Occidental Petroleum Corp (OXY  ), one of Warren Buffett's top holdings, will be reporting its third-quarter earnings on Nov. 7 after market hours.

In a recent Form 4 filing with the SEC, Occidental Petroleum disclosed that Warren Buffett's Berkshire Hathaway (BRK.A  ) had increased its stake in the company. Accordingly, BRK now owns 25.8% of the company's outstanding shares as of Oct. 23, relative to 23.92% as of June 30.

To the market's surprise, Buffett's bullish move failed to stir OXY stock, which has been trading almost range-bound between $61.36 and $63.53 since Oct. 23. In fact, the stock was trading at around $66 mid-October. Market watchers are now focused on Occidental's Q3 earnings report.

Analysts are anticipating OXY to register a quarter-on-quarter EPS improvement, given that oil price trend has been a tailwind. Additionally, the modest valuation at which the stock trades and the company's robust stock buyback program should work in the company's favor.

With a free cash flow yield nearing 15%, the company's cash flows comfortably cover dividend payments and buybacks. Dividend payment and associated yield is also recovering well, post-Covid. As long as oil stays in its favor, Occidental should see improved financials, going ahead.

Ratings & Consensus Estimates: The Street expects Occidental to report 86 cents in EPS and $7.08 billion in revenue. For the fiscal period ending Dec. 2023, expectations are tied to a $3.93 in EPS and $28.48 billion in revenue, per consensus.

Some analysts have recently raised their price target for OXY stock over the past month. Biju Perincheril of Susquehanna raised from $72 to $78. UBS' Josh Silverstein now sees the stock valued at $74 (from the earlier $72). Consensus price target stands at $64.50 with a Buy rating.

Price Action: OXY stock was trading at $61.75 as of Nov. 6 close. It's 52-week range lies between $55.51 and $76.10 per share.