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Occidental Petroleum (OXY) Gains As Market Dips: What You Should Know
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Occidental Petroleum (OXY - Free Report) closed at $62.22 in the latest trading session, marking a +1.82% move from the prior day. This change outpaced the S&P 500's 1.17% loss on the day. At the same time, the Dow lost 1.02%, and the tech-heavy Nasdaq lost 2.45%.
Prior to today's trading, shares of the oil and gas exploration and production company had lost 4.44% over the past month. This has was narrower than the Oils-Energy sector's loss of 6.76% and the S&P 500's loss of 5.25% in that time.
Occidental Petroleum will be looking to display strength as it nears its next earnings release. On that day, Occidental Petroleum is projected to report earnings of $1.93 per share, which would represent 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.
It is also important to note the recent changes to analyst estimates for Occidental Petroleum. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 2.66% lower within the past month. Occidental Petroleum is currently sporting a Zacks Rank of #3 (Hold).
Investors should also note Occidental Petroleum's current valuation metrics, including its Forward P/E ratio of 8.45. For comparison, its industry has an average Forward P/E of 11.19, which means Occidental Petroleum is trading at a discount to the group.
It is also worth noting that OXY currently has a PEG ratio of 0.65. 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. Oil and Gas - Integrated - United States stocks are, on average, holding a PEG ratio of 0.5 based on yesterday's closing prices.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 102, putting it in the top 41% 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.
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
Occidental Petroleum (OXY - Free Report) closed at $62.22 in the latest trading session, marking a +1.82% move from the prior day. This change outpaced the S&P 500's 1.17% loss on the day. At the same time, the Dow lost 1.02%, and the tech-heavy Nasdaq lost 2.45%.
Prior to today's trading, shares of the oil and gas exploration and production company had lost 4.44% over the past month. This has was narrower than the Oils-Energy sector's loss of 6.76% and the S&P 500's loss of 5.25% in that time.
Occidental Petroleum will be looking to display strength as it nears its next earnings release. On that day, Occidental Petroleum is projected to report earnings of $1.93 per share, which would represent 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.
It is also important to note the recent changes to analyst estimates for Occidental Petroleum. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 2.66% lower within the past month. Occidental Petroleum is currently sporting a Zacks Rank of #3 (Hold).
Investors should also note Occidental Petroleum's current valuation metrics, including its Forward P/E ratio of 8.45. For comparison, its industry has an average Forward P/E of 11.19, which means Occidental Petroleum is trading at a discount to the group.
It is also worth noting that OXY currently has a PEG ratio of 0.65. 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. Oil and Gas - Integrated - United States stocks are, on average, holding a PEG ratio of 0.5 based on yesterday's closing prices.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 102, putting it in the top 41% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.