum Corporation (OXY - Free Report) is scheduled to release second-quarter 2022 results on Aug 2. In the last reported quarter, the company delivered an earnings surprise of 7.6%.
Let’s discuss the factors that are likely to get reflected in the upcoming quarterly results.
Factors to Consider
Occidental Petroleum’s second-quarter earnings are expected to have been driven by strong production from its domestic assets. The ongoing reduction in debt level is expected to have lowered debt servicing expenses and boosted margins in the second quarter.
Second-quarter earnings of Occidental Petroleum are likely to have been impacted by the inflationary pressure, which the company is expected to have offset through operational efficiencies.
Expectations
The Zacks Consensus Estimate for second-quarter earnings per share is $2.93 per share, which reflects year-over-year growth of 815.6%.
The Zacks Consensus Estimate for second-quarter total revenue is $9.74 billion, which reflects a year-over-year growth of 62.05%.
What Our Quantitative Model Predicts
Our proven model predicts an earnings beat for Occidental this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. This is the case here, as you see below. You can see the complete list of today’s Zacks #1 Rank stocks here.
Occidental Petroleum Corporation Price and EPS Surprise
Earnings ESP: Occidental’s Earnings ESP is +1.78%.
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Occidental currently carries a Zacks Rank #2.
Other Stocks to Consider
Here are a few other companies in the same sector that also have the right combination of elements to beat on earnings in the upcoming releases.
New Fortress Energy Inc. (NFE - Free Report) is likely to come up with an earnings beat when it reports second-quarter results on Aug 4. New Fortress Energy has an Earnings ESP of +7.44% and sports a Zacks Rank #1 at present.
The Zacks Consensus Estimate for NFE’s 2022 EPS of $2.66 per share implies a year-over-year increase of 269.44%.
Cactus Inc. (WHD - Free Report) is likely to come up with an earnings beat when it reports second-quarter results on Aug 4. Cactus has an Earnings ESP of +3.74% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for WHD 2022 EPS of $1.56 per share implies a year-over-year surge of 116.7%.
Pioneer Natural Resources Company is likely to come up with an earnings beat when it reports second-quarter results on Aug 8. Pioneer Natural Resources has an Earnings ESP of +0.37% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for PXD’s 2022 EPS of $33.16 per share implies a year-over-year surge of 150.1%.
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Occidental Petroleum (OXY) to Post Q2 Earnings: What to Expect?
Occidental Petroleum Corporation (OXY - Free Report) is scheduled to release second-quarter 2022 results on Aug 2. In the last reported quarter, the company delivered an earnings surprise of 7.6%.
Let’s discuss the factors that are likely to get reflected in the upcoming quarterly results.
Factors to Consider
Occidental Petroleum’s second-quarter earnings are expected to have been driven by strong production from its domestic assets. The ongoing reduction in debt level is expected to have lowered debt servicing expenses and boosted margins in the second quarter.
Second-quarter earnings of Occidental Petroleum are likely to have been impacted by the inflationary pressure, which the company is expected to have offset through operational efficiencies.
Expectations
The Zacks Consensus Estimate for second-quarter earnings per share is $2.93 per share, which reflects year-over-year growth of 815.6%.
The Zacks Consensus Estimate for second-quarter total revenue is $9.74 billion, which reflects a year-over-year growth of 62.05%.
What Our Quantitative Model Predicts
Our proven model predicts an earnings beat for Occidental this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. This is the case here, as you see below. You can see the complete list of today’s Zacks #1 Rank stocks here.
Occidental Petroleum Corporation Price and EPS Surprise
Occidental Petroleum Corporation price-eps-surprise | Occidental Petroleum Corporation Quote
Earnings ESP: Occidental’s Earnings ESP is +1.78%.
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Occidental currently carries a Zacks Rank #2.
Other Stocks to Consider
Here are a few other companies in the same sector that also have the right combination of elements to beat on earnings in the upcoming releases.
New Fortress Energy Inc. (NFE - Free Report) is likely to come up with an earnings beat when it reports second-quarter results on Aug 4. New Fortress Energy has an Earnings ESP of +7.44% and sports a Zacks Rank #1 at present.
The Zacks Consensus Estimate for NFE’s 2022 EPS of $2.66 per share implies a year-over-year increase of 269.44%.
Cactus Inc. (WHD - Free Report) is likely to come up with an earnings beat when it reports second-quarter results on Aug 4. Cactus has an Earnings ESP of +3.74% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for WHD 2022 EPS of $1.56 per share implies a year-over-year surge of 116.7%.
Pioneer Natural Resources Company is likely to come up with an earnings beat when it reports second-quarter results on Aug 8. Pioneer Natural Resources has an Earnings ESP of +0.37% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for PXD’s 2022 EPS of $33.16 per share implies a year-over-year surge of 150.1%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.