Occidental Petroleum Corp Reports Quarter 1 Earning and Stock Underperforms

The Shares of Occidental Petroleum Corp -2.77% shed 2.77% to $26.63 Monday. This proved to be an all-around poor trading session for the Stock market, with the S&P 500 Index SPX, -1.04% falling 1.04% to 4,188.43 and Dow Jones Industrial Average DJIA, -0.10% falling 0.10% to 34,742.82.

Occidental Petroleum Corp. closed $5.89 short of its 52-week high which the company reached on March 5th.The stock underperformed when compared to some of its competitors Monday, as Exxon Mobil Corp. XOM, +0.24% rose 0.24% to $62.58, Chevron Corp. CVX, -0.41% fell 0.41% to $109.57, and ConocoPhillips COP, -0.18% fell 0.18% to $57.00. Trading volume (19.1 M) eclipsed its 50-day average volume of 18.2 M.

Occidental Petroleum came out with a quarterly loss of $0.15 per share versus the Zacks Consensus Estimate of a loss of $0.33. This compares to a loss of $0.52 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report shows an earnings surprise of 54.55%. A quarter ago, it was expected that this oil and gas exploration and production company would post a loss of $0.53 per share when it produced a loss of $0.78, delivering a surprise of -47.17%. Over the last four quarters, the company has surpassed consensus EPS estimates just once.

Occidental Petroleum Corp belongs to the Zacks Oil and Gas Integrated with United States industry, posted revenues of $5.48 billion for the quarter ended March 2021, surpassing the Zacks Consensus Estimate by 11.28%. This compares to year-ago revenues of $6.45 billion. The company has topped consensus revenue estimates just once over the last four quarters.The sustainability of the stock’s immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management’s commentary on the earnings call.Occidental shares have added about 58.2% since the beginning of the year versus the S&P 500’s gain of 12.7%.