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Occidental Petroleum (OXY) Gains As Market Dips: What You Should Know

Zacks Equity Research
·2-min read

Occidental Petroleum (OXY) closed at $13 in the latest trading session, marking a +1.8% move from the prior day. The stock outpaced the S&P 500's daily loss of 1.51%. Elsewhere, the Dow lost 1.69%, while the tech-heavy Nasdaq lost 1.53%.

Coming into today, shares of the oil and gas exploration and production company had lost 59.44% in the past month. In that same time, the Oils-Energy sector lost 28.99%, while the S&P 500 lost 18.13%.

OXY will be looking to display strength as it nears its next earnings release. In that report, analysts expect OXY to post earnings of -$0.47 per share. This would mark a year-over-year decline of 155.95%. Our most recent consensus estimate is calling for quarterly revenue of $5.37 billion, up 31.23% from the year-ago period.

For the full year, our Zacks Consensus Estimates are projecting earnings of -$3.31 per share and revenue of $18.95 billion, which would represent changes of -328.28% and -10.73%, respectively, from the prior year.

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Investors might also notice recent changes to analyst estimates for OXY. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 609.76% lower within the past month. OXY is holding a Zacks Rank of #3 (Hold) right now.

The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 164, putting it in the bottom 36% of all 250+ industries.

The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow OXY in the coming trading sessions, be sure to utilize Zacks.com.


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Zacks Investment Research