NEW YORK (TheStreet) -- Occidental Petroleum (OXY) reported mixed results for the 2016 third quarteron Tuesday.

Before the market open, the Houston-based exploration and production company posted an adjusted loss of 15 cents per share, bigger than the FactSet consensus for a loss of 12 cents per share.

Revenue of $2.73 billion topped Wall Street's estimates of $2.65 billion, according to FactSet.

Occidental produced an average of 605,000 barrels of oil equivalent per day in the third quarter vs. 653,000 barrels of oil equivalent per day in the same period last year.

Analysts surveyed by FactSet were looking for 591,400 barrels of oil equivalent per day in the most recent period.

Additionally, Occidental said late yesterday that it paid $2 billion in cash for 35,000 net acres in the West Texas Permian Basin.

Under the terms of the deal, the company also acquired working interests in several Permian Basin enhanced oil recovery and carbon dioxide properties and related infrastructure.

The transaction was funded by existing cash on hand.

CEO Vicki Hollub said that the deal "leverages our existing infrastructure, operational synergies and strong balance sheet in order to create value for our shareholders," according to a statement.

The stock closed lower on Monday.

(Occidental is held in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holding with a free trial here.)

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings rated this stock as a "hold" with a ratings score of C.

The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, good cash flow from operations and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and feeble growth in the company's earnings per share.

You can view the full analysis from the report here: OXY


If you liked this article you might like

Occidental, RSP Permian Pumping More Shale Oil Than Expected, Goldman Says

Occidental, RSP Permian Pumping More Shale Oil Than Expected, Goldman Says

Walgreens, AmerisourceBergen, Amazon and GM - 5 Things You Must Know

Walgreens, AmerisourceBergen, Amazon and GM - 5 Things You Must Know

Live From NAPE: Oil and Gas Drillers Excited About $60 Oil

Live From NAPE: Oil and Gas Drillers Excited About $60 Oil

Wynn Stock Tanks Following Sexual Misconduct Allegations Against CEO

Wynn Stock Tanks Following Sexual Misconduct Allegations Against CEO

3 Game-Changing Areas Where Warren Buffett Should Spend Berkshire's Tax Windfall

3 Game-Changing Areas Where Warren Buffett Should Spend Berkshire's Tax Windfall