Occidental's CrownRock Deal Delayed But Sees Permian Basin Production Boost
- Occidental Petroleum Acquisition: Occidental Petroleum Corporation expects to close the acquisition of CrownRock LP by the third quarter of FY24, valued at about $12.0 billion.
- Regulatory Approval: The company is responding to a second request for information on the acquisition by U.S. regulators and foresees no obstacles.
- Production Plans: Occidental plans to increase oil production in the Permian Basin by 18,000 barrels per day in the second half of 2024 while reducing rigs.
- Financial Performance: Occidental reported Q1 adjusted EPS of $0.63, beating estimates, but sales of $6.01 billion missed expectations of $6.70 billion.
- Investment Opportunities: Investors can access Occidental Petroleum stock through ETFs like OILT and FTXN; OXY shares are up 0.38% premarket.
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Tuesday's ETF with Unusual Volume: FTXN
ETF Performance Overview: On Tuesday, Schlumberger and Halliburton saw declines in their stock prices, while Kinetik Holdings experienced an increase. Texas Pacific Land was noted as the worst performer among the ETF components.
Volume Insights: The First Trust Nasdaq Oil & Gas ETF showed unusual trading volume, particularly with Schlumberger and Halliburton having significant share exchanges during the session.
Neutral Territory For Occidental? JPMorgan Weighs Strong Q1 Against Future Challenges
Earnings Report Overview: JPMorgan analyst Arun Jayaram predicts a neutral market reaction to Occidental Petroleum's earnings, noting that while the company reported better-than-expected adjusted EPS of 87 cents, its revenue fell short of estimates at $6.84 billion.
Production and Guidance Challenges: Occidental aims for production increases in the Gulf of Anadarko but faces challenges due to reduced capital allocation and operational efficiency goals, with second-quarter guidance slightly below JPMorgan's expectations.
How Is Targa Resources' Stock Performance Compared to Other Oil & Gas Stocks?
Company Overview: Targa Resources Corp. is a large-cap energy infrastructure company based in Houston, Texas, with a market cap of $43.4 billion, specializing in NGL balancing and transportation services, benefiting from increasing global demand for NGL exports.
Stock Performance and Analyst Outlook: Despite a recent dip following mixed Q4 earnings, TRGP shares have surged 15.3% over the past three months and 82.4% over the past year, leading analysts to maintain a "Strong Buy" rating with a price target suggesting further upside potential.
Are Wall Street Analysts Predicting ONEOK Stock Will Climb or Sink?
Company Overview: ONEOK, Inc. is a prominent midstream energy company based in Tulsa, Oklahoma, with a market cap of $57.8 billion, specializing in the gathering and transportation of natural gas and liquids. The company's stock has outperformed the broader market over the past year, gaining 39% compared to the S&P 500's 20.5%.
Financial Performance and Analyst Ratings: Following a strong Q3 earnings report with a 19.9% revenue growth, ONEOK raised its 2024 financial guidance but is expected to see a 7.5% decline in EPS for the current fiscal year. Analysts maintain a "Moderate Buy" consensus rating on the stock, with price targets suggesting potential upsides ranging from 12.7% to 35.2%.
Occidental Petroleum Stock: Analyst Estimates & Ratings
Company Performance: Occidental Petroleum Corporation has underperformed the market with an 18.7% decline in stock price over the past year, while its recent Q3 results showed a mixed performance with a revenue drop but better-than-expected adjusted EPS.
Analyst Ratings and Future Outlook: The consensus rating for OXY stock is a "Hold," with expectations of a 9.7% earnings drop in fiscal 2024; however, analysts see potential upside with a mean price target suggesting a 29.7% premium to current levels.
Are Wall Street Analysts Bullish on Chevron Stock?
Chevron's Performance: Chevron Corporation has underperformed the market over the past year, with a 4.1% stock gain compared to the S&P 500's 23.3%, but it has outpaced the index in 2025 with a 7.9% increase. The company reported impressive Q3 results, exceeding revenue expectations and boosting investor confidence despite challenges from oil price slumps.
Analyst Outlook: Analysts maintain a strong bullish outlook on Chevron, with a consensus rating of "Strong Buy" among 22 analysts, reflecting an increase in positive ratings since three months ago. The mean price target suggests a potential upside of 13.5% from current levels, with some targets indicating up to a 26% increase.
Tuesday's ETF with Unusual Volume: FTXN
ETF Performance Overview: On Tuesday, Schlumberger and Halliburton saw declines in their stock prices, while Kinetik Holdings experienced an increase. Texas Pacific Land was noted as the worst performer among the ETF components.
Volume Insights: The First Trust Nasdaq Oil & Gas ETF showed unusual trading volume, particularly with Schlumberger and Halliburton having significant share exchanges during the session.
Neutral Territory For Occidental? JPMorgan Weighs Strong Q1 Against Future Challenges
Earnings Report Overview: JPMorgan analyst Arun Jayaram predicts a neutral market reaction to Occidental Petroleum's earnings, noting that while the company reported better-than-expected adjusted EPS of 87 cents, its revenue fell short of estimates at $6.84 billion.
Production and Guidance Challenges: Occidental aims for production increases in the Gulf of Anadarko but faces challenges due to reduced capital allocation and operational efficiency goals, with second-quarter guidance slightly below JPMorgan's expectations.
How Is Targa Resources' Stock Performance Compared to Other Oil & Gas Stocks?
Company Overview: Targa Resources Corp. is a large-cap energy infrastructure company based in Houston, Texas, with a market cap of $43.4 billion, specializing in NGL balancing and transportation services, benefiting from increasing global demand for NGL exports.
Stock Performance and Analyst Outlook: Despite a recent dip following mixed Q4 earnings, TRGP shares have surged 15.3% over the past three months and 82.4% over the past year, leading analysts to maintain a "Strong Buy" rating with a price target suggesting further upside potential.
Are Wall Street Analysts Predicting ONEOK Stock Will Climb or Sink?
Company Overview: ONEOK, Inc. is a prominent midstream energy company based in Tulsa, Oklahoma, with a market cap of $57.8 billion, specializing in the gathering and transportation of natural gas and liquids. The company's stock has outperformed the broader market over the past year, gaining 39% compared to the S&P 500's 20.5%.
Financial Performance and Analyst Ratings: Following a strong Q3 earnings report with a 19.9% revenue growth, ONEOK raised its 2024 financial guidance but is expected to see a 7.5% decline in EPS for the current fiscal year. Analysts maintain a "Moderate Buy" consensus rating on the stock, with price targets suggesting potential upsides ranging from 12.7% to 35.2%.
Occidental Petroleum Stock: Analyst Estimates & Ratings
Company Performance: Occidental Petroleum Corporation has underperformed the market with an 18.7% decline in stock price over the past year, while its recent Q3 results showed a mixed performance with a revenue drop but better-than-expected adjusted EPS.
Analyst Ratings and Future Outlook: The consensus rating for OXY stock is a "Hold," with expectations of a 9.7% earnings drop in fiscal 2024; however, analysts see potential upside with a mean price target suggesting a 29.7% premium to current levels.
Are Wall Street Analysts Bullish on Chevron Stock?
Chevron's Performance: Chevron Corporation has underperformed the market over the past year, with a 4.1% stock gain compared to the S&P 500's 23.3%, but it has outpaced the index in 2025 with a 7.9% increase. The company reported impressive Q3 results, exceeding revenue expectations and boosting investor confidence despite challenges from oil price slumps.
Analyst Outlook: Analysts maintain a strong bullish outlook on Chevron, with a consensus rating of "Strong Buy" among 22 analysts, reflecting an increase in positive ratings since three months ago. The mean price target suggests a potential upside of 13.5% from current levels, with some targets indicating up to a 26% increase.
