Earnings Previews: Occidental Petroleum, Range Resources, Zoom Video

In the first half-hour of Friday’s regular trading session, the Dow Jones industrials traded down 1.18%, the S&P 500 down 1.32% and the Nasdaq down 1.63%. Blame the personal consumption expenditures (PCE) report. Prices and spending rose more than expected, raising the odds for more Federal Reserve tightening.

After U.S. markets closed Thursday, Block reported mixed results, missing the earnings per share (EPS) estimate but beating revenue expectations. The company said it would be slowing the pace of expense growth significantly this year. Shares traded up 3.2% shortly after the opening bell.

Carvana missed consensus EPS and revenue estimates. The company had no upbeat comments on the current quarter either. Shares traded down 12.4%.

Warner Bros. Discovery also missed estimates on the top and bottom lines. The company reduced its debt by $7 billion — only $43 billion left to go. Maybe more big-budget movies based on Tolkien’s hobbits and wizards will work some magic for the company. Investors are skeptical. Shares traded up by around 2% early in the morning.

There were no notable reports released before markets opened Friday. Fisker and Li Auto will report quarterly results first thing Monday morning.

Here is a look at three companies set to report results after U.S. markets close on Monday.

Occidental Petroleum

Of the oil and gas stocks we cover, shares of Occidental Petroleum Corp. (NYSE: OXY) have posted the largest share price gain (53.1%) over the past 12 months. When the company reported September quarter results, the share price had improved by more than 120% in the previous 12 months.

Barron’s has a good story about how Oxy may begin redeeming the $10 billion in preferred shares Berkshire Hathaway purchased to help Oxy beat Chevron to punch in acquiring Anadarko. Oxy could begin redeeming the shares (at 110% of face value) in the current quarter if certain conditions are met. Investors will probably hear more about this on Monday.

Of 27 brokerages covering the stock, 15 rate it at Hold and 10 have a Buy or Strong Buy rating. At a recent share price of around $59.00, the implied gain based on a median price target of $72.00 is 22%. At the high price target of $100.00, the upside potential is 69.5%.

Fourth-quarter revenue is forecast at $8.21 billion, which would be down 13.6% sequentially but up 25.0% year over year. Adjusted EPS are pegged at $1.83, down 25.1% sequentially and 23.6% higher year over year. For the full 2022 fiscal year, analysts expect to see EPS of $9.80, up more than 280%, on revenue of $36.5 billion, up 38.7%.

Occidental stock trades at about 8.5 times expected 2022 EPS, 10.8 times estimated 2023 earnings of $5.49 and 18.7 times estimated 2024 earnings of $3.17 per share. The stock’s 52-week trading range is $37.55 to $77.13. Occidental pays an annual dividend of $0.52 (yield of 0.89%). Total shareholder return for the past year was 54.34%.

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