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Occidental Petroleum (OXY) Gains As Market Dips: What You Should Know
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In the latest trading session, Occidental Petroleum (OXY - Free Report) closed at $68.85, marking a +0.57% move from the previous day. The stock outpaced the S&P 500's daily loss of 0.8%. Elsewhere, the Dow lost 0.3%, while the tech-heavy Nasdaq lost 0.03%.
Heading into today, shares of the oil and gas exploration and production company had gained 9.22% over the past month, outpacing the Oils-Energy sector's gain of 3.38% and the S&P 500's loss of 5.13% in that time.
Wall Street will be looking for positivity from Occidental Petroleum as it approaches its next earnings report date. This is expected to be November 8, 2022. The company is expected to report EPS of $2.83, up 225.29% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $9.98 billion, up 46.41% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $10.73 per share and revenue of $38.86 billion, which would represent changes of +320.78% and +47.66%, respectively, from the prior year.
Any recent changes to analyst estimates for Occidental Petroleum should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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. Within the past 30 days, our consensus EPS projection has moved 2.61% lower. Occidental Petroleum is currently sporting a Zacks Rank of #3 (Hold).
Looking at its valuation, Occidental Petroleum is holding a Forward P/E ratio of 6.38. For comparison, its industry has an average Forward P/E of 11.25, which means Occidental Petroleum is trading at a discount to the group.
Investors should also note that OXY has a PEG ratio of 0.46 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Oil and Gas - Integrated - United States industry currently had an average PEG ratio of 0.46 as of yesterday's close.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 70, putting it in the top 28% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Occidental Petroleum (OXY) Gains As Market Dips: What You Should Know
In the latest trading session, Occidental Petroleum (OXY - Free Report) closed at $68.85, marking a +0.57% move from the previous day. The stock outpaced the S&P 500's daily loss of 0.8%. Elsewhere, the Dow lost 0.3%, while the tech-heavy Nasdaq lost 0.03%.
Heading into today, shares of the oil and gas exploration and production company had gained 9.22% over the past month, outpacing the Oils-Energy sector's gain of 3.38% and the S&P 500's loss of 5.13% in that time.
Wall Street will be looking for positivity from Occidental Petroleum as it approaches its next earnings report date. This is expected to be November 8, 2022. The company is expected to report EPS of $2.83, up 225.29% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $9.98 billion, up 46.41% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $10.73 per share and revenue of $38.86 billion, which would represent changes of +320.78% and +47.66%, respectively, from the prior year.
Any recent changes to analyst estimates for Occidental Petroleum should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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. Within the past 30 days, our consensus EPS projection has moved 2.61% lower. Occidental Petroleum is currently sporting a Zacks Rank of #3 (Hold).
Looking at its valuation, Occidental Petroleum is holding a Forward P/E ratio of 6.38. For comparison, its industry has an average Forward P/E of 11.25, which means Occidental Petroleum is trading at a discount to the group.
Investors should also note that OXY has a PEG ratio of 0.46 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Oil and Gas - Integrated - United States industry currently had an average PEG ratio of 0.46 as of yesterday's close.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 70, putting it in the top 28% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.