Yahoo Finance Occidental Petroleum (OXY) Gains As Market Dips: What You Should Know
Occidental Petroleum (OXY) closed the most recent trading day at $67.88, moving +0.82% from the previous trading session. This move outpaced the S&P 500's daily loss of 0.46%. Meanwhile, the Dow lost 0.98%, and the Nasdaq, a tech-heavy index, lost 0.64%.
The oil and gas exploration and production company's stock has climbed by 4.88% in the past month, exceeding the Oils-Energy sector's gain of 4.21% and the S&P 500's loss of 3.04%.
Analysts and investors alike will be keeping a close eye on the performance of Occidental Petroleum in its upcoming earnings disclosure. The company's earnings report is set to go public on May 7, 2024. It is anticipated that the company will report an EPS of $0.58, marking a 46.79% fall compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $6.7 billion, indicating a 7.71% decline compared to the corresponding quarter of the prior year.
OXY's full-year Zacks Consensus Estimates are calling for earnings of $3.85 per share and revenue of $30.73 billion. These results would represent year-over-year changes of +4.05% and +6.26%, respectively.
Investors should also note any recent changes to analyst estimates for Occidental Petroleum. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 8.12% upward. Occidental Petroleum presently features a Zacks Rank of #3 (Hold).
In terms of valuation, Occidental Petroleum is currently trading at a Forward P/E ratio of 17.5. Its industry sports an average Forward P/E of 15.85, so one might conclude that Occidental Petroleum is trading at a premium comparatively.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 39, finds itself in the top 16% echelons of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Occidental Petroleum Corporation (OXY) : Free Stock Analysis Report
