The consensus EPS estimate for the quarter has been revised 3.45% higher over the last 30 days to the current level. Revenues are expected to be $7.54 billion, down 11.7% from the year-ago quarter. This oil and gas exploration and production company is expected to post quarterly earnings of $1.30 per share in its upcoming report, which represents a year-over-year change of -38.7%. While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise. On the other hand, if they miss, the stock may move lower. The earnings report, which is expected to be released on May 9, 2023, might help the stock move higher if these key numbers are better than expectations. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. Wall Street expects a year-over-year decline in earnings on lower revenues when Occidental Petroleum (OXY) reports results for the quarter ended March 2023.
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