Stuck In Neutral: Occidental Petroleum Beat EPS Consensus But Faces Slowing Business, Analyst Says
Stuck In Neutral: Occidental Petroleum Beat EPS Consensus But Faces Slowing Business, Analyst Says
"We rate Occidental Petroleum (OXY) Neutral due to its more levered balance sheet, the slowing of its chemicals business, its lower long-term production growth rate vs. peers, and its strategy of selling assets in a weaker environment," Occidental Petroleum Corp.'s NYSE: OXY) second-quarter earnings exceeded analyst expectations after Wednesday's close, but analysts still gave the oil and gas company a neutral outlook.
Occidental Petroleum Corp.（NYSE:OXY）在週三收盤後發佈的第二季度收益超出了分析師的預期，但分析師仍然認爲這家石油和天然氣公司前景中立。
Occidental reported second-quarter revenue of $6.82 billion, which beat a Street consensus estimate of $6.80 billion, according to data from Benzinga Pro.
根據來自Benzinga Pro的數據，Occidental報告的二季度收入爲6820百萬美元，超過了街道預測的6800百萬美元。
Quarterly earnings per share of $1.03 beat analysts' estimates of 77 cents per share.
每股收益爲1.03美元，超過分析師的77美分。
"We rate Occidental Petroleum (OXY) Neutral due to its more levered balance sheet, the slowing of its chemicals business, its lower long-term production growth rate vs. peers, and its strategy of selling assets in a weaker environment," Roth Capital Partners analyst Leo Mariani wrote in a note.
「我們將Occidental Petroleum（OXY）評爲中立，原因是其負債更高的資產負債表、化學領域業務增長放緩、長期生產增長率低於同行業、以及在市場疲軟的環境下出售資產的策略，」Roth Capital Partners分析師Leo Mariani在一份備忘錄中寫道。
But he also noted Occidental's Chemicals sector posted $296 million in pre-tax income, which was in line with its prior guidance of $300 million as the company beat analyst expectations.
但他還指出，Occidental的化學品板塊實現了2.96億美元的稅前收益，這與其之前的30億美元的預期相一致，公司打敗了分析師的預期。
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He also pointed out its MidStream segment registered $49 million in pre-tax earnings, after excluding $67 million in one-time items and non-cash losses, which was $184 million higher than the midpoint of its previous guidance of $85 million to $185 million in pre-tax losses.
他還指出，除去6700萬美元的一次性項目和非現金損失，Occidental的中游板塊實現了4900萬美元的稅前收益，這比其之前預期的8500萬美元至18500萬美元的稅前損失的中間點高了18400萬美元。
"Overall, we expect OXY to have a positive reaction vs. peers."
「總體而言，我們預計OXY的表現將優於同行業。」
Scotiabank analyst Paul Cheng also acknowledged the earnings beat and assigned a Sector Outperform rating to the stock while noting the performance of the OxyChem and Upstream divisions was in line with Wall Street expectations.
Scotiabank分析師Paul Cheng也承認了盈利超預期，並給該股票分配了一個板塊跑贏評級，同時指出OxyChem和採掘部門的表現符合華爾街的預期。
"We think OXY's 2Q24 results will have a neutral impact on near-term share price performance," he wrote in a note.
「我們認爲OXY的第二季度24結果將對近期股價表現產生中立的影響。」他在一份備忘錄中寫道。
"The bulk of the positive variance was driven by the significant Midstream beat."
「正面差異的大部分是由重大的中游業績差異推動的。」
Occidental is scheduled to have an earnings call with analysts at 12 p.m. E.T. on Thursday.
Occidental計劃於週四美國東部時間12點與分析師舉行業績電話會議。
Price Action: Occidental gained 4.05% to $58.38 by Thursday's mid-day trading, while exchange-traded funds that track the stock also trended upward.
價格走勢：Occidental在週四的午間交易中上漲了4.05%，而跟蹤該股票的交易所交易基金也呈上漲趨勢。
- Texas Capital Texas Oil Index ETF (NYSE:OILT) ticked up 0.72%
- First Trust Nasdaq Oil & Gas ETF (NASDAQ:FTXN) gained 2.01%
- Invesco S&P 500 Equal Weight Energy ETF (NYSE:RSPG) edged up 1.83%
- First Trust Natural Gas ETF (NYSE:FCG) went up 2.57%
- TCW Transform Systems ETF (NYSE:NETZ) improved 1.46%
- Texas Capital Texas Oil Index ETF（NYSE：OILT）上漲了0.72%。
- First Trust Nasdaq Oil & Gas ETF（NASDAQ：FTXN）上漲了2.01%。
- Invesco S&P 500 Equal Weight Energy ETF（NYSE：RSPG）上漲了1.83%。
- First Trust Natural Gas ETF（NYSE：FCG）上漲了2.57%。
- TCW Transform Systems ETF（NYSE：NETZ）上漲了1.46%。
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Photo: Shutterstock
Photo: shutterstock
