After a few months of lackluster price action in the energy sector, most investors have shied away from some of the best names in the sector, especially those in the crude oil industry. Whether the news about the current oil demand makes sense or not, investors need to think of the energy space as one of the most under-owned market corners today.
Occidental Petroleum Has Achieved 90% of This Crucial Goal. Time to Buy the Oil Stock?
Zacks.com users have recently been watching Occidental (OXY) quite a bit. Thus, it is worth knowing the facts that could determine the stock's prospects.
$12.9 Billion of Warren Buffett's Portfolio Is Invested in 1 Stock That Could Soar 25%, According to Wall Street
Occidental's extensive Delaware basin acreage and cost-cutting potential position it for long-term growth. Occidental can replace reserves at a low cost and is able to leverage existing infrastructure investments. Recent financial performance is strong, but the near-term outlook is cautious due to oil price volatility.
Anyone watching the Occidental Petroleum NYSE: OXY market will know that Warren Buffett has driven the price action. Fundamental qualities aside, Berkshire Hathaway's NYSE: BRK.A stock purchases began in early 2022, coinciding with an updraft in share prices, and have supported the stock numerous times since.
Occidental Petroleum's Wheeling and Dealing Is Helping Fuel Strong Results
Occidental Petroleum Corporation (OXY) Q3 2024 Earnings Call Transcript
OXY's third-quarter earnings are better than expected. The gains from strong sales volume are partially offset by lower realized commodity prices.
Occidental Petroleum beat third-quarter estimates. TExpansionist monetary policy and low-interest rates may initially boost the stock market, but prolonged policies risk future economic challenges. Occidental received $500 million for its low carbon venture, enhancing its strong secondary recovery business and future profitability.
Occidental Petroleum (OXY) came out with quarterly earnings of $1 per share, beating the Zacks Consensus Estimate of $0.80 per share. This compares to earnings of $1.18 per share a year ago.
Occidental Petroleum Corporation OXY will release earnings results for the third quarter, after the closing bell, on Tuesday, Nov. 12.