Why Buffett Holding Occidental Petroleum Rallied Today
Shares of Buffett holding Occidental Petroleum (NYSE: OXY) rallied 6.2% in Thursday trading.Occidental reported earnings last night, with mixed results. However, investors focused on the profit metric, as Occidental displayed resilient production metrics with more efficient costs. Furthermore, and perhaps even more meaningful than the earnings report, oil stocks were generally up, as the administration announced a trade deal with the U.K. today, spurring optimism that a global tariff-induced recession may be avoided. In the first quarter, Occidental reported revenue of $6.8 billion, up 13.7% year over year, and $0.87 in adjusted (non-GAAP) earnings per share (EPS). While the top line slightly missed, investors apparently took comfort in the solid bottom line, which beat expectations by a solid $0.11.Continue reading
Shares of Buffett holding Occidental Petroleum (NYSE: OXY) rallied 6.2% in Thursday trading.
Occidental reported earnings last night, with mixed results. However, investors focused on the profit metric, as Occidental displayed resilient production metrics with more efficient costs. Furthermore, and perhaps even more meaningful than the earnings report, oil stocks were generally up, as the administration announced a trade deal with the U.K. today, spurring optimism that a global tariff-induced recession may be avoided.
In the first quarter, Occidental reported revenue of $6.8 billion, up 13.7% year over year, and $0.87 in adjusted (non-GAAP) earnings per share (EPS). While the top line slightly missed, investors apparently took comfort in the solid bottom line, which beat expectations by a solid $0.11.
