Occidental Petroleum (NYSE:OXY) Reports Solid Q4 Results - TipRanks.com - TipRanks
Occidental Petroleum (NYSE:OXY) Reports Solid Q4 Results - TipRanks.com
Shares of Occidental Petroleum ( NYSE:OXY) are little changed in after-hours trading after the oil company reported earnings for its fourth quarter of Fiscal Year 2023. Earnings per share came in at $0.74, which beat analysts’ consensus estimate of $0.67 per share.
Sales decreased by 9.6% year-over-year, with revenue hitting $7.53 billion. This beat analysts’ expectations by $660 million.
The firm also exceeded its mid-point production guidance by 8 thousand barrels of oil equivalent per day (Mboed), reaching a total of 1,234 Mboed.
Is OXY a Buy or Sell Now?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on OXY stock based on six Buys, seven Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. After an 8% drop in its share price over the past year, the average OXY price target of $68.42 per share implies 19.41% upside potential.
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.