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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 the most recent trading day at $64.76, moving -1.33% from the previous trading session. This change lagged the S&P 500's 1.15% gain on the day. Meanwhile, the Dow gained 1.11%, and the Nasdaq, a tech-heavy index, added 11.35%.
Prior to today's trading, shares of the oil and gas exploration and production company had gained 0.49% over the past month. This has lagged the Oils-Energy sector's gain of 3.79% and the S&P 500's gain of 4.49% in that time.
Investors will be hoping for strength from Occidental Petroleum as it approaches its next earnings release, which is expected to be February 27, 2023. The company is expected to report EPS of $1.74, up 17.57% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $8.65 billion, up 7.98% from the year-ago period.
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. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
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 2.15% lower. Occidental Petroleum is holding a Zacks Rank of #3 (Hold) right now.
Valuation is also important, so investors should note that Occidental Petroleum has a Forward P/E ratio of 10.02 right now. This represents a discount compared to its industry's average Forward P/E of 12.01.
It is also worth noting that OXY currently has a PEG ratio of 0.42. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Oil and Gas - Integrated - United States stocks are, on average, holding a PEG ratio of 0.46 based on yesterday's closing prices.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 220, which puts it in the bottom 13% 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.
To follow OXY in the coming trading sessions, be sure to utilize Zacks.com.
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Occidental Petroleum (OXY) Stock Sinks As Market Gains: What You Should Know
Occidental Petroleum (OXY - Free Report) closed the most recent trading day at $64.76, moving -1.33% from the previous trading session. This change lagged the S&P 500's 1.15% gain on the day. Meanwhile, the Dow gained 1.11%, and the Nasdaq, a tech-heavy index, added 11.35%.
Prior to today's trading, shares of the oil and gas exploration and production company had gained 0.49% over the past month. This has lagged the Oils-Energy sector's gain of 3.79% and the S&P 500's gain of 4.49% in that time.
Investors will be hoping for strength from Occidental Petroleum as it approaches its next earnings release, which is expected to be February 27, 2023. The company is expected to report EPS of $1.74, up 17.57% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $8.65 billion, up 7.98% from the year-ago period.
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. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
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 2.15% lower. Occidental Petroleum is holding a Zacks Rank of #3 (Hold) right now.
Valuation is also important, so investors should note that Occidental Petroleum has a Forward P/E ratio of 10.02 right now. This represents a discount compared to its industry's average Forward P/E of 12.01.
It is also worth noting that OXY currently has a PEG ratio of 0.42. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Oil and Gas - Integrated - United States stocks are, on average, holding a PEG ratio of 0.46 based on yesterday's closing prices.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 220, which puts it in the bottom 13% 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.
To follow OXY in the coming trading sessions, be sure to utilize Zacks.com.