Occidental Petroleum Corporation (OXY) has recently reported mixed Q1 results, with profits declining by 40%. Nevertheless, it also beat earnings estimates. Reports emerged of the firm exploring the sale of Permian assets worth over $1 billion. In terms of ownership, 52% of shares are held by institutional owners which signals confidence in the firm's future prospects. Despite decreasing by about US$3.0b, OXY shareholders are reportedly up by 141% and investors continue to keep an eye on its moves. It was reported that OXY's Q1 2024 earnings were in line with analyst projections and the firm continues to adopt cost-cutting measures, which is expected to boost profits in the future. An analysis of the firm's strategic strengths, weaknesses, opportunities, and threats (SWOT) indicates that its performance could surprise this earnings season. In addition, Berkshire Hathaway has increased its stake in Occidental Petroleum to about 28% further showcasing the firm's potential. However, some suggest that OXY's performance is tied to significant debt risks. Despite these concerns, the company continues to be regarded as undervalued. The oil and gas firm might experience flat production in 2024 as it plans to cut two Permian basin rigs. Despite various challenges, the firm has shown resilience, which could make it a favorable investment option.
Occidental Petroleum Corporation OXY News Analytics from Mon, 23 Oct 2023 07:00:00 GMT to Wed, 08 May 2024 06:01:34 GMT -
Rating 4
- Innovation 6
- Information 7
- Rumor 3
