Earnings Reports Out of Kate Spade, Office Depot, Noble Energy, and 2 Others Are Turning Heads

Occidental in the Spotlight

Occidental Petroleum Corporation (NYSE:OXY) lost $0.18 per share on sales of $2.56 billion in the second quarter, meeting net income estimates but missing sales expectations by $170 million. Although the company’s Permian Resources production rose by 16% year-over-year to 126,000 BOE per day, sales for the three months ended June 30 fell by 27.1% year-over-year due to lower crude prices. Total company production for on-going operations rose to 609,000 BOE per day from around 590,000 BOE per day for the first quarter. Occidental remains one of the strongest companies in the sector, with the company ending the second quarter with a liquidity position of $3.8 billion in cash. 50 funds that we track were long Occidental Petroleum Corporation (NYSE:OXY) at the end of March.

Noble Energy Sliding on Mixed Results

Noble Energy, Inc. (NYSE:NBL) is down by 3% this morning after having lost $0.24 per share during the second quarter, beating net income estimates by $0.05 per share. Due to the lower crude prices however, Noble’s revenue missed by $62.36 million at $847 million. Sales volumes for the time period were 427 MBoe/d, an increase of 18% year-over-year. Profits beat estimates in part because management reduced LOE on a BOE basis by 30% year-over-year to $3.07. Noble Energy ended the quarter with $5.3 billion in liquidity, comprised of $4 billion in credit and $1.3 billion in cash. 46 funds in our system were long Noble Energy, Inc. (NYSE:NBL) at the end of the first quarter, up by 14 funds from the close of the previous quarter.

Mixed Results at Avista 

Avista Corp (NYSE:AVA) reported earnings of $0.43 per share on revenue of $318.8 million for its second quarter, narrowly missing analysts’ consensus EPS estimate of $0.45, but narrowly topping their revenue target of $316.24 million. Based on the company’s earnings for the first half of the year, the company’s management reiterated its previous earnings guidance range for the full year of $1.96-to-$2.16 per diluted share. Those numbers are generally in-line with market estimates, seeing as Avista shares are down only modestly today, by a little over 1%. 12 funds that we follow owned a combined $56.25 million worth of Avista Corp (NYSE:AVA) shares on March 31, which accounted for 2.20% of the float.

Disclosure: None