Occidental Petroleum Corp Reports First-Quarter Earnings
Occidental Petroleum Corp has reported its first-quarter earnings, with the company’s net income per share coming in at $0.87, exceeding the consensus estimate of $0.78.
Key Financial Metrics
- Earnings per share: $0.87
- Revenue: $6.80 billion
- Consensus estimate for revenue: $6.96 billion
Revenue and Earnings Comparison
The company’s revenue fell short of forecasts, while earnings per share surpassed the consensus estimate. The discrepancy in revenue is attributed to various market factors.
Stock Price and Analyst Outlook
The company’s stock price has been impacted by the recent decline in oil prices, which have dropped to 2021 levels. Despite this, analysts remain optimistic about the company’s prospects. One analyst maintains an “Outperform” rating and a target price of $51.
Market Impact
The recent trade deal between the US and UK has lifted investor appetite for riskier assets, including Occidental Petroleum’s stock. This development has contributed to the company’s improved stock performance.