Occidental Petroleum’s Stock Price Action after Its 4Q15 Earnings
Occidental Petroleum Missed 4Q15 Earnings and Revenues Estimates
Occidental Petroleum’s stock price fell following 4Q15 earnings
Occidental Petroleum (OXY) announced its 4Q15 earnings on February 4, 2016, before the market opened. After its 4Q15 earnings were announced, OXY’s stock price decreased by 1.69% to close at $66.98. In intraday action, Occidental Petroleum’s stock price was trading higher by ~3%, but it was repelled by its 200-day moving average to close the day in the negative.
In the last two weeks leading into the earnings, Occidental Petroleum’s stock price has already increased by ~13%, mainly due to the ~16% bounce in crude oil prices during the same period.
OXY’s stock price in downtrend
Declining crude oil and natural gas prices over last year are dragging the entire upstream sector into a downtrend. As shown in the above chart, OXY’s stock price is in a downtrend, where it is making a clear pattern of lower highs and lower lows.
OXY’s relative performance
In 2015, Occidental Petroleum (OXY) had outperformed the S&P 500 (SPY) upstream companies. OXY lost only ~13%, whereas other oil and gas producers Pioneer Natural Resources (PXD), EOG Resources (EOG), and Murphy Oil (MUR) were down ~16%, ~23%, and ~56%, respectively.
OXY’s stock price performance after past earnings miss
In the last year, there was only one occasion—the 2Q15 earnings—when Occidental Petroleum (OXY) missed its earnings expectations. OXY reported its 2Q15 earnings before the market opened on July 30, 2015.
In 2Q15, excluding the one-time items, OXY reported a profit of $0.21 per share, $0.02 worse than consensus for its profit of $0.23 per share. Following the earnings release, worse-than-expected earnings nudged OXY’s stock price down by ~3% in four sessions.
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