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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 $62.99, marking a +1.14% move from the previous day. The stock outpaced the S&P 500's daily loss of 0.25%. Meanwhile, the Dow lost 0.22%, and the Nasdaq, a tech-heavy index, added 5.91%.
Coming into today, shares of the oil and gas exploration and production company had lost 9.48% in the past month. In that same time, the Oils-Energy sector lost 3.48%, while the S&P 500 lost 2.59%.
Wall Street will be looking for positivity from Occidental Petroleum as it approaches its next earnings report date. In that report, analysts expect Occidental Petroleum to post earnings of $1.93 per share. This would mark year-over-year growth of 30.41%. Our most recent consensus estimate is calling for quarterly revenue of $8.93 billion, up 11.45% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $9.68 per share and revenue of $37.52 billion, which would represent changes of +279.61% and +42.6%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Occidental Petroleum. 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 1.01% 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 6.44 right now. This represents a discount compared to its industry's average Forward P/E of 8.26.
We can also see that OXY currently has a PEG ratio of 0.5. 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 was holding an average PEG ratio of 0.49 at yesterday's closing price.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 157, which puts it in the bottom 38% 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.
You can find more information on all of these metrics, and much more, on 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 $62.99, marking a +1.14% move from the previous day. The stock outpaced the S&P 500's daily loss of 0.25%. Meanwhile, the Dow lost 0.22%, and the Nasdaq, a tech-heavy index, added 5.91%.
Coming into today, shares of the oil and gas exploration and production company had lost 9.48% in the past month. In that same time, the Oils-Energy sector lost 3.48%, while the S&P 500 lost 2.59%.
Wall Street will be looking for positivity from Occidental Petroleum as it approaches its next earnings report date. In that report, analysts expect Occidental Petroleum to post earnings of $1.93 per share. This would mark year-over-year growth of 30.41%. Our most recent consensus estimate is calling for quarterly revenue of $8.93 billion, up 11.45% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $9.68 per share and revenue of $37.52 billion, which would represent changes of +279.61% and +42.6%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Occidental Petroleum. 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 1.01% 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 6.44 right now. This represents a discount compared to its industry's average Forward P/E of 8.26.
We can also see that OXY currently has a PEG ratio of 0.5. 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 was holding an average PEG ratio of 0.49 at yesterday's closing price.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 157, which puts it in the bottom 38% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.