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Occidental Petroleum (OXY) Stock Sinks As Market Gains: What You Should Know
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Occidental Petroleum (OXY - Free Report) closed at $64.09 in the latest trading session, marking a -0.09% move from the prior day. This change lagged the S&P 500's 1.29% gain on the day. At the same time, the Dow added 0.8%, and the tech-heavy Nasdaq gained 10.96%.
Coming into today, shares of the oil and gas exploration and production company had lost 0.2% in the past month. In that same time, the Oils-Energy sector gained 4.41%, while the S&P 500 lost 0.23%.
Investors will be hoping for strength from Occidental Petroleum as it approaches its next earnings release, which is expected to be February 27, 2023. On that day, Occidental Petroleum is projected to report earnings of $1.91 per share, which would represent year-over-year growth of 29.05%. Our most recent consensus estimate is calling for quarterly revenue of $8.89 billion, up 11.01% from the year-ago period.
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.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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.
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. Over the past month, the Zacks Consensus EPS estimate has moved 7.86% lower. Occidental Petroleum is holding a Zacks Rank of #3 (Hold) right now.
Digging into valuation, Occidental Petroleum currently has a Forward P/E ratio of 9.37. Its industry sports an average Forward P/E of 11.74, so we one might conclude that Occidental Petroleum is trading at a discount comparatively.
It is also worth noting that OXY currently has a PEG ratio of 0.39. 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 0.48 as of yesterday's close.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 92, which puts it in the top 37% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Occidental Petroleum (OXY) Stock Sinks As Market Gains: What You Should Know
Occidental Petroleum (OXY - Free Report) closed at $64.09 in the latest trading session, marking a -0.09% move from the prior day. This change lagged the S&P 500's 1.29% gain on the day. At the same time, the Dow added 0.8%, and the tech-heavy Nasdaq gained 10.96%.
Coming into today, shares of the oil and gas exploration and production company had lost 0.2% in the past month. In that same time, the Oils-Energy sector gained 4.41%, while the S&P 500 lost 0.23%.
Investors will be hoping for strength from Occidental Petroleum as it approaches its next earnings release, which is expected to be February 27, 2023. On that day, Occidental Petroleum is projected to report earnings of $1.91 per share, which would represent year-over-year growth of 29.05%. Our most recent consensus estimate is calling for quarterly revenue of $8.89 billion, up 11.01% from the year-ago period.
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.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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.
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. Over the past month, the Zacks Consensus EPS estimate has moved 7.86% lower. Occidental Petroleum is holding a Zacks Rank of #3 (Hold) right now.
Digging into valuation, Occidental Petroleum currently has a Forward P/E ratio of 9.37. Its industry sports an average Forward P/E of 11.74, so we one might conclude that Occidental Petroleum is trading at a discount comparatively.
It is also worth noting that OXY currently has a PEG ratio of 0.39. 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 0.48 as of yesterday's close.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 92, which puts it in the top 37% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.