Occidental Petroleum's Earnings Estimate Raised by 67.2%
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 19 2010
0mins
Source: SeekingAlpha
Occidental Petroleum Corp (OXY) has seen its stock price rise by 5.02%, reaching a 5-day high amid a broader market decline with the Nasdaq-100 down 0.23% and the S&P 500 down 0.08%.
The significant increase in OXY's earnings estimate by 67.2% over the past 60 days reflects robust performance in oil and gas development, which is expected to lead to substantial shareholder returns. This positive outlook is supported by Barclays upgrading OXY to Overweight with a price target increase to $72, indicating strong future growth potential despite the overall market weakness.
This upward revision in earnings estimates and the favorable analyst rating suggest that Occidental Petroleum is well-positioned for continued success in the energy sector, potentially attracting more investor interest and enhancing its market position.
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Analyst Views on OXY
Wall Street analysts forecast OXY stock price to fall
16 Analyst Rating
4 Buy
9 Hold
3 Sell
Hold
Current: 59.640
Low
38.00
Averages
47.27
High
64.00
Current: 59.640
Low
38.00
Averages
47.27
High
64.00
About OXY
Occidental Petroleum Corporation is an international energy company with assets primarily in the United States, the Middle East and North Africa. The Company is an oil and gas producer in the United States, including a producer in the Permian and DJ basins, and the offshore Gulf of Mexico. It operates through two segments, which include oil and gas and midstream and marketing. The oil and gas segment explores for, develops and produces oil (which includes condensate), natural gas liquids (NGL) and natural gas. The midstream and marketing segment purchases, markets, gathers, processes, transports and stores oil (which includes condensate), NGL, natural gas, carbon dioxide (CO2) and power. It also optimizes its transportation and storage capacity and invests in entities that conduct similar activities. The midstream and marketing segment provides flow assurance and maximizes the value of its oil and gas.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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