Million

Billion

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>OXY stock price was in an uptrend prior to a slight retracement.&nbsp;</a> </li> 
 <li> <span>2</span> <a>The price drop of 2% came as an impact of the recent quarterly earnings of Occidental Petroleum.&nbsp;</a> </li> 
</ul> 
<p>The American hydrocarbon exploration company Occidental Petroleum Corporation (NYSE: OXY) posted quarterly earnings on Wednesday, August 2nd, 2023. Weaker earnings performance brought no optimism for OXY stock price. Though the stock price was in an uptrend for some time, it saw a decline of up to 2% in a couple of intraday trading sessions.&nbsp;</p> 
<p>For the second quarter of 2023, Occidental Petroleum missed the estimated revenue of $6.93 Billion and reported $6.73 Billion which was 37% below what it was a year ago. The net income dropped to $605 Million from the previous year’s $2.55 Billion.&nbsp;</p> 
<p>The decline in the earnings reflects the company’s oil and gas sales which remained $4.94 Billion after falling 36%. Occidental saw a jump in production with 1.22 Million barrels of oil equivalent per day (boe/day), an increase of 6% year-over-year.&nbsp;</p> 
<p>This remains above the previous full-year guidance of 1.17 Million to 1.21 Million boe/day. However, the company later revised the outlook and increased the guidance to 1.19 Million to 1.24 Million boe/day.</p> 
<h2 class="wp-block-heading" id="strong-occidental-buys-back-oxy-stock-from-berkshire-hathaway-strong"><strong>Occidental Buys Back OXY Stock From Berkshire Hathaway</strong></h2> 
<p>The petroleum company reported purchasing its OXY stocks from Berkshire Hathaway during the second quarter. For the buying back, the company paid $522 Million to Warren Buffet’s firm.&nbsp;</p> 
<p>Berkshire Hathaway is currently the biggest shareholder in Occidental Petroleum holding about 25% of common OXY stock. The hydrocarbon explorer ends up paying nearly 8% of the overall dividends spent annually to the insurance giant company.&nbsp;</p> 
<h2 class="wp-block-heading" id="strong-oxy-stock-price-movement-before-and-after-earnings-strong"><strong>OXY Stock Price Movement Before and After Earnings</strong></h2> 
<p>After attaining the highest trading price last year, OXY stock price remained in a consolidation phase. Currently, the stock is trading at $61.4 following a drop of slightly 1% in the last intraday trading session on Wednesday, August 2nd.&nbsp;</p> 
<p>Earlier, OXY stock price is above both 50- and 200-day moving averages. However, with the recent fall, the momentum has changed and the stock price is closing down with the EMA. The 50-day EMA is at $60.23 and 200-day EMA stands at $60.70.&nbsp;</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh4.googleusercontent.com/nm7Fgy-YoeLy6-Gg-5lN_7k7AuO83qMyuU3rPA_pSxp8H1KGdu7PO8dVwWiopV9LhWJ1Dd9T2YZEgnknyIw2Fa1iIgOICAjIN_MMIrDqN8NziXs6Rl8Jt3tbOmSIJJn-ZJJ9cuV4StqPiUMu0cgjfg" alt="OXY Stock Price Declines After Negative Surprise in Earnings"> 
  <figcaption class="wp-element-caption">
    Source: Occidental Petroleum Corporation (NYSE: OXY) Stock Price Movement on <a href="https://www.tradingview.com/x/2bJLQtLn/" target="_blank" rel="noopener noreferrer nofollow">TradingView</a> 
  </figcaption> 
 </figure> 
</div> 
<p>The current price level at $60 is acting as an immediate support for <a href="https://www.thecoinrepublic.com/2023/06/29/oxy-stock-stands-still-despite-berkshire-hathaways-25-stake/" rel="noopener noreferrer nofollow">OXY stock price</a>, and if goes down below, it could retest the $55 support.&nbsp;</p> 
<p>In case, the stock price denies the fall and moves upside, it could choose to consolidate for a while and face the next hurdle at $67 before moving towards the 52-week high of $76.&nbsp;</p> 
<p>MACD was in an uptrend until the recent downside curve suggesting a slight downtrend in OXY stock price. RSI is at 59 with the further trend indicating a decline ahead.&nbsp;</p> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

OXY Stock Price Declines After Negative Surprise in Earnings

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Thecoinrepublic.com

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