85.79 0.00 (0.00%)
After hours: 4:30PM EDT
|Bid||85.00 x 900|
|Ask||86.30 x 1200|
|Day's Range||85.22 - 86.32|
|52 Week Range||57.84 - 86.32|
|PE Ratio (TTM)||50.46|
|Earnings Date||Jul 31, 2018 - Aug 6, 2018|
|Forward Dividend & Yield||3.08 (3.63%)|
|1y Target Est||78.86|
Alan Valdes of Silverbear Capital joins Yahoo Finance's Seana Smith from the floor of the New York Stock Exchange to discuss the latest market moves.
Vicki Hollub, Occidental Petroleum president and CEO, speaks to CNBC’s Brian Sullivan about oil production in the U.S. and the state of the company’s business.
The first-quarter earnings reports for S&P 500 companies are pretty much in the books as I write this. Fact A: According to Factset Research Systems Inc. (NYSE:FDS), with 91% of the S&P 500 companies reporting earnings in Q1 2018, 78% delivered a positive earnings surprise while 77% reported a positive revenue surprise. If this holds up, Q1 2018 will be the most surprising quarter of earnings results since Factset started keeping track in 2008.
On May 16, US crude oil June futures rose 0.3% and closed at $71.49 per barrel, a more-than-three-year high. Market concerns over the United States exiting the 2015 Iran nuclear deal and unraveling Venezuelan production are driving oil prices higher.
Jupiter MLP LLC, a Dallas-based logistics company, has secured permits to expand a crude export dock at the Port of Brownsville in Texas, the latest in a series of moves made by U.S. companies to tap into booming overseas shipments. Privately-held Jupiter has also begun the permitting process to build an offshore supertanker loading facility six miles (9.6 km) off the coast of Texas. The facility will be connected to the expanded dock, and will be able to load a supertanker or VLCC, the largest oil tankers which can ship some 2 million barrels of oil, within 48 hours.
The past few days witnessed strong earnings reports from some of the most watched energy companies including Occidental Petroleum (OXY), Cheniere Energy (LNG) and Petrobras (PBR).
In March, TPG Pace Energy Holdings, a special-purpose acquisition entity formed by former Occidental Petroleum (OXY) CEO Stephen Chazen and backed by private equity company TPG Capital, agreed to acquire oil and gas assets from EnerVest within its South Texas division for ~$2.7 billion. TPGE and EnerVest will create Magnolia Oil & Gas Corporation.
On May 15, the API released its crude oil inventory report. The API reported that US crude oil inventories increased by 4.85 MMbbls on May 4–11. Analysts estimate that US oil inventories could have decreased by 0.8 MMbbls during the same period. The API added that the crude oil inventory at Cushing increased by ~0.1 MMbbls on May 4–11.
As of May 10, Reuters reported 24 analysts with recommendations on Occidental Petroleum (OXY). Of these, ~58% have “strong buy” ratings, ~25% have “buy” recommendations, and ~17% have “hold” recommendations on OXY. There’s no “sell” or “strong sell” recommendation on the stock.
On May 14, OPEC is scheduled to release its monthly oil market report. On May 16, the EIA is scheduled to release its weekly US crude oil production data. Baker Hughes, a GE Company (BHGE), is scheduled to release its US oil rig count report on May 18.
Occidental Petroleum (OXY) announced its 1Q18 earnings on May 8 after the market closed. In 1Q18, Occidental Petroleum’s reported revenues of ~$3.83 billion were much better than the Wall Street analyst consensus of ~$3.67 billion. In 1Q18, OXY reported an adjusted profit of $0.92 per share, beating Wall Street analysts’ consensus for a profit of $0.70 per share. To learn more about OXY’s net income and revenues, see parts 1 and 2 of this series.
On May 3, Occidental Petroleum (OXY) announced a quarterly dividend of $0.77 per share on its common stock. This would be the dividend payment for 2Q18. The indicated annual dividend rate is $3.08 per share.
Occidental Petroleum Corporation is at a 52-week high, but can investors hope for more gains in the future? We take a look at the fundamentals for OXY for clues.
For 1Q18, Occidental Petroleum (OXY) reported operating cash flow of ~$1.01 billion, which is lower than Wall Street analysts’ expectation of ~$1.59 billion. On a year-over-year basis, OXY’s 1Q18 operating cash flow was ~55% higher than the ~$0.65 billion it generated in 1Q17. However, on a sequential basis, OXY’s 1Q18 operating cash flow was ~29% lower than the ~$1.42 billion it generated in 4Q17.
For 1Q18, Occidental Petroleum (OXY) reported total production of 609 Mboepd (thousand barrels of oil equivalent per day), which is above its 1Q18 production guidance range of 592–603 Mboepd. Occidental Petroleum’s 1Q18 production guidance and reported production include production from all its operations.
Occidental Petroleum (OXY) announced its 1Q18 earnings on May 8 after the market closed. In 1Q18, Occidental Petroleum reported adjusted revenues of ~$3.83 billion, better than the Wall Street analyst consensus of ~$3.67 billion.
On May 10, US crude oil June futures rose 0.3% and closed at $71.36 per barrel—the highest closing level in more than 3.5 years. On the same date, the United States Oil ETF (USO) rose 0.3%. On May 3–10, US crude oil June futures rose 4.3%.
On May 9, the EIA released its crude oil inventory report. The EIA reported that US crude oil inventories dropped by ~2.2 MMbbls (million barrels) to 433.8 MMbbls on April 27–May 4. The inventories dropped from the 2018 high hit during the week ending April 27. The inventories also declined by 88.8 MMbbls or ~17% YoY (year-over-year).
On May 9, US crude oil June futures rose 3% and closed at $71.14 per barrel—more than the three-year high. President Trump’s decision to withdraw from the Iran nuclear deal on May 8 pushed oil prices higher.
U.S. crude oil and petroleum product inventories fell last week even as production hit record highs, the EIA said on Wednesday in a majorly bullish report.
Occidental Petroleum (OXY), which is an American multinational petroleum and natural gas exploration and production company, was among the S&P 500’s top gainers on May 9. After gaining for five consecutive trading weeks, Occidental Petroleum opened higher on Wednesday and surged to the highest levels traded since February 2015. The buying pressure in Occidental Petroleum increased on Wednesday amid the release of the company’s stronger-than-expected 1Q18 earnings report.
Electronic Arts (EA), which is an American video game company and a leading console, PC, and mobile game publisher, was the S&P 500’s second-best performer on May 9. After regaining strength last week, Electronic Arts started this week on a mixed note and traded with mixed sentiment in the first two trading days of the week. Electronic Arts opened higher on Wednesday and rallied to record high price levels amid the improved market sentiment.