Occidental Petroleum’s stock price action following 2Q16 earnings
Occidental Petroleum (OXY) announced its 2Q16 earnings on August 3, 2016, before the Market opened. After the announcement, its stock rose ~1% in three trading sessions.
It’s worth noting that in the last three months leading up to the earnings, OXY stock fell ~3%. This was mainly due to the ~12% decrease in crude oil (USO) (UWTI) (DWTI) prices during the same period.
Occidental Petroleum’s stock price trend change
After losing ~61% of its Market capitalization from June 2014 to January 2016, Occidental Petroleum (OXY) stock is finally showing signs of a new uptrend. In April 2016, the stock crossed the 200-day moving average and is currently trading ~4% above it. Since January 2016, Occidental Petroleum stock has risen ~29%.
OXY’s 2016 relative performance
OXY stock after past earnings meets
In the last six quarters, there was only one quarter, 1Q15, that Occidental Petroleum met the earnings expectations. That quarter, it reported its earnings before the Market opened on May 6, 2015. Excluding one-time items, OXY reported a profit of $0.07 per share, which was in line with the profit consensus of $0.07 per share.
Following the earnings release, Occidental Petroleum stock decreased ~4% in six sessions.