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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 $72.16, marking a +1.49% move from the previous day. This change outpaced the S&P 500's 1.06% loss on the day. Meanwhile, the Dow lost 0.46%, and the Nasdaq, a tech-heavy index, lost 0.14%.
Prior to today's trading, shares of the oil and gas exploration and production company had gained 4.96% over the past month. This has lagged the Oils-Energy sector's gain of 17.04% and outpaced the S&P 500's gain of 4.94% in that time.
Investors will be hoping for strength from Occidental Petroleum as it approaches its next earnings release, which is expected to be November 8, 2022. The company is expected to report EPS of $2.48, up 185.06% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $9.35 billion, up 37.25% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $10.07 per share and revenue of $37.74 billion. These totals would mark changes of +294.9% and +43.43%, respectively, from last year.
Any recent changes to analyst estimates for Occidental Petroleum should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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.
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 moved 8.48% lower. Occidental Petroleum currently has a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Occidental Petroleum has a Forward P/E ratio of 7.06 right now. This represents a discount compared to its industry's average Forward P/E of 11.98.
Meanwhile, OXY's PEG ratio is currently 0.51. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. OXY's industry had an average PEG ratio of 0.51 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 54, putting it in the top 22% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
To follow OXY in the coming trading sessions, be sure to utilize Zacks.com.
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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 $72.16, marking a +1.49% move from the previous day. This change outpaced the S&P 500's 1.06% loss on the day. Meanwhile, the Dow lost 0.46%, and the Nasdaq, a tech-heavy index, lost 0.14%.
Prior to today's trading, shares of the oil and gas exploration and production company had gained 4.96% over the past month. This has lagged the Oils-Energy sector's gain of 17.04% and outpaced the S&P 500's gain of 4.94% in that time.
Investors will be hoping for strength from Occidental Petroleum as it approaches its next earnings release, which is expected to be November 8, 2022. The company is expected to report EPS of $2.48, up 185.06% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $9.35 billion, up 37.25% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $10.07 per share and revenue of $37.74 billion. These totals would mark changes of +294.9% and +43.43%, respectively, from last year.
Any recent changes to analyst estimates for Occidental Petroleum should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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.
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 moved 8.48% lower. Occidental Petroleum currently has a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Occidental Petroleum has a Forward P/E ratio of 7.06 right now. This represents a discount compared to its industry's average Forward P/E of 11.98.
Meanwhile, OXY's PEG ratio is currently 0.51. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. OXY's industry had an average PEG ratio of 0.51 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 54, putting it in the top 22% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
To follow OXY in the coming trading sessions, be sure to utilize Zacks.com.