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- 1 Occidental Petroleum Corp. (OXY) stock lost over 6% of its trading price in the weekly time frame.
- 2 At press time, OXY stock prices were trading above the 20, 50, 100, and 200-day exponential moving averages.
- 3 The reported EPS and revenue of the company declined significantly in Q2 2023.
OXY stock lost 6.14% of its trading price in the weekly time frame. Despite the weekly decline, its price surged over 1.73% monthly and 10.20% quarterly.
Occidental Petroleum Corp (OXY) Stock Price Analysis
In the 52-week time frame, OXY stock peaked at $76.11 and lowest traded at $55.51. Occidental Petroleum Corporation has a market capitalization of $55.859 Billion.
Companiesmarketcap(dot)com states that Occidental’s market cap declined around 2.5% in 2023 as compared to the market cap in 2022. The annual price target of OXY stock is $69.28, which is around 9.93% higher than its current trading price.
When writing, OXY stock was trading above 20, 50, 100, and the 200-day exponential moving average (EMA). The MACD and signal lines are above zero in the positive territory and significant buyer accumulation is above the histogram.
Since September 22 till date, Occidental Petroleum Corporation stock has been consolidating in the range between $60 to $64. TradingView data states that 881.842 Million OXY shares are free-floating, and the remaining 2.84 Million are closely held.
If sellers continue their dominance over buyers in the coming session as they did in the past week, then there are exceptions for further decline. The nearest supports visible are $61.00 & $59.80.
In the case of a buyer’s succession, there are possibilities of a surge in the OXY stock trading price. The nearest resistance visible is $64.35 & $65.84.
Occidental Petroleum Corporation Financial Updates
Occidental Petroleum Corporation failed to meet the investors’ expectations and reported 3.22% less revenue in the second quarter of 2023. The estimated revenue for the third quarter is $6.81 Billion.
The reported EPS of the company showed a decline movement and fell over 6.35%. The expected EPS for the upcoming quarter is $0.75. In the financial year 2022, Occidental Petroleum Corporation reported $36.25 Billion in revenue.
From the reported revenue of 2022, gross profit of the company was 47%, earnings before interest, taxes, depreciation, and amortization (EBITDA) was 56%, earnings before interest and taxes (EBIT) were 37%, and net income was 36%.
Technical Level
Support Levels: $61.00 & $59.80
Resistance Levels: $64.35 & $65.84
Conclusion:
In longer terms such as monthly, quarterly, half-yearly, and yearly basis, OXY stock showed its constant profitability, but in the weekly time frame, it lost over 6% of its trading price. MACD and RSI reflect a bullish crossover meeting signal line above zero.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
