Occidental Petroleum (OXY) is set to release its earnings results this Monday after market hours. The oil and gas producer has shown strong performance in recent quarters, beating analysts' revenue expectations last quarter with $8.33 billion in revenue, a 57.1% year-on-year increase. The company also surpassed earnings per share (EPS) estimates, marking an impressive quarter.
This quarter, analysts expect Occidental Petroleum's revenue to grow 21.5% year-on-year, a significant reversal from the 5.5% decrease recorded in the same quarter last year. Over the last 30 days, analysts have generally reconfirmed their estimates, suggesting stability in their outlook for the company heading into earnings.
Peers in the diversified upstream E&P segment have already reported their Q3 results, providing some context for Occidental's upcoming announcement. ConocoPhillips reported a 29.2% year-on-year revenue growth, beating expectations by 10.7%, while Chevron saw a 36.3% revenue increase, topping estimates by 11.1%. Despite these positive results, ConocoPhillips' stock price remained unchanged, and Chevron's stock fell 1.6%.
In the broader market, diversified upstream E&P stocks have underperformed, with share prices down 10.8% on average over the last month. Occidental Petroleum has declined 5.7% during the same period and is heading into earnings with an average analyst price target of $70.74, compared to its current share price of $56.66.